“I think you made the right decision there. It is not going to be very long from now when the ONLY thing of REAL value will be property.”
That’s pretty much why I’m having second thoughts. I have a feeling that real property is what will separate the ‘haves’ from the ‘have nots’ in the future.
Our liberal “government” is looking at charging capital gains of 25% on primary residences, which have always been exempt. They actually said, if someone bought a home in Toronto years back for $300,000.00, that home is now worth $2M. That’s a lot of profit and that’s not fair. I didn’t hear anything about the “government” covering any losses if anyone bought a home and the value went down. They must have skipped that part.
This is why we decided to sell rather suddenly. First of all to cash in on the ridiculous market, and second, because of the looming tax on primary residence capital gains. They put out on the “news” that this was nonsense....they had no plans to tax primary residences, then someone leaked out some memos, emails, that clearly said they were eye-balling that extra HUGE tax grab.
House has been decluttered (I didn’t have that much to do, as I’m not a clutterer to being with), cleaning lady coming Thursday to hunt and kill all dust bunnies, smudges, etc. Pictures being taken on Friday and hits the listings/showing starting May 10th. Offers coming in on May 17th. I hope we can get some good money for it because I want to tell the kids that we’ll hold both of their mortgages.....no stress or worries for them. They are the hardest working kids I know, so I have no qualms about doing this. They weren’t the least bit spoiled while growing up, and they’ve really become very self-sufficient, and at the same time very helpful and good to us. I figure they’re going to get it one day, why not give it to them when it will help the most.