Also with closing costs on both buying and selling that takes a big dip on owning a property short term. I am not sure the tax implications for BC. Good luck!
It cost roughly 258k to buy the house. Assuming I get the asking price of 340k that would be 82k up... the realtor will take 15.4k. The lawyer will cost me 1.5k. Which leaves me about 65k. Our capital gains tax is our marginal at 50% of the profit which is unfortunately 42% for me. Leaving me with about 51k profit. Pretty expensive to sell a house using a realtor and no tax advantages :(
And paying off 400 of principle is pretty embarrassing. Our town got hit by a massive forest fire and I didn't know how long I was going to be out of work. So I took that as an opportunity to pocket the rental money rather than dipping into other investments.
Like I mentioned before I'm 25 years old, I think I'm in a bit over head lol. Reading things on the internet and then doing them in real life is a whole other ball game. I realize I got lucky with the appreciation on the property, but do you guys think that it was a good investment to begin with?