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marlow

Joined: 06 Feb 2005

Posted: Thu Apr 24, 2008 10:42 pm Post subject:

Cheonmunka wrote:

We seem to be throwing around this word equity quite a bit.
Equity implies that you still pay a mortgage on a place but build up equity, the current value of the property minus your debt still in it.
If you take out more loans you'd have more mortgages but hopefully you'd soon get some equity out of the new props, unless the market's f'ed.

Anyway, what's to argue, in most of our lives we'd be lucky if we have one family home without any mortgage left on by the time we die.

Yeah. In Canada a lot of people got what they consider free money. They took out a mortgage for a place in 2000 for say $200,000. They paid their mortgage down to say $150,000 in like 7 years, but in the same time their house value rose to $350,000. So essentially they've got $200,000 in equity. Then they decide to renovate their house and buy a new car through their bank and crank their mortgage back up, maybe to $250,000. When housing prices correct, though, they may be left with a $250,000 mortgage on a $200,000 house. No one in their right mind would do this, but there are so many Canadians who aren't in their right minds. They'd rather look good to the neighbors than foster good financial habits.

Anyway, in five more years I hope to be able to buy a house in the $200,000 range, and live mortgage free. Here's hoping. A significant drop in the Canadian dollar would help a lot. Then I might throw in a Volvo as well.

Cheonmunka

Joined: 04 Jun 2004

Posted: Thu Apr 24, 2008 10:55 pm Post subject:

What does 200k get in Canada? Can't get anything for that (200k CDN) in NZ. Maybe a caravan on a 60 sqm piece of gorse-grass.

marlow

Joined: 06 Feb 2005

Posted: Thu Apr 24, 2008 11:04 pm Post subject:

Cheonmunka wrote:

What does 200k get in Canada? Can't get anything for that (200k CDN) in NZ. Maybe a caravan on a 60 sqm piece of gorse-grass.

In Toronto you'd get half a dirty trailer, but in a small town on the east coast you'd get something decent. Not a mansion, but probably 3-4 bedrooms and 2 bathrooms.

I totally don't mind small towns if I've got a job and a nice place to live.

This place is $220,000:

http://homes.point2.com/CA/Nova-Scotia/Kings-County/Kentville/1589632-Real-Estate.aspx

livinginkunsan

Joined: 02 Dec 2006

Posted: Thu Apr 24, 2008 11:22 pm Post subject:

Kentville??? haha No thanks

marlow

Joined: 06 Feb 2005

Posted: Thu Apr 24, 2008 11:32 pm Post subject:

livinginkunsan wrote:

Kentville??? haha Laughing

No thanks

I know, I know, but I go for that, eh.

I'd prefer Wolfville, but there were no houses up on the site I looked at. For me Antigonish, Sackville N.B., or Wolfville -- small towns with universities -- would be absolute bliss.

blaseblasphemener

Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be

Posted: Thu Apr 24, 2008 11:35 pm Post subject:

marlow wrote:

livinginkunsan wrote:

Kentville??? haha Laughing

No thanks

Are there any decent jobs there though?

marlow

Joined: 06 Feb 2005

Posted: Thu Apr 24, 2008 11:44 pm Post subject:

blaseblasphemener wrote:

marlow wrote:

livinginkunsan wrote:

Kentville??? haha Laughing

No thanks

Are there any decent jobs there though?

For professionals, yes. There are the universities and public schools, and they need doctors and lawyers, too.

For myself, I'm just trying to figure out if I want to become an academic or a teacher. If I'm an academic I'm willing to work at any university in the Maritimes. If I become a teacher, I'd go to any town in the Maritimes (except in northern New Brunswick, just don't like it). I want to be in small town peace, and live close to my family. Anywhere within a few hours drive of my folks beats a 20 hour flight (usually 30 hours total travel time).

kimchipig

Joined: 07 Mar 2008

Posted: Fri Apr 25, 2008 8:49 am Post subject:

Quote:

Anyway, in five more years I hope to be able to buy a house in the $200,000 range, and live mortgage free. Here's hoping. A significant drop in the Canadian dollar would help a lot. Then I might throw in a Volvo as well.

Don't count that money before it is in the bank. Saving more than $40,000 a year as an English teacher is something I have personally never seen happen. The money you make in Korea is ok but Down Homer Standards, but in the real world, it ain't squat.

Cheonmunka

Joined: 04 Jun 2004

Posted: Fri Apr 25, 2008 12:08 pm Post subject:

Quote:

This place is $220,000:

Well built compared to the same in NZ. The price tags on NA houses are much better than NZ and the quality is high. I'll tell yah, I still envy the NA teacher being able to purchase houses like that at those prices.
I'd like to offer you a comparison. It's fair, I'm not cheating.
Here's a typical place in Southland, NZ (Goddamn far away and close to Antarctica.) Comparitively it's as far away from the biggest NZ city as Nova Scotia is from the national capital, that is it needs a plane flight over one hour, and is exactly the same price (in NZD) as the Canadian house you linked:
Page might take a minute loading - NZ has slow internet.

http://www.realestate.co.nz/779420?min_price=200000&max_price=300000

Note the caravan Rolling Eyes

Go to the index and see that it's a typical property listing.
As it is, I wouldn't fear the CDN Dollar rising a little. The NZD is rising the same percentage wise and my fears can be worse than a Canadian's because there's only crap for what the NZD can buy.

Mr. Pink

Joined: 21 Oct 2003
Location: China

Posted: Fri Apr 25, 2008 6:55 pm Post subject:

marlow wrote:

Cheonmunka wrote:

What does 200k get in Canada? Can't get anything for that (200k CDN) in NZ. Maybe a caravan on a 60 sqm piece of gorse-grass.

In Toronto, 200,000 would get you a 1 bedroom condo. That is about all. The average house price right now is about 500,000.

My brother bought his house in the 905 area outside Toronto for about 300,000 5 years ago. It is worth 450,000-500,000 right now. Not artificially, but realistically. A lot of his neighbours are selling their houses for that 150k profit margin.

I figure unless I live in the Maritimes, there is just too much demand atm for housing in the GTA area (where I want to live) so that means I will be stuck getting a mortgage if I want to own a house there. Hopefully this housing bubble bursts by then, but I doubt it.

(Well 200,000 might get you a small house near Jane and Finch...but who in their right mind would want to live there?)

KoreanAmbition

Joined: 03 Feb 2008

Posted: Fri Apr 25, 2008 7:24 pm Post subject:

Niagara Falls Ontario -Less than 1 hour to Toronto. -On the border of USA. -Golf haven. -Universities nearby. -Good choices of schooling. -Extremely safe city. $220,000 will buy you a sweet house, or pretty close to one.

Mr. Pink

Joined: 21 Oct 2003
Location: China

Posted: Fri Apr 25, 2008 7:35 pm Post subject:

KoreanAmbition wrote:

Niagara Falls Ontario

-Less than 1 hour to Toronto.
-On the border of USA.

-Golf haven.
-Universities nearby.
-Good choices of schooling.
-Extremely safe city.

$220,000 will buy you a sweet house, or pretty close to one.

The problem with the Niagara Region is what job are you going to have? Considering that the majority of the population is white and they aren't having enough kids to keep up the enrollment levels within the Niagara Regional School board, it is hard to get a teaching job there. Brock University is a small sized school so if you had a Ph.D it would be hard to get a tenure track position there. They do have an ESL program there, if you want to work in that field, but the pay is substandard to what you earn in Korea considering expenses and taxes.

Niagara has no growth beyond tourism, which is a service industry. What if your wife is Korean, what is she going to do for a job in such a "white" community that gives preferential treatment to white trash over qualified Asians?

I would have no problem living in the Niagara Region if they actually had decent jobs available for myself and my wife. Housing is decently priced, and if you want a big house and property there is a lot of "country" around there where you can get a few acres and build yourself a decent home.

crescent

Joined: 15 Jan 2003
Location: yes.

Posted: Fri Apr 25, 2008 9:23 pm Post subject:

Mr. Pink wrote:

A lot of people who live in the region often commute to the greater Toronto area for work, or they work in the steel industry, or related businesses. Families choose the area for it's schools, safety and quality of life. The greenhouse, and natural gas industry supports a lot of people there, too.
I lived in Grimsby for 20 years. It, and other towns in Niagara are just satellites.

el_magico

Joined: 14 May 2006

Posted: Fri Apr 25, 2008 9:43 pm Post subject:

KoreanAmbition wrote:

Is this a good example?

Seoul, Korea
Base salary 3,000,000 won per month is attainable.
Work overtime to earn 1,000,000 extra per month.
Total monthly salary is 4,000,000 won.
Total annual salary, (with severance) is 51,000,000 won.

Disposble Income = $50,000 CAD (pension incl.) and housing is FREE.

Toronto, Canada
Annual salary $90,000.
After income taxes, govt pension and EI, your net income is $62,000.
Mediocre Rent @ $1000 /month = $12000.

Disposable Income = $50,000 CAD and housing has been paid.

Living costs in Canada > Living costs in Korea.

University job in Korea = 3 months vacation (or more).
Job in Toronto gives 2 or 3 weeks of vacation.

Overview:

1) Good luck finding a job in Toronto that pays $90,000. They aren't handing them out on the street corners. Smile

2) If you do get an analyst job at a bank that pays $90,000 or $100,000, you're working 80 hours a week minimum.

3) 1,000,000 won overtime is like 5-8 hours a week depending on the rate. Say 8 hours per week. So total maybe 40 or 45 hours a week of work and prep time?

4) Work the 60 to 80 hours in Korea that MUST be worked to earn $90,000 in Toronto as a near starting salary. How much OT would you earn in Korea and where would your salary be?

I think Korea is very worth it. But just my opinion.

This is a great example!

I'm in Toronto right now, busting my ass towards those $90,000 analyst positions. If you are a under 25, you also have to consider that one needs at least 2-3 years of relevant experience on top of a CFA or MBA. So the opportunity costs (savings of at least $1000/month in Korea vs. pay check to pay check living at $45 K salary in Toronto).

I'm still deciding weather to pull a trigger after my CFA level 2 exam in June and go back to Korea for another year.

Korean Ambition, could you please PM-me? I am unable to do that since I don't have 25 posts yet to get that 'privilege'

kimchipig

Joined: 07 Mar 2008

Posted: Sat Apr 26, 2008 3:40 pm Post subject:

Quote:

If you are a under 25, you also have to consider that one needs at least 2-3 years of relevant experience on top of a CFA or MBA. So the opportunity costs (savings of at least $1000/month in Korea vs. pay check to pay check living at $45 K salary in Toronto).

Some day you are going to have to get that experience and 3 years isn't very much. You have to weigh if it is better to do that three years while you are still young or when you are older. It doesn't take long to reach the top of the heap in Korea and that top isn't very high.

As for projections of money made in Korea, the reality might be different.

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