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moan, I mean a real moan

moan, I mean a real moan

Old Feb 1st 2017, 9:22 pm
  #1  
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Default moan, I mean a real moan

well, well, well

Thanks to Mr Trudeau & Ms Wynne, me & the wife have been well & truly F****d even harder than 2016 going into 2017

Last year me & my wife OAS increased by $1/mth, so you can imagine all through the year with all the cost of living increases, especially the utilities, that we ended the year way behind inflation increases & our own out of pocket living expenses.

On January 26, 2017 the new rate for OAS kicked in & not was surpised that there was a big fat $0 increase, because say the government the CPI index did not warrant an increase CPI was '0'.

We just received a property tax bill for the first half of the year & its an increase of 3% over the first half of 2016.

Grocery prices I can deal with for the reason that we can price match, buy from the marked down selves, stock up on stuff, cut back if necessary, live on pots & pots of homemade soups & bread, but I cannot deal with the forever increasing utility & property tax.

Hopefully there are zero capital outlays, repairs or reno expenses expected this year, so its a 'hold our breath on that'.

I shall skip this years visit to the UK in the autumn to see my elderly siblings, unless one of them pops their clogs. No vacations or travel, cutting the same day cross border shopping to once per year.

A flyer in the letterbox today said that comparable properties in our area have increased 22% from December 2015 to December 2016

Maybe just maybe its time to sell up to move to a lower cost affordable place in Canada, or just maybe its time for a move back to the UK, so at least we'd get the 2.5% yearly state pension increase that every senior gets, then spend winters in southern Europe.

No says my wife, not till her 97 year old dad that lives 12 km away from us 'pops his clogs'


.

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Old Feb 1st 2017, 9:28 pm
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Default Re: moan, I mean a real moan

Is tough out there for anyone who relies on government programs for income be it Pad or disability or insert name of program here.

BC still has housing rates for disabled set at 375/mo for a single and 570/mo for a couple. Good luck finding housing that low.

How are rents in your area? Would selling and then renting be more cost effective then owning and paying the associated costs to owning?
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Old Feb 1st 2017, 10:16 pm
  #3  
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Default Re: moan, I mean a real moan

Originally Posted by not2old View Post
well, well, well

Thanks to Mr Trudeau & Ms Wynne, me & the wife have been well & truly F****d even harder than 2016 going into 2017

Last year me & my wife OAS increased by $1/mth, so you can imagine all through the year with all the cost of living increases, especially the utilities, that we ended the year way behind inflation increases & our own out of pocket living expenses.

On January 26, 2017 the new rate for OAS kicked in & not was surpised that there was a big fat $0 increase, because say the government the CPI index did not warrant an increase CPI was '0'.

We just received a property tax bill for the first half of the year & its an increase of 3% over the first half of 2016.

Grocery prices I can deal with for the reason that we can price match, buy from the marked down selves, stock up on stuff, cut back if necessary, live on pots & pots of homemade soups & bread, but I cannot deal with the forever increasing utility & property tax.

Hopefully there are zero capital outlays, repairs or reno expenses expected this year, so its a 'hold our breath on that'.

I shall skip this years visit to the UK in the autumn to see my elderly siblings, unless one of them pops their clogs. No vacations or travel, cutting the same day cross border shopping to once per year.

A flyer in the letterbox today said that comparable properties in our area have increased 22% from December 2015 to December 2016

Maybe just maybe its time to sell up to move to a lower cost affordable place in Canada, or just maybe its time for a move back to the UK, so at least we'd get the 2.5% yearly state pension increase that every senior gets, then spend winters in southern Europe.

No says my wife, not till her 97 year old dad that lives 12 km away from us 'pops his clogs'


.
Yeh but, isn't he so Handsome.
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Old Feb 1st 2017, 10:39 pm
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Default Re: moan, I mean a real moan

Originally Posted by Jsmth321 View Post
How are rents in your area? Would selling and then renting be more cost effective then owning and paying the associated costs to owning?
As much as I don't like equity loans, I would go that way rather than selling and renting. You are are not at the whims of landlords, if one pays of the interest only, that avoids compounding negative interest, and you would still gain on any capital increase in value, untaxed as it is principal residence. Sell and invest and gains are taxable income.

On top of that you don't have to move.
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Old Feb 1st 2017, 10:40 pm
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Default Re: moan, I mean a real moan

Originally Posted by not2old View Post

A flyer in the letterbox today said that comparable properties in our area have increased 22% from December 2015 to December 2016

Maybe just maybe its time to sell up to move to a lower cost affordable place in Canada, or just maybe its time for a move back to the UK, so at least we'd get the 2.5% yearly state pension increase that every senior gets, then spend winters in southern Europe.

.
If you are asset rich, cash poor, that would be the thing to do. And at current FX you may even be able to purchase a place in the UK with your spare change.
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Old Feb 1st 2017, 10:49 pm
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Default Re: moan, I mean a real moan

@ post #4 & #5, Other than downsizing (one thought, lower property price & lower property taxes) at 70+ would seem to be an ideal age to start to max out on a 'reverse mortgage', although at 5+% compounding yearly, I believe the equity may deplete faster than an capitial property price increase?

Options are

a) sell the property & rent a nice apartment in the area we live in that includes utilities for ~$1500/mth

b) Move to a different part of the country, or downsize to something within 10km that the difference releases minimum $100k or more capital together with less property taxes & utilities to spread over the next (hopefully) 20 years

c) sell up & move back to the UK

d) equity release/reverse mortgage

And on any equity we'd have from a sale, downsizing or equity release there is no friggin way that we would give it to a 'financial advisor' to play with, or any ETF's, balanced funds etc. Simple GIC even if its 0.1%
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Old Feb 1st 2017, 10:53 pm
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Default Re: moan, I mean a real moan

Originally Posted by Shard View Post
If you are asset rich, cash poor, that would be the thing to do. And at current FX you may even be able to purchase a place in the UK with your spare change.
That would be the plan, however we still have an issue with that till my FIL pops his clogs & then, will we be ready or want to make that move at our age after being in Canada 50+ years?

Some have done it
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Old Feb 1st 2017, 11:20 pm
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Default Re: moan, I mean a real moan

Originally Posted by not2old View Post
That would be the plan, however we still have an issue with that till my FIL pops his clogs & then, will we be ready or want to make that move at our age after being in Canada 50+ years?

Some have done it
Buy a smaller property in Ontario and a seaside flat (cheap) in Britain. You'll then be able to take extended breaks in the UK to see if you still like it.
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Old Feb 1st 2017, 11:31 pm
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Default Re: moan, I mean a real moan

Originally Posted by Shard View Post
Buy a smaller property in Ontario and a seaside flat (cheap) in Britain. You'll then be able to take extended breaks in the UK to see if you still like it.
thanks for that suggestion, but but but.....we'd never ever want to carry two properties in two different countries, its the worry & the expense.

At our age, if we were to live in one country, then for 1, 2 or three months a year we'd rent a holiday let, hotel it, B&B

On that stay here in the area we live right now, is sell the (no mortgage on it) house, bank the money, we could in fact get 1% net

Right now the expenses are, Property tax, all utilities repair & maintence, gardening plants, bits & bobs is costing us at least $1000/mth across 12 months.

A all in rental with utilities included would be ~$1500/mth, so that'd be a top up $500/mth out of pocket that would come from invested in a GIC from the proceeds of the sale of the house


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Old Feb 1st 2017, 11:41 pm
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Default Re: moan, I mean a real moan

My 2c

Sell said inflated property, cash in on your million dollar windfall then buy a little place in Kingston or somewhere where property is cheap as chips and live on your pension and the extra overflowing 100's of thousands that you can ram into the bank.
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Old Feb 2nd 2017, 12:35 am
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Default Re: moan, I mean a real moan

70 is not that old. Trump is 70 and look what he gets up to. If you had two small properties, you wouldn't need to rent them out, just use them as you see fit. Obviously air fare is a consideration, so it depends on income levels. You would likely see some capital appreciation over the period you owned the properties. However, probably the biggest question is whether you want to live in the UK again. Might be worth deciding that once and for all, and then you can better plan your future.
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Old Feb 2nd 2017, 12:52 am
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Default Re: moan, I mean a real moan

Originally Posted by Shard View Post

1. 70 is not that old. Trump is 70 and look what he gets up to. If you had two small properties, you wouldn't need to rent them out, just use them as you see fit.

2. You would likely see some capital appreciation over the period you owned the properties.

3. However, probably the biggest question is whether you want to live in the UK again.
Thanks again

On the 3 points above in your last post, more thought needed, although owning two properties was not on the table.

What magnumpi posted about relocating to another town in Ontario, lower property price with lower property taxes could be a consideration, although, the winters are what we've been trying to get away from to a more moderate all year round climate without having to fly here, there & everywhere + healthcare is a huge factor in all of this.

Appreciate all the responses & input
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Old Feb 2nd 2017, 1:08 am
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Default Re: moan, I mean a real moan

Not2old

So sorry that things are not very good right now I have been in US 47 years now and still planning on going next year.....sooner if I can manage. Situation in US is not friendly either and downright uncertain to say the least! Just want to go home, though I certainly understand about your FIL. Is he too frail to make the move with you? Anyway, hope you come to a resolution that is good for all of you. Best wishes, Chris
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Old Feb 2nd 2017, 1:29 am
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Default Re: moan, I mean a real moan

I feel for you, Rising prices are scary and I see no end to it.

I don't think moving back to the UK is an option due to house prices there. Sell up and downsize. Move to Cobourg with Bristol.
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Old Feb 2nd 2017, 1:32 am
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Default Re: moan, I mean a real moan

Originally Posted by bats View Post
I feel for you, Rising prices are scary and I see no end to it.

I don't think moving back to the UK is an option due to house prices there. Sell up and downsize. Move to Cobourg with Bristol.
Nice little town. I liked that area when I was there, not too big, not to small, fairly easy access to Toronto and other destinations on Via Rail. Nice location on the lake as well.
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