Investor · Durham, NC · Member since 2015 · 11 posts · 5 votes
My wife and two kids may be moving to Vancouver later this year. We live in North Carolina currently. We have two SFH rentals (approx $400k for each) and a large condo at Carolina beach (approx $650k) and our primary ($400). Self manage them all.
We’re considering moving there permanently. Should we liquidate all properties to buy something up there or continue to rent them and just rent in Vancouver?
Our 3 rentals have two mortgages (around 500k combined. Our primary has about 120k left. After all sales and approx capital gains taxes, we would approximate 1.2 mil USD cleared. Approx 1.6 million CAD.
Most of the places we think we might afford are around this number.
Should we liquidate and lose a decent income stream (~35k per year) to buy there or no?
The first thing I would do is find a cross-border tax professional to figure out what the tax consequences of each of the options are. That could have a significant impact on your decision.
I'd talk to a local (Vancouver, BC) realtor and ask about buying property. I am assuming you are not Canadian-if you are please ignore that. If you are not Canadian, there may be extra taxes and problems buying a home in BC.
Investor · Durham, NC · Member since 2015 · 11 posts · 5 votes
7mo
@Theresa Harris thank you and yes, from what little I’ve researched, there could be some limitations - especially in the cities. In the outskirts, not so much.