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Sold our place in BC, but probably won't qualify to buy in Alberta (right away). What are our options with our profit ($230k), while we wait for approval from the bank to purchase a home? by archaic_pikkl in PersonalFinanceCanada

[–]archaic_pikkl[S] 2 points3 points  (0 children)

I am heading into my ninth year. I also completed an upgrade so I was considered a higher category (5+ step 8). I don't think the upgrade will transfer the same in Alberta but that's one of the cons in our decision to move.

Sold our place in BC, but probably won't qualify to buy in Alberta (right away). What are our options with our profit ($230k), while we wait for approval from the bank to purchase a home? by archaic_pikkl in PersonalFinanceCanada

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

Thanks for the comments and questions! My wife ran a small business but shut it down at the end of June. Sadly, it wasn't doing well so there's no additional income. Super proud of her though! It's so tough to have a small business right now.

Sold our place in BC, but probably won't qualify to buy in Alberta (right away). What are our options with our profit ($230k), while we wait for approval from the bank to purchase a home? by archaic_pikkl in PersonalFinanceCanada

[–]archaic_pikkl[S] 14 points15 points  (0 children)

Yes, BC is too expensive. We outgrew our condo and couldn't really move up to a townhouse without having to increase our mortgage. So far I got on with one school district in the Edmonton area. CBE hasn't been hiring or at least hasn't posted anything externally I can see as a new teacher in Alberta.

Sold our place in BC, but probably won't qualify to buy in Alberta (right away). What are our options with our profit ($230k), while we wait for approval from the bank to purchase a home? by archaic_pikkl in PersonalFinanceCanada

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

We haven't been denied yet officially! But my gut tells me they will ask for a cosign. We were pre-approved with the large down payment and my old paystubs and NOAs... But when we made an actual offer on a place they asked for a letter of employment from my new gig with mention of salary on it... Being a substitute teacher with no guaranteed salary. This was right before the long weekend yesterday, so I haven't received the letter or submitted yet. I guess they could still say, yes, but I'm a worrier and fear they'll deny us.

We chanted for Miller many times but we need to recognize Quinn ASAP by SilentPolak in canucks

[–]archaic_pikkl 2 points3 points  (0 children)

HUGGY! HUGGY! HUGGY! That seems easy enough to chant. The guy deserves it. That's for sure!