Since we bought the house the valuation on it has increased almost two hundred percent to roughly three times the value of when we bought it. On the one hand that looks great on paper because how many investments have paid off at that rate over the last 18 years? Not many, especially if you’re with Investors Group.
The flip side of that is that when we bought the house we were a two income family with two children. Fast forward two decades and we are a one income family with two adult children. Our son is out of the house which means that he is wholly independent and never taps me for cash…exactly the same way I was at his age…whoops, had to replace my computer monitor – my nose grew so fast it broke the screen.
Our daughter still lives at home and goes to school but, according to all levels of government, she is full independent and self-sustaining and paying her own way in the world. What that means is that all those little benefits of being a parent have dried up, all the little tax breaks, all the little payouts that help offset costs over the year are all gone.
Single, one income (well two if you count the second part-time job), house at triple the value of when it was purchased, untenable.
This works out well for the City of Dorval. I cannot possibly afford the taxes on my house any more so they get to get rid of a long time resident and bring in someone who will likely build more value into the house and increase the valuation even more. No one at the city cares that the valuations are outstripping the ability of some home owners to pay the property tax. What the city cares about is the increase in city coffers which are fairly bursting at the seams. To put it in perspective there are about 20k people living in Dorval and the city budget is about 122 million dollars. Right next door with a population of 35k is Pointe Claire which has a city budget of 130 million dollars. Almost twice the population but only 8.5% larger budget. Hmmm.
The long and the short of it is I have to sell. The mortgage is up for renewal in February so I plan to renegotiate it at a monthly rate and put the house on the market.
In my own defense I can say I hung on as long as I could. Other than the mortgage I have no debt. After Lynn died I made certain to get rid of every last dime of debt we were carrying because I knew there would be little to no wiggle room in the future. It turns out I was wrong. There is less than no wiggle room. I thought that if I managed to keep the mortgage to 12 pays out of 26 I’d be able to manage. For a little while there I was right.
I haven’t lived in an apartment for a long time and our daughter never has. So it’s going to be an adventure of paring down what we have and living in a different environment and, like as not, a different city – Ville Emard appeals to me and so does Verdun. We’ll see. In the meantime here are my most recent efforts at escaping from reality into paint.