I never paid attention to all these news about the housing market and how difficult it is to rent a decent place or buy one until yesterday that I opened my place's assessment. I was shocked. It's been always said that the municipality's assessment is lower than the market. This time it is more, according to my realtor because although I received it in Feb., the evaluation has been done in Jul. of last year. Here's what we have:
1) Purchased price (Aug. 2020): $285,000
2) Assessment (Jul. 2024): $478,000
3) Minimum Market Price (Feb. 2025): $430,000
The difference, based on the minimum sale price and the original cost is approximately: $145,000.
If I sell the place, based on what I owe the bank, which is apparent, I will have at least $238,000 in my account.
It would be good for someone at retirement age and a good pension. He could simply rent a place and live but I'm not there yet. If the situation was good in the old country, I could go there but it does not look so promising. The Chef now receives his CPP and unfortunately it's not much. He made a lot of money throughout the years but spent a lot on booze and shit and sent a lot to the old country. He says his family has build a house and rented it out but he lives on a $898 pension, in an old and gloomy basement and washes dishes in a restaurant which he has to walk to and from in -25 ℃ (-13 ℉) because he doesn't have a car! He probably has some money saved here but he's not spending it but even if he wanted to purchase a car to protect him from the frigid cold and bring some convenience to his life, let's say something around $2000, it would be very difficult considering the insurance he had to pay. I got a quote for him nearly 7 years ago and it was around $5000 for an old car. It was, I think because of the claims and his incidents.
Going back to my shitty(!) situation, I was hoping to pay the home off in the next three years, which would have been a little more than 2 years after the first five years, if I kept my job but now I'm out and need to start over! How annoying that is? I first thought of purchasing a place back in 2008 when I was in British Columbia but never stepped forward and then in 2012 I was married and had a good job, economy was good and everything was reasonably priced. I and my spouse went to the bank and requested a loan but the silly thing is she started asking questions about what happens if the couple split! I'm not going to say the rest of what happened but we ended up buying nothing and she left me as part of a long plan later which she regretted and want to come back(!) but I was in CFLRS and told her that I could not leave! I didn't finish the program and she never called me after that. We both sustained heavy losses both emotionally and financially but that's in the past. She has recovered by marrying the guy whom she used to see before me! I'm in shit and thinking what would happened, had he purchased that home back in 2012 and moved on with our lives?! It's useless to think about the past but it's good for readers to learn and avoid the mistakes.
(Picture: this might not show but this neighbourhood is only 10 minutes drive to Downtown Calgary and has some of very nice houses and beautiful trees in late spring, early summer and there're good businesses around. I, of course, don't live here but just want to show it. It's, of course, is not the only nice neighbourhood in Calgary. There're many more but I had this picture and decided to use it. I don't believe one could find any house less than, at least $700,000 in this area and that's only based on my assumptions and what I've learnt from the market)
