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How I got three job offers while being outside Canada

Discussion in 'Express Entry / Expression of Interest' started by axolotl, May 11, 2017.

  1. #136 axolotl, May 5, 2019 at 12:07 PM
    Last edited: May 6, 2019
    I am now on parental leave for a second time (although it's about the same baby). A good moment for some reflections.

    It was a great decision to move to Montreal from Toronto. Quality of life is much better here. I recently purchased a three-bedroom house for 336,000 dollars, on a 12,000-square-foot lot with many maple trees. It's 10 minutes (on foot) from a national park. A house like this would cost at least a million in GTA, in a much less attractive neighbourhood.

    I decided to purchase this house after running through my financial model for rental properties. This one would not be a great rental property. However, since I plan to live there myself, costs are much lower (no management fees, no vacancy, no expenses to find the next tenant, etc.) The conclusion was that it would be NPV-neutral if I assume that a) I would be willing to pay 1,700 a month to rent a similar house, b) house price will increase by 2% per year, and c) I will keep it for at least five years. (Google 'NPV-neutral' if you don't know what it means.) The landlord of my current dwelling would raise the rent from 1,300 to 1,350 if I stayed. I was kind of okay with a net cost increase of 350 a month on housing, considering a) the environment will be much better (quiet neighbourhood with a lot of trees vs. proximity to a major road), and b) I can potentially make a profit if its property price goes up by more than 2% per year, which seems highly likely especially with the new liberal plan to "help home buyers". (Their plan is in my opinion beneficial to home owners of a certain segment and banks, instead of home buyers. But that's another topic.)

    A downside of this house purchase is that it will limit my mobility for the next few years. I made a decision to delay my retirement by two years. (My employment income is about 310,000 a year pre-tax so the purchase price is about two years' net employment income.) Obviously I would not have made this decision if I hated my work. But I actually enjoy my work more than before because of the people aspect of it. As a lead, I try to understand the motivations of my team members and to figure out how I can help them achieve their goals. The reason why I am willing to spend time on this is simple. Given my time horizon for retirement, I do not see a lot of value building up my technical skills. (Also, I believe the ability to see real-world problems intuitively in mathematical terms is more important than any specific knowledge about a programming language or a machine learning library.) On the other hand, I have a child now and I would like to develop my coaching skills which I will be able to apply to my own child.

    Enough for now. I'm getting back to my daily routines.
     
  2. Congrats, as usual you've share lots of good stuff and great to see things working out well for you!

    I agree 100% that house purchase limits mobility, i've purchased a home in the east side of the GTA and every now and then i come across attractive job opportunities on the west end...but usually have second thoughts as i wouldn't want to increase my daily commute by an hour or more each way! Let alone consider another city or another province!!

    Something to think about for all new comers out there, Mobility is definitely an important advantage when job searching - one must make sure he/she is settled in the "right job" first before purchasing a home and losing mobility!
     
    axolotl likes this.
  3. Wait until winter hits :)
     
    emamabd likes this.
  4. I moved to Quebec last June. So I've already experienced the winter here.
     
  5. I love this thread! The entries here are a delight to read - insightful and practical, not sugarcoated at all. Hope this thread is continually updated with experience and tips, especially topics that touches on finance and tax avoidance. :)
     

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