real estate prices in Canada sustainable?
#676
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Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: real estate prices in Canada sustainable?
Job security depends on individual and his/her contract. It's very expensive to terminate an employee, at least in provinces like Ontario and when compared to the US.
In Europe - it depends on the country and, again, on the individual. Many people are forced into temporary employment contracts which provide zero security.
Ease of obtaining supporting pieces of paper for a mortgage obviously depends on ones employment but don't they have mortgage lenders who charge higher rates but are very "flexible" on requirements?
In Europe - it depends on the country and, again, on the individual. Many people are forced into temporary employment contracts which provide zero security.
Ease of obtaining supporting pieces of paper for a mortgage obviously depends on ones employment but don't they have mortgage lenders who charge higher rates but are very "flexible" on requirements?
Clearly you haven't experienced being terminated without cause in an non-unionised job in Ontario.. luckily for you.. (unlike a family member)..
Only expense to the employer is the standard termination or severance pay.. which could be as little as 1 week! Nor it seems have you been the recipient of a 0 hours contract here (yes, they exist in Ontario too).
I didn't say pieces of paper for a mortgage - I said piece of paper to obtain a job - i.e. certification.
Yes, there are mortgage lenders who can be a little more flexible (not necessarily charging higher rates) but if you aren't earning sufficient funds to be able to qualify financially (according the the Government requirements on income to loan ratios) nor have sufficient income to pay a mortgage that is higher, what would be the point?
Last edited by Siouxie; Oct 5th 2021 at 7:49 pm.
#677
Re: real estate prices in Canada sustainable?
The property examples from Barcelona are on par with Vancouver prices I'd say. The tiny apartment is probably even more expensive than a similarly priced apartment here in downtown Vancouver. However, the properties in Dublin seem cheaper in price for a similar property here. I saw a new-built house in Point Grey, Vancouver in 2013 on an average size lot with houses on either side going for over 10 million CAD. The unrestricted ocean view must have added a few million to the price.
#678
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Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: real estate prices in Canada sustainable?
Therein lies the problem "it's often difficult to find or achieve employment at a rate of pay that would enable you to obtain a mortgage to purchase property in many cities." It often means you might have to give up the city life and move to a more boring place to be able to afford a home. For some it might mean a longer commute and for others it might be the case that you are better off changing jobs. Two people working in finance might not be able to afford a home in the city, they could work for a fast food restaurant in a smaller town and might be better off financially.
For anyone who hasn't had to struggle living hand to mouth, month to month because they can't even get a damn job in a fast food restaurant let alone a job that pays a decent living wage, they won't understand.
#679
Re: real estate prices in Canada sustainable?
Dismissal in Ontario is really no bother for the employer. That's a good reason for contracting.
#680
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Joined: Jan 2006
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Re: real estate prices in Canada sustainable?
Therein lies the problem "it's often difficult to find or achieve employment at a rate of pay that would enable you to obtain a mortgage to purchase property in many cities." It often means you might have to give up the city life and move to a more boring place to be able to afford a home. For some it might mean a longer commute and for others it might be the case that you are better off changing jobs. Two people working in finance might not be able to afford a home in the city, they could work for a fast food restaurant in a smaller town and might be better off financially.
There is really not many if any commutable and affordable options left, cheaper sometimes but not necessairly affordable, so even semi-skilled healthcare jobs paying $25-$30/hr really at that wage you have no options to own anymore, and commuting is largely by car and gas is expensive so commuting may simply not be economically viable either.
Abbotsford is about as far as you can go and commute, its 75km east of Vancouver, 150,000 people, no direct transit access to Vancouver, if your a Monday to Friday 9-5 worker with weekends off the West Coast Express from Mission (20 minute drive) might be an option, but if your a shift worker who works at a Vancouver area hospital, working weekends, holidays, evenings, overnight, car is your only option, but that will cost a couple hundred a month in gas + parking and the commute may not be economically viable.
Still need a low 6 figure household income to buy in Abbotsford these days as well, so if your a 80,000 year household, Abby is no more affordable.
Median household income in Abby is 72,000 per year, median home price close to $850,000.
Kelowna is 4 to 5 hour drive from Vancouver, median home price 900,000 with median household income $75,000 and Kelowna is not a big city, its only about 132,000 but it attracts a lot of wealthy retired boomers who sold their houses in the Lower Mainland, so if you younger and working in Kelowna, houses are just as out of reach there as Vancouver now.
So here an aerial view of the Lower Mainland & Fraser Valley. The yellow line with arrow pointing west is what I consider to be the realistic area for commuting by transit, if you make enough to afford to commute by car you could go further east, but I am basing the commuting on use of public transit. (the yellow line make not be in the exact perfect place, its kind of hard to tell from space where things are exactly but it gives a rough idea, sky train also currently only goes as far as Surrey, so Langley commuting by transit requires at least 1 maybe more bus rides to get to sky train.)
As you can see by the red line commuting from the south isn't doable since its a different country, to the west is the ocean and to the North are mountains not suitable for developing along with more water to the north.
You may realize that Vancouver is no Toronto and commuting options are rather limited compared to Toronto.
The Lower Mainland & Eastern Fraser Valley this fairly small chunk of land is where 50% ish of the entire population of 5 million reside.
When I lived in Ontario, I was in Port Hope but with Via Rail the commuting options even from there was better, we have nothing similiar to cooridor service that exists back east in Ontario, no GO system equivelant and such.
Last edited by scrubbedexpat091; Oct 5th 2021 at 9:50 pm.
#681
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Joined: Dec 2020
Location: Ontario
Posts: 761
Re: real estate prices in Canada sustainable?
I have just looked up the statutory termination notice periods in Ontario. They don't appear to be very expensive at all. I accept that they may cost the employer more than a similar employer in the US but a week for every year employed isn't particularly expensive. I also accept that some employment contracts may provide for a longer period.
#682
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Joined: Jan 2006
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Re: real estate prices in Canada sustainable?
Job security depends on individual and his/her contract. It's very expensive to terminate an employee, at least in provinces like Ontario and when compared to the US.
In Europe - it depends on the country and, again, on the individual. Many people are forced into temporary employment contracts which provide zero security.
Ease of obtaining supporting pieces of paper for a mortgage obviously depends on ones employment but don't they have mortgage lenders who charge higher rates but are very "flexible" on requirements?
In Europe - it depends on the country and, again, on the individual. Many people are forced into temporary employment contracts which provide zero security.
Ease of obtaining supporting pieces of paper for a mortgage obviously depends on ones employment but don't they have mortgage lenders who charge higher rates but are very "flexible" on requirements?
I have never worked anywhere in BC that was shy about terminating employment.
Last edited by scrubbedexpat091; Oct 5th 2021 at 9:36 pm.
#683
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Joined: Dec 2020
Location: Ontario
Posts: 761
Re: real estate prices in Canada sustainable?
Clearly you haven't experienced being terminated without cause in an non-unionised job in Ontario.. luckily for you.. (unlike a family member)..
#684
Re: real estate prices in Canada sustainable?
I guess it's like pensions, if you've been an employee for 30 years you have a defined benefit pension and a degree of security, less than that and you're dog shit.
on edit; I just checked, someone at a job grade such that their salary is less than 100k can be fired by a manager, there's no need to fetch anyone in power or to consult with HR. Even getting an employee a company phone needs a higher level of approval than firing a person. I think it has to be a myth that losing the unwanted is costly.
Last edited by dbd33; Oct 5th 2021 at 9:54 pm.
#685
Re: real estate prices in Canada sustainable?
This is something I have done while owning a company and routinely do for a medium sized financial institution where I consulted and am now an employee. We don't even think about it. A recent typical example was a developer, someone who had been there for 18 years and had a salary of 90k. "Do you want to learn technology x?" I asked, he said no, so I disemployed him. It's just a matter of filling in an online form entitled "Onboarding/Offboarding" and they're gone that day, access cut off, paid out at the statutory minimum.
I guess it's like pensions, if you've been an employee for 30 years you have a defined benefit pension and a degree of security, less than that and you're dog shit.
on edit; I just checked, someone at a job grade such that their salary is less than 100k can be fired by a manager, there's no need to fetch anyone in power or to consult with HR. Even getting an employee a company phone needs a higher level of approval than firing a person. I think it has to be a myth that losing the unwanted is costly.
I guess it's like pensions, if you've been an employee for 30 years you have a defined benefit pension and a degree of security, less than that and you're dog shit.
on edit; I just checked, someone at a job grade such that their salary is less than 100k can be fired by a manager, there's no need to fetch anyone in power or to consult with HR. Even getting an employee a company phone needs a higher level of approval than firing a person. I think it has to be a myth that losing the unwanted is costly.
#686
BE Enthusiast
Joined: Dec 2020
Location: Ontario
Posts: 761
Re: real estate prices in Canada sustainable?
This is something I have done while owning a company and routinely do for a medium sized financial institution where I consulted and am now an employee. We don't even think about it. A recent typical example was a developer, someone who had been there for 18 years and had a salary of 90k. "Do you want to learn technology x?" I asked, he said no, so I disemployed him. It's just a matter of filling in an online form entitled "Onboarding/Offboarding" and they're gone that day, access cut off, paid out at the statutory minimum.
I guess it's like pensions, if you've been an employee for 30 years you have a defined benefit pension and a degree of security, less than that and you're dog shit.
on edit; I just checked, someone at a job grade such that their salary is less than 100k can be fired by a manager, there's no need to fetch anyone in power or to consult with HR. Even getting an employee a company phone needs a higher level of approval than firing a person. I think it has to be a myth that losing the unwanted is costly.
I guess it's like pensions, if you've been an employee for 30 years you have a defined benefit pension and a degree of security, less than that and you're dog shit.
on edit; I just checked, someone at a job grade such that their salary is less than 100k can be fired by a manager, there's no need to fetch anyone in power or to consult with HR. Even getting an employee a company phone needs a higher level of approval than firing a person. I think it has to be a myth that losing the unwanted is costly.
A typical decent size engineering company would offer double statutory minimum to the youngest low salary employee (easy for him to find an alternative job at the same level) and go up from there. And it depends on having similar employment options available elsewhere; as you become older and more senior severance escalates. Companies which don’t like spending money on lawyers prefer to make good offers. And like I said, severance isn’t the only cost to the company.
Last edited by Mordko; Oct 5th 2021 at 11:11 pm.
#688
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Joined: Jan 2006
Posts: 0
Re: real estate prices in Canada sustainable?
Maybe that is why it seems companies like to reorganize and refresh every few years, don't want people sticking around too long.
One thing I have learned in the lower end jobs, is there is no such thing as job security, and its basically imposible to get more than the minimum, chances are you wont even find a lawyer willing because there isn't enough, maybe why low wage and high wage earners don't see the world in the same light when it comes to job security, there really is none at the lower end, and it;s incredibly easy to rid yourself of employees.
One thing I have learned in the lower end jobs, is there is no such thing as job security, and its basically imposible to get more than the minimum, chances are you wont even find a lawyer willing because there isn't enough, maybe why low wage and high wage earners don't see the world in the same light when it comes to job security, there really is none at the lower end, and it;s incredibly easy to rid yourself of employees.
Last edited by scrubbedexpat091; Oct 5th 2021 at 11:19 pm.
#689
Re: real estate prices in Canada sustainable?