Having trouble with this one. Wondering if I could get ideas/advice.
I bought a house when I was 20, 410k, in maple ridge bc. My down payment was my student loan, I essentially bought it zero down. The basement Is rented for 900/month. Right now the house is worth about 450-475k and I owe 350 on it. My commute is 30-50 minutes to the city (wich we would never buy or live in). My wife's commute now is 30-40 mins to another suburb (langley) that she likes more and is closer to her family and friends. We spend about 120 a month on the toll, plus gas, she hates her drive and wants to move.
I am torn on what to do, I make 130k, she makes 25k, I really don't want to sell and lose 20-30k on real estate taxes and fees.
The house we have now would be a perfect rental, highly cash flow positive and in an area rated to be one of the best for property investing in the country. Buying another house would be tough since Canada's 20 percent down on a second property rule. And not to mention I'd owe like 700k on mortgages.
I'm looking for ideas/insight, the way I see it is yes the commute sucks but the money we make off our suite covers it, and I never want to take the hit on real estate tax and realtor crook fees to move. My wife thinks more of when we have kids and just likes that area more.