FSW WORLDWIDE

[Impatient Dankaroo]

But I have seen a lot of rooms for 800$ obviously it is not downtown torronto it is like 20-30 min from missisuaga while here a room in calgary is easily 800$ and it will easily increase to 1000 this yr .As I mentioned 1.2k is still okay when you look at the jobs there ,calgary is sitting on 6%+ unemployment and the city is dead ,I would really like to see the idiots who post things on calgary as a most livable place.the country is a damn overpriced freezer .My colleague said canada was an amazing place when he grew up this clown JT only burned it to ground.

Calgary is good if you can own a house. My friend bought a place 1.5years ago. Already up 15-20% lol. Better returns than most stocks and ETF plus equity

 

[PRANIT01]

Calgary is good if you can own a house. My friend bought a place 1.5years ago. Already up 15-20% lol. Better returns than most stocks and ETF plus equity

Yes but this is where it gets tricky if you have a lot of money made yes that makes sense but if you want a good career ,I think torronto wins.

 

[navinball]

Yes but this is where it gets tricky if you have a lot of money made yes that makes sense but if you want a good career ,I think torronto wins.

oh hai Pranit. i have a one bed one bath in torronto if you are interested. there's two people there living currently but you wont even notice them.

 

[PRANIT01]

oh hai Pranit. i have a one bed one bath in torronto if you are interested. there's two people there living currently but you wont even notice them.

Lol I thought your rental business was in Vancouver lol , but just curious why can't I notice them lol are they truck drivers or what 14 day on 14 day off ?

 

[RSub]

That saving part is only holding me back and you are right you cannot retire in any western country, Canada is definitely overrated .I can definitely agree with that .
What scares me about living in canada is if it going at this rate soon it will be like UK and you will reach a point where there is no comeback, I am in one of the immigration forums in Australia 70% of the people asking is from UK and 10-20% from canada how to escape. If you think canada is bad UK is in another league. If JT wins the next election and I don't get any where I will happily move back unless some miracle happens in my life
Are you still in canada or did you leave ?

What other western countries don’t have is America as its niebhour. Canada has America. We all have America. At some point most us will figure out a way to move to the US. With right planning, one can do well in the US.

 

[PRANIT01]

What other western countries don’t have is America as its niebhour. Canada has America. We all have America. At some point most us will figure out a way to move to the US. With right planning, one can do well in the US.

That is my only hope moving to the US.

 

[RSub]

That is my only hope moving to the US.

Its better to move to US than staying in Canada or moving to another country. You and I know how US is.

 

[aj534160]

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/submit-profile/rounds-invitations.html

 

[RSub]

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/submit-profile/rounds-invitations.html

Canadian doors are closing.

 

[PRANIT01]

Canadian doors are closing.

If it is not closing now it will reach a point where the PR and canadian passport will become worthless, it is already on downhill .

 

[Windsor37]

What other western countries don’t have is America as its niebhour. Canada has America. We all have America. At some point most us will figure out a way to move to the US. With right planning, one can do well in the US.

It has been said that Canada's greatest advantage is that it's the only country in the world that has a land border with the US with favorable terms.

 

[GandiBaat]

You mean 250K each parent right? Good luck ever purchasing a home with just a 250K income, given that nearly half of that are going to taxes, and houses here in Vancouver are easily $2-3M ea. plus rent at 3K/month, you'll probably have enough saved for a down payment when you're close to retirement. I recently got an ad in the mail offering reasonable houses starting at $2.25M, how is $2.25M reasonable? And it's not even anywhere near downtown Vancouver. At this rate I might have to move to Ottawa, LOL. May the winters have mercy on my Filipino blood - and I already find Vancouver too cold.

Good thing with Vancouver is that mobility is fairly high and predictable. So, if you are ready to compromise to townhouse (2/3 bedroom) or a condo, you can get place for 700-900K. Not insane if you are making 250K per year.

Plus, why will you like to live near downtown? Its noisey and dodgey.

 

[GandiBaat]

Calgary is good if you can own a house. My friend bought a place 1.5years ago. Already up 15-20% lol. Better returns than most stocks and ETF plus equity

Yup! Best time for buying in Calgary was 2021 or so.

 

[PRANIT01]

Good thing with Vancouver is that mobility is fairly high and predictable. So, if you are ready to compromise to townhouse (2/3 bedroom) or a condo, you can get place for 700-900K. Not insane if you are making 250K per year.

Plus, why will you like to live near downtown? Its noisey and dodgey.

900k this is what really scares me ,250k income hmm that is 125 k for each person in a couple ,it is not very easy to sustain 125k job for a period of 30 yrs not being pessimistic but being realistic. Yeah inflation can be advantageous for the debtor ,but still a risk especially with 5 yr fixed term max that is the main issue of canada 5 yr fixed term.

 

[GandiBaat]

900k this is what really scares me ,250k income hmm that is 125 k for each person in a couple ,it is not very easy to sustain 125k job for a period of 30 yrs not being pessimistic but being realistic. Yeah inflation can be advantageous for the debtor ,but still a risk especially with 5 yr fixed term max that is the main issue of canada 5 yr fixed term.

For a person/family, making 250K per year at an age of 28-35, I expect them to have some saving as well. If they are taking a mortgage, this should be minimum 200-300K downpayment. That leave them with a debt burden of 600K - 700K.

Now I will also expect them to take out a mortgage insurance and a buffer of about 75-100K for emergencies. Also, since this is going to be a Condo anyways, I expect them to look into the strata budget. If the strata has some large expense planned or some major issues that were found out during last engineering check of the building, They will mention how much special levy will come on to people living there.

Also, I expect them to try and pay the mortgage earlier by increasing their income --promotions and what not. That means bulk payments capped at 20% per year AND may be some more at the end of 5 years.

So lets do the numbers ... Yup!

125 K per partner is 87K post taxes and deductions. About 7.0 K per month per partner. Thats a good start.

At 700K, for 25 year mortgage at 5.7% for 5 years term is $4350, a fairly reasonable amount if other partner is generating an equal amount of 7.0K per month. I mean in a mess, one can manage with one income of $4350 and may be a bit of dipping into saving if needed but in dual income even with kids it will be workable. If the bad goes to worse, one can reschedule debt to 30 years and reduce mortgage burden.

Any bonus on top of this (stock award, or earlier stock award maturing) will go into paying off the debt. If one can FULLY use their 20% pre-payment limit given, all of debt will be gone in 4-5 years. If not then I expect it to be gone in 10-12 years.