[OAC_Sparky]

2001 ZTS,Feb 26 2006, 08:22 PM Wrote:Here's another example: single story East York (Toronto) bungie on 35'w X 135'l, May 1999=$225,000; Feb 2006=$400,000+

Someone do the math, what's that the equivalent to?, 11 new Focues in the past 7 years?

Ladies,  ask me about my net worth.
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It's only worth that on paper until you sell, and it depends on what you want to live in at the end. If you want to "move up" and stay in the same area, the bigger houses move up as well. And the bigger the mortgage, the more interest you pay.

In 1999 we bought 900 sq ft bungalo on the West Mountain (Hamilton) was $109, sold for $180 in 2005 (could have got $186 but we went with a lower offer because of a flexible closing date because we were getting the house built.) Since the original purchase price was so low, the mortgage was nearly paid when we sold.


In turn we bought a $310 with over half paid., 1 year later it's at $390 2500 sqft on a 50x135' lot. Because we didn't have to take out a huge mortgage for the upgrade, we pay less to the bank in interest.


Remember that your net worth isn't only about what you own, it's also what you owe.