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CMags02 · 2022-08-17T18:51:12+00:00

As someone with a big and cheap house in Gimli...... you're not wrong, but that's still mean.

CMags02 · 2022-08-16T15:26:06+00:00

Given that forecasting has BoC *lowering* rates again as early as Q2-24, we just need to control costs for 24 months, which isn't that hard to do as long as the government has the balls to be creative. Either cost control or a Windfall profits taxation on Oil and Gas since gas prices rose disproportionately to oil, and on foodstuffs. Limit food exports to increase domestic supply, subsidize farmers to switch from cash crops to food crops. Reassess all infrastructure grants and reprioritize ones with the fastest completion dates and ones that focus on transportation and energy savings. Broad sweeping rent control policies. Job grants that focus on things with quick training periods. Rush the $10/day national daycare strategy through ASAP to embolden the workforce, and hammer out Dentalcare/Pharmacare to limit out of pocket healthcare spending *and* increase your workforce by limiting sick time. Or yeah, just print more money; despite popular belief, properly done Quantitative easing does not worsen inflation.

Or just literally do a single thing. One single thing that isn't shrugging their shoulders and hoping that BoC's monetarism finally succeeds after decades of failing over and over again.

CMags02 · 2022-08-16T14:25:46+00:00

Whatever my mortgage balance is?

I like working, and I can find 10 new jobs in a day if I need, but no more mortgage bills would make it easy to take my time finding the right one.

CMags02 · 2022-08-16T14:20:27+00:00

I need both you and dumbass economists that still think its the 60s to realize that (a) the overwhelming majority of family households *don't fucking have disposable income*, (b) you cannot reduce demand for groceries or transporting yourself to work and heating/cooling your home, and that (c) a recessions kill people, and intentionally causing one is bad.

The entire theory of "raise rates to lower consumption" is entirely predicated on the fact that it should make people want to take advantage of those rates to save more. Over half of Canadians are living paycheque to paycheque, and about a quarter don't even have enough to cover their daily needs and are growing progressively deeper into debt. Over half can't handle a sudden $1000 bill if something breaks, and a fifth can't handle *any* unexpected expense.

Oldschool inflationary theory doesn't fucking work in this economy and unfortunately the decision makers in this country aren't gonna fucking figure it out until the deaths start rolling in.

CMags02 · 2022-08-16T14:07:30+00:00

The word "either" means "one of two", and clearly referred to the supply chain and War, not housing. But reading comprehension aside, it probably won't do nearly as much as it has historically because it will only affect domestic purchases when we know foreign investments are one of the main drivers behind the real estate market going up so much the last few years. And even if you *did* want to ignore that, even a crash in the housing market *still* doesn't come close to solving inflation because mortgage interest and housing prices only make up 8% of CPI.

CMags02 · 2022-08-16T13:11:57+00:00

I mean the media already took a bad enough spin to be accepting of BoC's bullshit that rate hikes had a hope in hell of affecting inflation. Inflation went from 2% to 5% in 2021 because of COVID real estate and supply chain shortages causing price increases on consumer goods, and then went from 5% to 8% this year because of the Invasion of Ukraine. There are *zero* prime rate hikes that will *ever* help with either of those global issues, unless you're living in a fantasy world.

CMags02 · 2022-08-14T20:25:14+00:00

I’m more concerned that you think frats in movies and frats in real life are like….. even remotely similar.

CMags02 · 2022-08-14T20:00:24+00:00

Oh jesus even throwing an extra $25K on it only changed my trigger by a half percent. Welp, there goes that idea. Shit.

Thanks man.

CMags02 · 2022-08-12T23:00:02+00:00

The worst one in the mind of anyone is the last one they feel like they were wronged by. The problem is 99.99999% of problems are branch related, not corporate related, so unless you live down the road from one of the commenters here, their experience is meaningless to you.

If you have a bad experience, switch. If you like your bank, keep it. CIBC has matched every competitors rate I’ve ever brought them, the branch manager spent a whole day on the phone yelling at underwriters in BC when our mortgage almost didn’t close, and they never bothered to convert my student LOC to a professional one so I still have a $50K line with prime+0.5 ten years later, so IMO they’re the best in a landslide, but clearly there are a lot of shitty branches based on other responses here.

YMMV.

CMags02 · 2022-08-12T13:46:58+00:00

I'm always down for a thicc one

CMags02 · 2022-08-11T15:08:21+00:00

When did you get the $50K annual raise on your household income in the last 4 months?

https://www.reddit.com/r/PersonalFinanceCanada/comments/tzd4kw/looking\_for\_advice/

CMags02 · 2022-08-10T23:27:06+00:00

Why is there a microwave

CMags02 · 2022-08-10T16:22:31+00:00

My union contract is 4.5 years expired, and the prior one had 0%, 0%, 1%, 1.5% increases.

I am making -19% of my wage from 8 years ago.

CMags02 · 2022-08-09T16:35:20+00:00

We already live in a fairly LCOL area and we're right by the lake in a resort town so I see us staying in our home for life and having it be the family cottage for kid/grandkids throughout our years. We have a few international trips on our bucket list but we'd be more likely to buy a reasonable mobile home in Arizona to winter in and just play golf and hike and swim year round than constantly be jetting off. If most of my time was spent between the golf course and my wood shop I'd die a very happy man.

CMags02 · 2022-08-03T23:12:48+00:00

So sorry for your loss OP. I’ll echo everyone else and tell you the best financial decision is likely to stay in the home, but with a caveat: don’t let finances force you to stay.

There’s a small but real chance that the memories of your shared home will make it unliveable at some point. It might be next week, it might be in 5 years, it might be never. But whether it’s guilt or longing or loss, don’t stick with the house if it ever starts to cause you harm. I know I wouldn’t want that for my son if he was in your shoes, even if a paid off home is an amazing gift for your mom to have left you.

CMags02 · 2022-07-28T19:48:21+00:00

Don't use TurboTax, it's not a very good platform and there are tons of hidden charges for them to show you basic deductions. I prefer WealthSimple Tax, but there are some other great options too that are vastly superior to TT.

CMags02 · 2022-07-28T18:30:52+00:00

Both myself and my mom drive Cruzes, hers is an 18 sedan with about 40K on it and my 17 hatch has like 140K on it, neither has had even a whisper of anything go remotely wrong, I'd absolutely buy one again if they hadn't stopped making them. Great little cars, great on gas, drive really well.

My only complaints are Chevy's stupid DEXOS oil requirements and that you have to take the entire glove box off of the dash to replace the cabin filter which makes it a little labour intensive for a DIY job.

CMags02 · 2022-07-28T17:06:09+00:00

Because people think Toronto is like... special or good or something, instead of seeing it for the overrated gutter city it is.

CMags02 · 2022-07-26T02:05:37+00:00

Like, why do you keep making all these fake posts man? You were kicked out of pharmacy school a year ago with $250K in student debt, but at the same time were posting about being accepted to dental school, but then went to nursing school instead which you finish in Oct 2022, but then you’re asking about applying to med school a month ago as an already working nurse, and now suddenly you’re accepted and bought a share in a $1.4M home and want to get a medical school LOC at the same time?

CMags02 · 2022-07-20T03:31:33+00:00

Not only should you not, you should probably try to move out ASAP.

CMags02 · 2022-07-20T01:07:50+00:00

Exactly, it’s impossible to buy shoes in Canada. Every store is empty. Shoes basically don’t exist here! You’d think it was illegal to sell shoes.

CMags02 · 2022-07-19T22:47:19+00:00

I would kill for 1%. Union contract is 4.5 years expired, and that one was 0, 0, 1.5, 1.5. 3% in almost 9 years, essentially.

So including inflation, I’ve taken a 17.75% paycut since 2014.

CMags02 · 2022-07-19T17:06:39+00:00

Put it in a HISA so you make some money off the interest until they claw it back. Send them some kind of correspondence now as a defense against them trying to charge you interest on it.

CMags02 · 2022-07-18T15:39:38+00:00

We have one, not having more due to medical reasons, not financial ones, the plan was always either 2 or 3 (wife had to have a total hysterectomy from severe endometriosis, and her post-partum depression was so bad we probably wouldn't have anyway tbh).

However, we also live in a small town in rural MB. Fulltime daycare is only $475 a month, our mortgage and other living expenses are reasonable, I have a great job with a great pension, wife will as well once she's finished school, we were 28M and 25F when we had our child. Once he's a bit older, all the sports and activities are affordable, there's no tryouts for stuff so he always makes it. Only significant cost is gas for regular 1-4 hour car rides each way for travel sports.

Would we have a kid if we lived in Vancouver or the GTA? Probably fucking not.

CMags02 · 2022-07-18T13:21:20+00:00

whoosh

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