My wife and I have an opportunity to buy a really nice lakeside vacation property on the Shuswap. But would need to almost drain our TFSA to make it work. Would you do it? Eventually we would move there and sell our house in Calgary once we retire in 10 to 15 years.
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8 Comments
Jay @motivated_jay · 20d
Each their own but I wouldn't do it cause I read that British Columbia’s strict laws make it incredibly difficult to legally run a profitable vacation rental. If it was in the USA, then my answer would more than likely be different
Cory @stalwart99 · 22d
Only if you have thousands per month in free cash flow after paying for both properties and all associated living expenses. Lake properties typically require a lot of extra expenses that full-time residences don’t.
Kevin @clarence · 22d
I'm not trying to rain on your parade, however, make sure you investigate all of the in's and out's of buying vacation or any investment property in BC. The BC government has marked real estate as an easy target for tax revenue. I have invested in real estate for years and have done very well with it, however the only property that I currently hold in BC is my personal residence. Outside of that, I won't invest any money within BC as long as the NDP government is in power. Just my 2 cents worth.
Aaron @aaron180 · 22d
My 2 cents: If it makes you happy and part of long term plans, and you can make it an asset over next 10-15 years before you before there, then YES!! Investments gains are to be converted into something tangible at some point in the real world.
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