Quote:
Originally Posted by newflyer
So you pay more in property taxes in Calgary.. probably for a much smaller home than what you could have for half the mortgage you're paying in Calgary. Less taxes, much smaller mortgage and bigger home. Yeah I'd say Calgarians are getting the boot end on that deal.
Also keep in mind that oil prices are dropping like a stone.. and that equity in your home could take a drop if the Calgary economy starts to tank. Its a question which many Calgarians are considering.
You know just because you move it doesn't mean you have to retire... you just don't have to give away all your money on a big mortage for such a modest home.
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My home is larger than the one I found on MLS...Mayfield Road in Regina...Nice older style home...Overall, I pay less property taxes in calgary and less income tax in Alberta...But you are right, my mortgage would be smaller in Regina...
I am glad that the oil industry wont hurt the business I am in...In fact, if the oil prices go down, people need me more than they do when prices are high...In summer of 2005, the chief economist of the company I work for predicted that oil prices would be $55 per barrel by the end of 2006...People thought he was nuts as it was sitting around $70 a barrel...Sure enough, end of 2006 came and the price was about $56...At the time, he also predicted that by the end of 2007, oil will be $45 per barrel...
Economy in Calgary has gone away from being solely reliant on the oil patch...It might be half as reliant as it was in the 80s...
I wasnt saying that I was going to retire, its just that my buddies in Regina tell me to sell my house here, move back and then retire with the profit I have in the house...Perhaps is my wife could land a job with RBE, I could take it easier...