Okotoks: To upgrade or not to upgrade in the best big small town in Canada

5 years ago, 3 days after I got married, my wife and I took possession of what was for both of us our first home: a brand new 3 bedroom, 5 level split townhouse condominium in the far northeast corner of Okotoks, Alberta, Canada. At 1300 sqft, it was our dream home - both of us had lived all our adult lives in dingy, cramped apartments and basement suites and this new condo felt like a mansion. Today, in the crazed Alberta economy, we are faced with the delimma to upgrade to a larger, more decadant, more expensive home in the fear that we will be unable to afford an upgrade 5 years down the road, assuming real estate in Alberta continues to rise as it has at an average 40% a year!

The crazed Alberta economy has been good for property value. Our home has doubled in value and its comforting to know our house is worth substantially more than what we owe on it. But the spread between the value of attached dwellings like town house and apartments style condos and standalone single family homes is widening. When we think about it, we can honestly say that while we enjoy the no maintenance lifestyle of a condo, we do not want to be in a condo forever. With that in mind, it makes sense we make the move to an upgraded home now as it seems quite likely, by most accounts, that the economy will continue to thrive. On the other hand, in the words of real estate guru Robert T Kiyosaki, "your home is a liability" and as we are inherently always trying to make the best move financially (my wife's a financial planner), it seems reasonable that we keep our liabilities low, pay down the smaller mortgage, and be free of that debt as soon as possible. But then we think back to how at the beginning or our marriage, things were tight and it seemed like we were stretched way to thin... and now, with a little breathing room in the money belt, we worry about returning to such times when in reality it was only a few short years until things were "comfortable". And then of course there is always the "keeping up with Joneses" affect...

Really, its an enviable delimma to be in. We've been blessed with a great little home in whats been called the best big small town in Canada. Now its just a matter of deciding whether to remain in that home, pay down debt, be smart... or put all reason aside and jump head first into a 40 year mortgage with a hot-tub. Cheers!

Learn more about this author, Simon du Maurier.
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