To hold or to sell, moving from ON to BC

[Wil Taylor]

Hey looking for some thoughts.

I'd like to move from Ontario to BC with my family. I own a rental property (half duplex) and my own house (single) in a really good neighborhood. I have about 300,000 equity built up in my single and about 50,000 in my rental, my rental also cash flows $1000 a month. Seeing as I'm moving across the country my intial thought is keep both properties, put them under management and take some of the equity out of my single house to buy my next property in BC.

My other thought is to cash in on everything now, buy my 1st property in  BC be almost mortgage free, and then save some cash and buy another property once i'm out there. 

There are pro's and cons to both, hoping maybe I could get some thoughts or opinions. Also would like to hear from people who own properties out of province and how that works for them.

Thanks!

[Melanie Dupuis]

@Wil Taylor I would probably sell the primary residence and take advantage of all that equity! This will be tax free money, and who know what will happen down the road with capital gains...Will the federal government ever change the expemtion on primary residences? Not here to fear monger, just playing devils advocate! Same goes with your rental property in Ontario. Right now the inclusion rate is 50%. However what happens if ever this goes up to 75% (historically this has happened). Then you will be selling in a buyers market. Just food for thought....