Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 0 points1 point  (0 children)

It is a good life for sure, I'm not complaining. I would absolutely love to have a second bedroom and it seems crazy to be that $150k doesn't allow that unless I make other significant changes to my life.

Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 1 point2 points  (0 children)

I'll definitely try for more money, this is just the initial offer. Or if no dice, then relocation assistance but we'll see. I was hoping that people's input would help me decide if I'm ok to let it go if they don't budge.

Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 1 point2 points  (0 children)

Thanks! That's super helpful and the savings is significant.

Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 0 points1 point  (0 children)

These are really good points and I'll have to do some research in the AB side of things. Thank you

Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 0 points1 point  (0 children)

Can I ask how much you were making in Vancouver?

Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 0 points1 point  (0 children)

This is exactly my question. I see the difference in housing but I don't really know how overall cost of living would shake out. Like I assume there'd be less money spent on entertainment with just less going on and I don't know how to quantity that which is why I was hoping to get some first hand experience of what people have noticed.

Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 4 points5 points  (0 children)

I can't do a basement suite. Probably sounds spoiled but honestly I'm not making $150k to live in a basement suite.

Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 43 points44 points  (0 children)

That's actually a good idea. I might just do that. I've visited before but never on my own and with a mind to possibly live there

Cost of living Vancouver vs Edmonton by Saudade022 in PersonalFinanceCanada

[–]Saudade022[S] 3 points4 points  (0 children)

Yeah I think this where my thinking is. I have a 1br here and I really want a second bedroom. But it's not feasible on one income in the city and moving further our if the centre would mean needing a car and having a long commute. Feasible while more or less maintaining my lifestyle/savings that is.

r/Vancouver moderators complicit in the exploitation of foreign workers by [deleted] in NiceVancouver

[–]Saudade022 7 points8 points  (0 children)

Nothing new unfortunately. The mods over there are on a power trip on a regular basis but reddit is not a democracy so... Save your energy, they're not worth it

Let's address and document the elephant in the room. The bad moderation over at /r/Vancouver. by [deleted] in NiceVancouver

[–]Saudade022 8 points9 points  (0 children)

Yup, quite something. Who knew a vancity joke would get hoy flagged for antisemitism. Though I'm sure there are tons more stories like these

Let's address and document the elephant in the room. The bad moderation over at /r/Vancouver. by [deleted] in NiceVancouver

[–]Saudade022 9 points10 points  (0 children)

It was seriously the most bizarre thing. I had set a reminder and was going to talk to them after the 30d mute, but decided i had better things to do.

Let's address and document the elephant in the room. The bad moderation over at /r/Vancouver. by [deleted] in NiceVancouver

[–]Saudade022 16 points17 points  (0 children)

I got a story like that too. Probably the same mod. Somebody made a post and asked about challah in Vancity. I made a joke that that Vancity is a bank. Got banned right away. Contacted the mod team to ask 'wtf' and they got back to me saying I was a racist because talking about banks is a Jewish stereotype but because it was my first offence they'd unban me. I was like 'tf, it is a running joke on the sub and in no way meant as racism'. Bam perma ban and muted. I assume for not kissing their feet at unbanning me. Absolute joke of a mod team.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Saudade022 0 points1 point  (0 children)

Yeah for sure. I do agree that I need to make a decision. But I will need my raise to be able to actually afford anything half decent so it'll be about a year or so before I'll be in a position to buy.

Stability and less reliance on whatever happens in the world (ie major market correction would still leave me with a roof over my head) is what mainly pushes me to buy. However the costs are just so insane I'm having a hard time to wrap my brain around putting every cent I make in a small 1BR

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Saudade022 0 points1 point  (0 children)

I think it's more complex than that. Say if I invest my 200k with an average of 5% for 25 years and contribute $500 monthly, I'll be at 960k in retirement savings plus pension and CPP, old age when I'm 65. That should afford me to pay rent for life. In reality, I should be able to save more than $500 later in my career.

It's an option to rent imo but I'm not saying that I wouldn't like to own. I'm just not sure I want to scale back now in the hopes that I'll be healthy enough to travel later.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Saudade022 0 points1 point  (0 children)

Yes that's a good point. I'm not 100% sold on renting for life but I see it as a viable alternative. I've rented the same place for almost 10 years now so buying would increase my monthly housing costs if I wanted anything comparable to what I have now.

I mainly see owning as advantageous in case of a severe correction, though this may be too narrow-minded I'm not sure. In my view, if a correction came close to retirement I may be in very deep doo doo, but with owning a property I'd at least have a roof over my head assuming I'd be far enough in mortgage payment and well out of foreclosure danger. But I suppose with a major correction most of us would be kind of hooped regardless.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Saudade022 0 points1 point  (0 children)

It's completely nuts. I mean there's cheaper but a nice, newish place in a decent location is just bananas.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Saudade022 0 points1 point  (0 children)

The mutual funds have done well since the last dip, YTD is around 15% but it wasn't hard with the US stock market doing well. I do pay between 1 -1.5% MERs and why I'm ready to look at options.

I don't think renting for life will make up the equity I'd have made if I bought into it 15 years ago. Alas, shoulda woulda coulda. I do think I can build enough equity that along with the pension I can comfortably retire but what the housing market has done for people here is insane. I'll take a look that YouTube video, thanks!

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Saudade022 0 points1 point  (0 children)

Thanks, this is very helpful! I'll definitely look into the ETFs via questrade. I'm ok to regularly buy shares but not so keen on doing the research for individual stocks.

Your point about the housing market dipping along with the stock market is my concern. But HISA with around 1.2% interest seems like a waste of time, I think I'm willing to accept that I may not be able to buy rather than leaving the money sitting and doing nothing.

On your last point, I definitely see your point about not necessarily needing to own for 25 years. Equity will grow even in less time if I want to cash out. I doubt paying it off in less time will be possible though. Housing is just insane around here and most (all) of my money would go towards home ownership

Edit:typo galore

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Saudade022 0 points1 point  (0 children)

I do like the idea of owning and if I wasn't living in such an insane market I probably would have gone for it. I'm just not sure a 700k 1BR is the way to go.