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08-22-2023, 09:46 AM
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#27526 | | Oh goodie, 5 posts already!
Join Date: Dec 2011 Location: vancouver
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My mortgage specialist at TD gave me 5.93% 3 years fixed on Friday. I am happy to share the contact, feel free to DM me. Quote:
Originally Posted by yameen  So today was depressing. Renewing my mortgage and the best TD gave was 6.1% on a 3 year fixed. I looked on ratehub and most banks are doing higher than 6.1% but I haven't signed any papers yet.
I'm choosing a 3-year as opposed to 5.6% 5 year because rates are supposed to drop to 4% by 2025 as I've been told but no one can really predict the economy that accurately.
Also, my 6.1% rate is apparently their best renewal rate and for first time mortgage applications, they may give a slightly better rate to entice people into signing with them.
What do you guys think? | | 
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08-22-2023, 10:04 AM
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#27527 | | private modder
Join Date: Feb 2002 Location: North Shore
Posts: 6,878
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Originally Posted by donk. Otherwise operating a daycare is very profitable, in other less regulated cities | There was a very informative post on Reddit last week about the costs of owning and operating a daycare: https://www.reddit.com/r/vancouver/c..._cost_me_150k/
New daycares are capped at the government's maximum amounts you're allowed to charge. But old existing daycares are grandfathered and can still charge whatever they want. Not a great business if your revenues are regulated and capped, while your costs are not. Quote: |
the ROI for daycares is typically 6-8%/yr with generally a 1 million dollar startup cost amortized over 10 years. For a medium sized daycare.
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The issue with funding and how everything is set up, is that most projects simply cannot be made viable under their guidelines for what we are allowed to charge.
A prime example: In specific locations where establishing a center is already tough, the maximum charge is pegged at $1485. With subsidies covering $900, parents shell out roughly $600. Even if parents were willing to pay more, say $700, the system doesn't permit it. This financial strain is exacerbated when trying to pay staff a living wage. Our infant/toddler staff, for instance, earns between $28-$32/hr inclusive of benefits and government wage subsidies. We could pay less, but that means they cant afford to eat and we just propagate the current problems. We need staff to be happy and have a place to live, taking care of young children is very demanding; both us as owners and the families in our centres want the staff to be happy.
Commercial leasing intensifies these challenges. Unlike residential leases, there's no protective oversight, just negotiations between owners and tenants. Due to current real-estate conditions, it's incredibly one-sided (i will let you guess which side has all the power).
To counterbalance costs, centers often impose miscellaneous charges, like application fees or meal plans. While these might be written off by some as it's just the cost of daycare; subsidized families bear the brunt. This is because subsidy doesn't always cover these if they're additional fees rather than the base fee. SO for example now they'd have to prepare lunches and snacks every morning before daycare, which is pretty hard when you have to get the child and yourself ready and drop them off to daycare and get to work.
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1500$ a child, 4 children per 1 teacher.
6000k a month.
Subtract teacher salary + taxes + sick days + vacation + benefits ~4000 - 4400
So 1600$ is left.
You also get some additional funding on top of that, but it's not large.
Now subtract the absurd lease, bills to run the place and your 1 million dollar loan over 10 years.
Now, you'll need a manager, staff always have to be in ratio and they might need to step out, call in sick, you need extra workers and they need to be paid.
You need to maintain the place, clean it, buy new toys, books etc.
That 1600$ is doing some real heavy lifting.
Profit margins for daycares are about 6-8%. My 48 child daycare will make less profit than my salary as a software engineer/architect  . If it was hands off, that'd be sweet, but no, i still have to invest time in it. I am still keeping my job and working full time.
My wife's dream, i'm just being a good husband. If i wanted profit i'd be opening literally anything else .
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08-22-2023, 10:09 AM
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#27528 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,067
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Originally Posted by Tapioca We pay under $400 per kid for after-school care, which is run out of our kids' school.
Still a far cry from the $2000+ we were paying back in the day.
Sounds like daycares in Burnaby and Vancouver are lazy and don't want to do the administration to get their money from the government. | Mine gets the subsidy but their base rate is around $1950 or so thus the ~$700 or so subsidy still leaves a big hole in my budget.
At the same time - they've informed us they are expecting a 1-3% increase in tuition this coming year which I think is laughably low considering inflation. How long can my daycare survive on 1-3% increases in this environment?
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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08-22-2023, 10:14 AM
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#27529 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,051
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Originally Posted by Eff-1 There was a very informative post on Reddit last week about the costs of owning and operating a daycare: https://www.reddit.com/r/vancouver/c..._cost_me_150k/
New daycares are capped at the government's maximum amounts you're allowed to charge. But old existing daycares are grandfathered and can still charge whatever they want. Not a great business if your revenues are regulated and capped, while your costs are not. | Likely why we have so many daycares popping up inside someone's home. I don't see how many of these companies make much $ if they are leasing a commercial spot unless they increase their fees or add all these additional surcharges.
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08-22-2023, 10:23 AM
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#27530 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
Posts: 5,034
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Originally Posted by Traum I feel like the so-called after school care at my kid's elementary school is... paid free play time. On a nice day, they might round up the kids and take them out for a walk or something. But most of the time, it is just one or 2 adults letting the kids roam free and do whatever in the classroom or in the gym. My kid was totally bored out of his mind, and we figured it just wasn't worth our while when we have to pay several hundred dollars for him to be bored.
I am thankful that I have a flexible enough work schedule to be able to take him back home after regular school ends. But for parents who do not have that luxury, I guess they are stuck with it. | Even if it's a glorified child minding service, it's needed by a lot of working parents, particularly those who don't have in-laws or grandparents in the home.
Our after school care provider provides snacks and also provides before school care too. And our fees are tax deductible.
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08-22-2023, 10:26 AM
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#27531 | | private modder
Join Date: Feb 2002 Location: North Shore
Posts: 6,878
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Originally Posted by Alpine Likely why we have so many daycares popping up inside someone's home. I don't see how many of these companies make much $ if they are leasing a commercial spot unless they increase their fees or add all these additional surcharges. | Yes there are savings for sure but opening in your own home is not easy if you want to be licensed and be eligible for the gov't subsidies. Lots of red tape to deal with. Quote:
Wife and I tried to open a daycare in Vancouver and it was a bureaucracy hell.
After lots of consultation and calculation we estimated that we'll need to spend $200,000+ and at least a few years just to open a simple in-home daycare with 8 kids max.
| Some cities are better/easier to deal with than Vancouver, I'm sure.
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08-22-2023, 10:30 AM
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#27532 | | I *heart* Revscene.net very Muchie
Join Date: Apr 2001 Location: Burn-A-Bee
Posts: 3,991
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| Quote:
Originally Posted by Eff-1 There was a very informative post on Reddit last week about the costs of owning and operating a daycare: https://www.reddit.com/r/vancouver/c..._cost_me_150k/
New daycares are capped at the government's maximum amounts you're allowed to charge. But old existing daycares are grandfathered and can still charge whatever they want. Not a great business if your revenues are regulated and capped, while your costs are not. | My daycare specifically said they they are charging for "optional" services to get around the maximum cap:
Optional Services
Extended Hours (Before 8:45am and After 2:45pm) - $500
Chef Made Meals and Snacks - $330
Proprietary Enriched Curriculum - $420
High quality Supplies - $150
Field Trips - $25
Date Nights - $100
Total Optional $1525 minus
Bundled Discount if accepting ALL optional services
o Baby - $1195.00 = +$330 on top of base maximum
o JK1 - $921.00 = +$604 on top of base maximum
o JK2/JK3 - $858.00 = +$667 on top of base maximum
__________________ Never argue with a dumbass, they drag you down to their level and try to beat you with experience My Feedback
Blah™
Last edited by Hakkaboy; 08-22-2023 at 10:54 AM.
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08-22-2023, 10:52 AM
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#27533 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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Why have kids when we can just import the adults for free and they pay us ??? Profit   | |
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08-22-2023, 10:59 AM
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#27534 | | private modder
Join Date: Feb 2002 Location: North Shore
Posts: 6,878
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Originally Posted by Hakkaboy Extended Hours (Before 8:45am and After 2:45pm) - $500 | That's crazy to call these "extended hours" for an average working family. Brutal.
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08-22-2023, 11:25 AM
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#27535 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
Posts: 5,034
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Sorry to hear that some daycares are adding these charges to take advantage of the subsidy. That extended hours charge is ridiculous.
Junior kindergarten is a sham marketing term. My kids went to a couple of regular licensed daycares with just regular ECEs and turned out fine.
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08-22-2023, 11:44 AM
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#27536 | | Rs has made me the woman i am today!
Join Date: Jan 2012 Location: PENIS
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DATE NIGHTS 
__________________ There's a phallic symbol infront of my car Quote: |
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
| bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
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08-22-2023, 11:59 AM
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#27537 | | Willing to sell body for a few minutes on RS
Join Date: Aug 2002 Location: Vancouver
Posts: 10,245
Thanked 3,270 Times in 1,274 Posts
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__________________
Do Not Put Aftershave on Your Balls. -604CEFIRO
Looks like I'm gonna have some hot sex again tonight...OOPS i got the 6 pack. that wont last me the night, I better go back and get the 24 pack! -Turbo E
kinda off topic but obama is a dilf - miss_crayon
Honest to fucking Christ the easiest way to get a married woman in the mood is clean the house and do the laundry.....I've been with the same girl almost 17 years, ask me how I know. - quasi
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08-22-2023, 12:43 PM
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#27538 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
Posts: 7,044
Thanked 6,792 Times in 2,747 Posts
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Originally Posted by Gumby | Open House this coming Saturday! Let's go and check it out~!
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08-22-2023, 12:51 PM
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#27539 | | Rs has made me the man i am today!
Join Date: Jan 2005 Location: North Vancouver
Posts: 3,010
Thanked 1,689 Times in 587 Posts
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Originally Posted by Traum Open House this coming Saturday! Let's go and check it out~! | rs meat at OELs old house!
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08-22-2023, 01:04 PM
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#27540 | | Even when im right, revscene.net is still right!
Join Date: Jun 2002 Location: Vancity
Posts: 1,365
Thanked 156 Times in 63 Posts
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Originally Posted by anonnuck My mortgage specialist at TD gave me 5.93% 3 years fixed on Friday. I am happy to share the contact, feel free to DM me. | Omg I can't believe what just happened today. Apparently they aren't as flexible with renewals compared to new mortgage applications but my advisor called me back and gave me a 5.7% 3 year fixed which was approved today from the TD Oak Branch.
At first the advisor said that I can choose to submit a request if I want but all their recent applications have been denied. I said lets try it anyway since there's no harm in trying.
They called me back just now and told me I should sign today since the rates will increase tomorrow. I said I will sign the e-document ASAP because I know 3 yr rates have been roughly 6.0%. My advisor was very shocked I got approved but he said maybe because I'm a longstanding TD customer with a good credit score.
Today was a huge win! Thanks for offering to help Annonnuck!
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08-22-2023, 01:55 PM
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#27541 | | RS has made me the bitter person i am today!
Join Date: May 2005 Location: 604
Posts: 4,512
Thanked 1,730 Times in 549 Posts
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Originally Posted by Traum Open House this coming Saturday! Let's go and check it out~! | They better have free sparkling water and snacks
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08-22-2023, 02:52 PM
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#27542 | | I subscribe to Revscene
Join Date: Mar 2005 Location: Vancouver
Posts: 1,907
Thanked 5,028 Times in 1,142 Posts
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Originally Posted by yameen
At first the advisor said that I can choose to submit a request if I want but all their recent applications have been denied. I said lets try it anyway since there's no harm in trying.
| the whole thing is a scam when the guy who's supposed to be doing the legwork, the actual application - just doesn't do it? because...it might not get approved?
so even though you asked them to do it, you have to ask them to actually really do it?
fuck that guy. i don't have a calculator in front of me to see what that mouse click just saved you over 3 years - but I wouldn't be happy, I'd be livid.
__________________ Quote:
Originally Posted by westopher replace that wood for who gets producer the wood. | | |
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08-22-2023, 03:42 PM
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#27543 | | Need my Daily Fix of RS
Join Date: Apr 2010 Location: vancouver
Posts: 274
Thanked 66 Times in 30 Posts
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That is why it is so important to shop around for rates (or at the very least to compare rates amongst different financial institutions), even if it's a renewal...
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08-22-2023, 04:04 PM
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#27544 | | I *heart* Revscene.net very Muchie
Join Date: Apr 2001 Location: Burn-A-Bee
Posts: 3,991
Thanked 418 Times in 191 Posts
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Originally Posted by Eff-1 That's crazy to call these "extended hours" for an average working family. Brutal. | to be fair, no one pays those prices individually as basically everyone is forced to pay for the whole bundle.
But, what's worse is now we just received an email stating that the maximum amount of time that we can leave a child there is 8.5 hours. Is that some sort of law or something? Good thing our home, daycare and work are all within 10 minutes of each other, or else I don't see how normal parents that have to commute be able to make pick up and drop off within 8.5 hours.
The majority of the parents at this Richmond daycare look like they don't even work though. Maybe that's why they are so out of touch.
__________________ Never argue with a dumbass, they drag you down to their level and try to beat you with experience My Feedback
Blah™
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08-22-2023, 04:26 PM
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#27545 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,067
Thanked 2,918 Times in 1,251 Posts
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| Quote:
Originally Posted by Hakkaboy to be fair, no one pays those prices individually as basically everyone is forced to pay for the whole bundle.
But, what's worse is now we just received an email stating that the maximum amount of time that we can leave a child there is 8.5 hours. Is that some sort of law or something? Good thing our home, daycare and work are all within 10 minutes of each other, or else I don't see how normal parents that have to commute be able to make pick up and drop off within 8.5 hours.
The majority of the parents at this Richmond daycare look like they don't even work though. Maybe that's why they are so out of touch. | Our daycare also has a 8.5 hour rule in the handbook but it's not enforced at all just as the uniform rule is not enforced unless the franchise auditor is visiting. We get regular email reminders saying that all kids need to be wearing uniforms but then there's zero enforcement - the email reminders are just ways to keep the franchise auditor (owner) satisfied.
Your email might be driven by the same reason we get the uniform emails.
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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08-22-2023, 04:43 PM
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#27546 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
Posts: 5,034
Thanked 2,552 Times in 1,158 Posts
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Originally Posted by supafamous Our daycare also has a 8.5 hour rule in the handbook but it's not enforced at all just as the uniform rule is not enforced unless the franchise auditor is visiting. We get regular email reminders saying that all kids need to be wearing uniforms but then there's zero enforcement - the email reminders are just ways to keep the franchise auditor (owner) satisfied.
Your email might be driven by the same reason we get the uniform emails. | What kinds of daycares are you guys sending your kids to? Uniforms?! Franchises?
The daycares we sent our kids to operated from 7 to 6 with no restrictions on when parents could drop off and pick up during operating hours. These were fully licensed with ECEs and in some cases, Montessori certified workers.
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08-22-2023, 04:47 PM
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#27547 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 9,455
Thanked 11,035 Times in 3,966 Posts
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So we should start a RS daycare. Full of rock hard dads / non dads who gives free whoop’ins for the youngins
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08-22-2023, 04:58 PM
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#27548 | | I subscribe to Revscene
Join Date: Mar 2005 Location: Vancouver
Posts: 1,907
Thanked 5,028 Times in 1,142 Posts
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the last 2 pages are a vasectomy PSA thread.
__________________ Quote:
Originally Posted by westopher replace that wood for who gets producer the wood. | | |
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08-22-2023, 05:03 PM
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#27549 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,067
Thanked 2,918 Times in 1,251 Posts
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Originally Posted by Tapioca What kinds of daycares are you guys sending your kids to? Uniforms?! Franchises?
The daycares we sent our kids to operated from 7 to 6 with no restrictions on when parents could drop off and pick up during operating hours. These were fully licensed with ECEs and in some cases, Montessori certified workers. | Mine goes to CEFA - they're everywhere now so they definitely make money for its owner. They're fairly structured with instruction which I like (my brother's kids went there too and I liked how they turned out).
It also wasn't like we had a choice, it was the only daycare we got a spot in despite being on lists for as long as 21 months (we signed up when we were 4 months pregnant and didn't get a spot till my kid was 17 months old)
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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08-22-2023, 05:05 PM
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#27550 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,994
Thanked 15,174 Times in 6,083 Posts
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I want to be a duck head and say shoulda figured this shit out before your babies
But then again I realize how incompetent the govt. is and all their promised never came to fruition.
In a lot of ways, a couple of professionals with a child deserve discounted child care and will contribute a lot more to society than the welfare case with 3 kids
__________________
Dank memes cant melt steel beams
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