Hi all.
So I'm looking at getting a condo in Vancouver but I realized it would be subject to a bunch of US taxes and that's having me thinking of backing out of the deal.
My initial plan was to rent it out temporarily and pay down the mortgage faster to take advantage of the very cheap rent I currently pay. As I understand it, if I'm the principle resident for 2 years, I don't have to pay as much in tax. Is that correct?
Late 30s guy in Vancouver BC looking to buy property. I make roughly 6k a month as a union electrician. My budget is around 350k. I've been crunching numbers all week since there's a place I really want to go for, but the big thing that worries me is my car payment. I have 2 years left on my lease and it would cost about 17k to pay it all off. Right now with a down payment I'm looking at around $1450 for a mortgage excluding strata fees and tax. I'm aiming to keep my housing costs below 30% of my net income and I'm pretty close to that target I feel.
Would it make sense to pay off my lease early to have extra wiggle room? Or should I suck it up and pay the $600 a month for the next couple years?