Quote:
Originally Posted by quasi
The real tough part about selling/buying is the realtor fees on the sale end and the property transfer tax on the buy end, costs you so much equity it makes it tough to make a small upgrade if you're going to be paying those fees you might as well make a big jump or stay put.
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Great advice here... selling our condo and buying a detached house in Coquitlam cost us around 40-50k in fees alone... It's a huge hit that most don't notice (I certainly didn't) until you realize what happened after both transactions are said and done.
Honestly, coming from a Chinese family, it's been ingrained in me that buying a home will always be a struggle in the first 5-10 years and you will need to make a lot of sacrifices. You're going to inevitably stretch your budget further than you thought you would and maybe more than you are truly comfortable with. Condition, location, curb appeal, school catchments... they all become so much more important when you buy into a "forever" home. The "easiest" way to afford more is to buy a property with a 1 or 2 bedroom suite... even if you rent it for below market value you are looking at a min. $1k/month in rental income + the other tax advantages that come with it.
If you're looking for how things are selling, use Zealty.ca to monitor prices.