Quote:
Originally Posted by Tapioca
^ This story is not surprising as there are a lot of young families in this city with one or both people who work in the public sector. Most of the people I know, went to school with, etc are like your friends. Parental leave top up and defined benefit pensions make it enticing for people to go all in. However, raises are likely capped to inflation, or below. Some will hit the managerial ranks over time though.
But you're right - not a lot of room for much else besides food and shelter. Where are friends' kids going to go to school? Southridge at $15K per year?
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In our contract, we're behind the inflation curve even with "cost of living" wage increases tied to inflation.
Since 2013, we've had a 2% wage increase while inflation is sitting at 4.07% over that same time period (source: Bank of Canada). And that actually is an improvement on the past couple of years as we had no wage increase in 2014 and 0.5% in 2015. This year, we got 1.5% to finally start making a dent in rising costs, but obviously we're still way behind.
I can't even fathom dropping $1.5M on a house with $100k/year household income. We have a similar household income with no kids and I'd like to keep it under $300k.