Hello,
I am brand new to this site and see my self reading the blog for the next 5 hours. I always appreciate outside input in to my financial situation (Canadian).
I'm 33 years old. I have no debt, I have a paid for house worth $330,000, and have saved $58,000 in a TFSA. The TFSA is individual high dividend stock. I have a further $53,000 in an RRSP through work. I have already used my Home Buyers Plan. I make $87,000 (Net) with my current salary, and my wife makes $60,000 (Net). Both jobs have a pension. The house has a monthly $500.00 condo fee.
Im considering the options of saving to buy my next house in full, or renting the current house I have and saving a larger down payment. Reason for upgrade is we have a little one on they way. Condo is 1 bedroom 1000 SQ, would like something larger but not ridiculous. I live in Hamilton, Ontario close to Toronto. Over $500,000 is about the next level up in most cases.
I was wondering if anyone has any advice or has been in a similar situation and could offer some insight.
Cheers