You are excited because your employer has offered you a promotion, with an increased salary. But it will mean you must relocate to Vancouver and you are concerned because you have heard a lot about the high cost of housing in that city.

Your employer will pay all your moving costs (including costs associated with the sale of your current home). You and your partner currently live in a two-bedroom condo in your city; if you sell it you will have about $100,000 after paying out the mortgage. Your partner is an accountant and expects to find a job at roughly the same salary as now within a few months of relocating.

After an initial visit to the city and talking to your new colleagues, you have narrowed your choices of accommodation down to two: a one- bed, one-bath loft-style condo in the downtown core in a very new and stylish building that is within walking distance of your new office and close to all the attractions or an older, more spacious two-bed, two-bath condo in a nearby suburb, which is located in a residential neighbour- hood quite close to a shopping mall and public transit.

Here are some details about the two properties:

Instructions
Consider what factors, both financial and personal, would help you to decide which property to buy.

Transcribed Image Text:

Downtown condo Price Condo fees, per month (includes heat and hot water) Size Annual property taxes Cost of a monthly transit pass Year built $529,000 $237 668 square feet $2,231 $81 2015 Suburban condo $360,000 $360 1,031 square feet $1,766 $110 1988