Vancouver's Real Estate Market

[westopher]

It's also not like people just have a choice to make more. Not everyone can make 100k+
It takes luck, connections, hard work, and certain skills that people might just not have. It's hard to get that combination, or just an absurd amount of any one of those. Not everyone can be the top of the pile or there would be no pile.

[JDMDreams]

All that cap in highschool sure worked out well, free student loans for everyone and deferrals sure taught people about budgeting and financial planning. O yea don't forget to buy your first 5 year old used car at 8% interest rate.

Sad to say it but I don't see many under 40 make over $80k. You gotta really be pro active or family money to own a place, or you're stuck in the rent cycle forever. Also be realistic with your expectations, 1 bed is too small, it's not premium. bitch you can't even afford a studio

[G0rilla]

I'm of the opinion that how much you make is not as important as how much you can keep. Too many people just have a free flowing tap of credit that they spend and spend

[westopher]

What free student loans are you referring to?

[KayC]

Originally Posted by Gerbs

That's a really good point, those who are loyal to their companies or like the stability of staying in one company usually fall victim to being underpaid. Getting 0 - 7% raise a year depending on budgets and performance.

I come from the accounting and finance background and those who are doing really well are the one's who stick it out 1 to 2 years then job hop for a 20 - 40% raise. The moment you hit one year, you keep looking for the next pay jump. People talk about burning bridges and how it looks bad on your resume. I don't agree with this because your coworkers are generally happy you're getting a pay or title bump and recruiters are the ones hunting you for these new roles anyways.

Accounting is a sure way to hit $100K in 10 years, but most do it in 5.

Year 1: Staff Accountant / Junior Accountant - $38 - 42K, in 2022 they bumped salaries to $50 - 55K

Year 2: Raise $45 - 60K

Year 3: Finish CPA designation bump to $60 - 70K

Year 4: Job hop to a senior accountant job $75 - 90K + bonus

Year 5: Raise or laterally hop to another senior accountant / senior analyst / Manager $85 - 110K + bonus

Year 6 - 10: Land manager asap to make $100 - 140K + Bonus (Many retire their career aspirations here if they can find a chill gig working < 20 hours a week, usually government / city)

Years 11 - 15: Land senior manager asap to make $140 - 180K + Bonus

Years 15+: Decide if you wanna slave into director/vp/svp/CFO and $200 - 500K+ or try to make $140 - 180K working < 40 hours a week.

Agreed, the oldschool mentality of staying with 1 company and working your way up in general will make you fall behind the market compensation rate.

I've been jumping jobs every 1.5 years within my field and I've been getting 15-20% pay increase every time. Also, with the last 5 companies, I was the one getting recruited so I had leverage in negotiating. I am onto my 9th company.

[PeanutButter]

Originally Posted by westopher

I’m wondering where the teachers are at 91k after 10 years stat is coming from. My best friend is relatively new to the profession and he speaks quite bleakly about financial growth opportunities.

Surrey's teacher salary grid. Go to Page 3, you'll see updated for 2021

https://www.bctf.ca/docs/default-sou...ar-30-2020.pdf

Cat 5 = Standard teacher (primary and highschool)
Cat 6- = Standard Teacher with a PB+15 certificate*
Cat 6 = Masters/doctorate degree

*PB+15 = Five course program, very easy to get, you can even do it online.

Any standard teacher who doesn't get their PB+15 certificate is leaving money on the table

[westopher]

I didn't know they had the potential to make that. Seems like they are better paid than I realized. Not that teachers aren't incredibly valuable, but 90k is not shitty. What's category 4 though? That is actually substantially less.

[PeanutButter]

Originally Posted by Gerbs

...But now that I look around, it seems as though everyone is balling.

...

This is totally true from everyone I know.

Everyone in Vancouver is trying to keep up with the Joneses.

There is more debt floating around than people think. I know people who take out money from their LOC to go on vacation. When I heard this, I couldn't believe it.

[donk.]

Originally Posted by JDMDreams

free student loans

In regards to teachers
90k for 9 months of work is equivalent to 120k/yr full time

My mom complains about babysitting kids for 9 months of the year
The other 3 months complains about being bored at home

This thread is going far off topic, we need more flat roof complains, wrong color siding, and sub-par styling on 4 million dollar houses
yes you supafamous

[underscore]

Originally Posted by KayC

Agreed, the oldschool mentality of staying with 1 company and working your way up in general will make you fall behind the market compensation rate.

I've been jumping jobs every 1.5 years within my field and I've been getting 15-20% pay increase every time. Also, with the last 5 companies, I was the one getting recruited so I had leverage in negotiating. I am onto my 9th company.

What industry are you in? I feel like this only works for some of them.

[68style]

Originally Posted by KayC

I've been jumping jobs every 1.5 years within my field and I've been getting 15-20% pay increase every time. Also, with the last 5 companies, I was the one getting recruited so I had leverage in negotiating. I am onto my 9th company.

I hope you keep getting recruited, jesus, I'd hate to be you filling out one of those websites where you have to write in your start and end date and description of your previous employments.

Don't people get pissy looking at your resume asking why you stay everywhere for so little? It's a big red flag where I come from, someone moves every year or whatever usually means they're a troublemaker... but then I am in the government lol... but onboarding someone is like a $40k cost in manpower/time/training for most businesses so they don't want people being super transient for obvious reasons.

[Eff-1]

If someone has a track record of not remaining at a single job more than 2 years, I don't bother interviewing.

[PeanutButter]

https://www.redfin.ca/bc/vancouver/7...home/155854812

This seems like the ideal layout, good square footage, and it's a new build with a mortgage helper.

Prices are coming down. The amount of detached houses under $2M in Vancouver are plentiful compared to months ago.

edit; I don't think $2M is particularly good value for a duplex though. But i'm actually seeing $1.5M detached houses for sale, which was unheard of a few months back

[supafamous]

Originally Posted by Eff-1

If someone has a track record of not remaining at a single job more than 2 years, I don't bother interviewing.

Depends on the line of work - in tech it's not unusual at all to job hop every 18-24 months. If you're in SF or any major tech hub it's practically expected that you job hop as it's the fastest way to get a raise and, in some jobs, you learn as much as you can by the time 24 months passes.

That said, I've interviewed enough people to have an idea when the job hopping is b/c the person sucks (or is a flake) or when it's because they had good opportunities. There's only so many companies in Vancouver that you can job hop to before you run out of options.

[KayC]

Originally Posted by underscore

What industry are you in? I feel like this only works for some of them.

You are right, this method won't be applicable to all industries. I am in tech

Originally Posted by 68style

I hope you keep getting recruited, jesus, I'd hate to be you filling out one of those websites where you have to write in your start and end date and description of your previous employments.

Don't people get pissy looking at your resume asking why you stay everywhere for so little? It's a big red flag where I come from, someone moves every year or whatever usually means they're a troublemaker... but then I am in the government lol... but onboarding someone is like a $40k cost in manpower/time/training for most businesses so they don't want people being super transient for obvious reasons.

I hope so too! In my industry, employers generally don't care. I mean, they look at my employment history before they reach out and if they question it, I just put it back on them for reaching out in the first place. That being said, the tech market now is taking a dump, with tons of layoffs happening in the states etc. So lets see where I will end up in the next few months

[JDMDreams]

From what I've heard lots of people can say COVID or loss of income and they can defer their payments

And you don't even need an income to get gov student loans, you just need to get into some school and have a pulse, even the student loans at the bank need you to have income so they know you can make payments, or they tell you to get the fuck out and they're not a charity

Originally Posted by westopher

What free student loans are you referring to?

[blkgsr]

I've moved around in the last 5 years through two companies (3 total in that time) and have jumped by salary about +80%....sure experience and project size has drastically increased but times are changing and people are in demand too so that helps.

[westopher]

That’s not what a free student loan is. It’s just called a student loan.

[KayC]

Originally Posted by supafamous

Depends on the line of work - in tech it's not unusual at all to job hop every 18-24 months. If you're in SF or any major tech hub it's practically expected that you job hop as it's the fastest way to get a raise and, in some jobs, you learn as much as you can by the time 24 months passes.

That said, I've interviewed enough people to have an idea when the job hopping is b/c the person sucks (or is a flake) or when it's because they had good opportunities. There's only so many companies in Vancouver that you can job hop to before you run out of options.

There are so many remote jobs from the states now. Thats what I consider only now since compensation is usually way better than local Vancouver companies.

[Gerbs]

Originally Posted by westopher

It's also not like people just have a choice to make more. Not everyone can make 100k+
It takes luck, connections, hard work, and certain skills that people might just not have. It's hard to get that combination, or just an absurd amount of any one of those. Not everyone can be the top of the pile or there would be no pile.

For sure, there's very few careers where you can make it without hard work, planning, and time spent on developing social skills.

All the above give you the best odds at making connections and landing roles.

Without the bottom pile, you'll be stuck with the bottom grunt work lol.

Originally Posted by westopher

I didn't know they had the potential to make that. Seems like they are better paid than I realized. Not that teachers aren't incredibly valuable, but 90k is not shitty. What's category 4 though? That is actually substantially less.

I think their pension is worth about 8-12% a year in nominal value. So technically they're over $100K too.

[Gerbs]

Originally Posted by supafamous

Depends on the line of work - in tech it's not unusual at all to job hop every 18-24 months. If you're in SF or any major tech hub it's practically expected that you job hop as it's the fastest way to get a raise and, in some jobs, you learn as much as you can by the time 24 months passes.

That said, I've interviewed enough people to have an idea when the job hopping is b/c the person sucks (or is a flake) or when it's because they had good opportunities. There's only so many companies in Vancouver that you can job hop to before you run out of options.

That's how they trap you with the 1-2 year stock options vesting. But then the next tech company comes along and gives you a $30K signing bonus + more RSU's that the last company.

Originally Posted by Eff-1

If someone has a track record of not remaining at a single job more than 2 years, I don't bother interviewing.

I wouldn't either if I'm staying long-term, rehiring and having to split the person who lefts work is a pita.

[68style]

Someone wanna make a job discussion thread?

For RE I am wondering, like someone such as myself where your condo is worth twice as much as when you bought it… and your mortgage is not far from being paid off… if you left the country, would you just keep it and rent it out and the troubles that accompany that? Or would you cut and run / invest the money? I feel like it’s a tough call, renting is definitely not risk free either bad renters OR building problems or the much vaunted earthquake we are supposed to have one day. There’s potential (though hard to believe!!) it could still go up even more in value too I suppose.

Smartly invested the monthly income probably isn’t that much less than renting. In fact, you’d only need to return 4% to match rental income.

Let’s not assume, for the sake of argument, that you need to sell it in order to fund living accommodations elsewhere.

[tegra7]

Anyone here own property over the border?

[Gerbs]

Originally Posted by 68style

Someone wanna make a job discussion thread?

For RE I am wondering, like someone such as myself where your condo is worth twice as much as when you bought it… and your mortgage is not far from being paid off… if you left the country, would you just keep it and rent it out and the troubles that accompany that? Or would you cut and run / invest the money? I feel like it’s a tough call, renting is definitely not risk free either bad renters OR building problems or the much vaunted earthquake we are supposed to have one day. Smartly invested the monthly income probably isn’t that much less than renting.

Let’s not assume, for the sake of argument, that you need to sell it in order to fund living accommodations elsewhere.

If you leave Canada, there's a 25% non-resident withholding tax to start. Your question depends on your risk tolerance and expected return on real estate vs stocks.

Real-estate investing is not very tax favorable if you're relying on rent to fund living accommodations elsewhere. Especially if it's one unit, having one bad tenant who knows the RTA can send you to pain town. You'll also need a property manager so take 8 - 12% off your monthly rent + 50% for tenant placement.

Stocks are probably better since you get dividends to fund living accommodations and requires no work.

[underscore]

Originally Posted by 68style

if you left the country, would you just keep it and rent it out and the troubles that accompany that?

I imagine this depends on what you mean by "left the country." Are you talking for a couple years and then come back, or renouncing citizenship and never returning?