Hi Reddit Family,
I own a ( 2005 built ) condo in Downtown Montreal which I had purchased at 290k in 2019. The current market value of the condo is around 355k. I am buying a house this year and have been considering selling the condo in order to reduce the liability and arrange the downpayment.
When I crunched down numbers and made calculations I figured out that I can arrange the downpayment without selling the condo. Also If I rent out the condo, I would be able to pay out the mortgage.
Thus I am in a dilemma of whether to sell the condo or not. The condo is in a prime location and is in a very well maintained building however the building is 16 years old. If I sell the condo, I will make capital gains of 50k. If I don’t, I’m not sure if the property value would appreciate 3 – 4 years down the line.
What are your thoughts on this ?