I have been waiting to write this post for a long time. This is the post where I get to tell you that our homes value has dramatically increased since we bought it in December, 2011.
Up until this point, I have been using our City Tax Assessed value of our home ($328,600), which as you may know is fairly arbitrary (not every house is actually assessed by the city - they typically take an average based on the neighborhood and your reported key features such as fireplace and garage). A homes actual value, is the price that someone will pay for it.
That leads me to telling you how much we paid for our home.
Before any upgrades, our base home and lot was priced at $327,650. After incentives, upgrades, GST, GST Rebate, down payment, and CMHC insurance - we financed $348,819.10.
You can see from the spreadsheet to the left that the purchase price before GST was $345,613.24.
Back in April, I told you that we found out our homes real value - the value that someone would be reasonably expected to pay has gone up from when we bought it.
Now that we have completed The Big Backyard Project, our home is valued at $377,000.
Because I have been using the Tax Value of $328,600 in our networth updates, we are going to see a jump of $48,400 to our total networth!
So excited for August 1st!