The Canadian Economy.

I respectfully disagree.........here's why...though i hear you.

What you are missing in this scenerio is PROPERTY TAXES.........a 100K and 200K home do not pay the same taxes. Therefore these larger homes sitting in Ontario at over 1M and have property taxes of 9K a year over the average home of 500K paying 5K a year will see a larger drop.

You will see the average home drop 15%, but they will sell...the much larger ones at 1.3, and much more expensive to run will drop more than the average.

Back in the day it wasnt true because the only good areas were bridlepath, forest hill, rosedale....that no longer applies. Many , many nice areas now....so the 1M buyer has much more choice to be in a strong area...you have yonge and egg, avenue road, thornhill, Aurora, and lets not forget Oakville....

TImes are changing....sit tight, cause my contacts say there will be more casualities, ones we have never seen in our history. With 30 trillion dollars lost so far globally, we should see some interesting times.

Ciao !

 

Excellent point, Rick. I wondered if my hypothetical scenario was flawed by treating the two different houses equally. But perhaps your point strengthens my argument. Again, using easy numbers but applying your point:

Let's say your house was worth $100,000 last year but has since taken a 15% hit. Let's also say a $200,000 house you would like to buy still took a 25% hit (as you say, the more expensive homes will depreciate more dramatically). With these numbers, you sell your house for $85,000 and buy the other house for $150,000. To make the same upgrade last year would have cost you $100,000. This year it costs you $65,000. In this scenario you are ahead $35,000.

I realize larger homes in more prestigious areas command higher maintenance costs (including property taxes, utilities, etc.) and I am prepared for that. My real question is whether this economy is presenting some good opportunities in real estate.

 

I completely agree. It has lots of charm, mature trees and big lots. I think it's a perfect place to raise a family. But you're right. It ain't cheap.

 

Good point, Jason.

 

I live backing onto the Credit River and it is the bes!

 

Everybody always forgets Kleinburg.... Lol

 

I don't mind when they forget about it. The less people know about it the better!

 

Just wondering... is there a negative stigma attached to going on unemployment after being laid off?

 

No, in the current economic climate there isn't...

 

I have never had to use it myself, but I know I pay the maximum amount for it every year on my taxes. If you paid into it you are entitled to use it, that's how I see it. I just hate it when I see people abusing the system. I have a few rental properties and one tenant was getting three checks in each month. He used variations of his real name (a Somalian who spoke fluent Italian) to make separate applications. You would think that the government would notice stuff like this but they don't. I had to help them out a little and ended up getting rid of the guy at the same time. For a couple of apartments I get paid directly from the government right into my bank account. They know that if they actually gave the money to the people directly that they would blow it and not end up paying for anything. It's no wonder we pay so much in taxes. Blows my mind.

 

Wow, I'm impressed Vasco....you just name dropped a few good 905 towns........!

I agree as well, LP and Clarkson and PC are definitely valuable and beautiful areas these days. Actually, the entire zone had the most price appreciation within the last few years in Ontario IIRC, so many people have made money by investing in this area. We were actually looking to buy around there as well.

How about Etobicoke? Very close to downtown and very beautiful and exclusive neighbourhoods to be found, and some affordable homes mixed in as well.

 

Where? My in-laws live near Miss. Rd/Dundas area backing onto the Credit as well.

 

I pay
Will never ever get to collect (self employed)
If you can collect go for it!

 

+10000000000000000000

Kleinburg is actually becoming more expensive than Lorne Park and Etobicoke these days.......a new subdivision is selling lot+house for $2 mil + !

 

This is correct.

 

So if I'm laid off, and I am very capable of working a retail job for $15/hour (a job that will do nothing for my career as I am university educated with a bunch of other designations and stuff), would I be taking advantage of the system by applying for it? I just don't want to take a job for the sake of taking a job. I would really like my next job to help me embark upon a career path.

Opinions?

 

Here is some free advise.

This phrase "Career path" is just another way of saying "Slave Labour'.

Find something you like doing, then try and get paid the best you can, and enjoy your life within your means. Everything is BS.

If you want money...the rate race....then go self employed, take no prisoners and run wild on your own and right your own ticket. Working for a greedy CEO/CFO, and a dumb a$$ VP that promises crap that cant be delivered is not a Career Path...no matter what firm, company you choose.

Loyalty should be only to yourself........if you want me to continue....i will need $50 to finish....

Good Luck in your travels !

Rick

 

I hear you, trust me. I would, however, like you to continue. I find some of the advice I get on this forum invaluable. I have a crisp $50 in my wallet with your name on it.

Reason I'm asking about unemployment is because I'm going to lose my job soon (next week) and I need some sort of income to hold me over for the time being. I don't plan on taking a crappy job as I would rather use that 8 hours of marginal pay to actually study for something and work towards making myself more marketable, etc. I come from a finance background, but I do want to be my own boss. Just waiting to see what happens with the economy and what I can hop onto. Debating on writing the LSAT, GMAT, or CFA level 1 in the next couple of months. I'm a complete mess when it comes to what I want to do with my life. Literally, a mess. But that's not the point of this thread, nor do I want to derail it. I just want some input on taking unemployment when you're fully capable of working (albeit in another, crappier field)...

Thanks!

 

Take the poogy first, you can always find that Tim Hortons job if your in a bind.

End of the day, you need a plan, and a long term plan. You need to include goals (realistic) and then you need benchmarking points along the way to see how your progressing.

If your in a mess and dont knwo what to do....you need to solve that right away. The rest with time will all fall into place. Im not sure how old you are, but this school stuff, and going back to get an mba, or emba is a joke. Your better off to spend the 50K on that education slip if your in your 40s and buy some gold and then work for living. You will be much furhter ahead. Not many companies out there looking for MBA grads in there late 30s-40s.

Cheers

 

I'm 23

I have my youth and a desire to succeed/averision to being medicore working on my side. I have the fact that I know I'm good at whatever I do working against me (can't decide on a single path).

Time to get my record of employment and start filing for this crap.

Thanks for the advice, again.

 

Ahhh, to be 23 again! NOT!


Cameron I know when I look at a Resume that has crossed my desk I often find that candidates tend to loose two or three years here and there. When I question them about it they often say that it was a period when they took a lower paying job or that they had decided to take a break or needed to unwind from all the stress....etc. If you are serious about developing a career don't take a lower paying job. It will hurt you in the long run, trust me.

On the other hand I can totally relate to how you are feeling. I was just like you when I was younger. My high school Guidance counsellor was a joke and I didn't realize how important the Math and Sciences were. Almost every profession needs either a strong Math or Science. I won't make that same mistake with my kids. Anyways, I did 4 years at York in an Arts degree because my Dad pushed me to go to University. When I got out I was so confused and ended up working for a friend at IBM for the summer and I didn't even get paid! Best decision of my life as it lead to my current career. After the summer they realized I was excited about my experience and the guy hired me to work full-time that September. What you need right now is experience, not cash. Be creative and find ways to get into companies that interest you. Also, I am starting to receive a couple of video resumes from people who have taped themselves and put it on You Tube. This is a risk but again shows some creativity. Sorry for the rant. Hope this helps .

 

If all goes well, we may be neighbours in a short while!

I hear it's nice, but a little far from work for me.

We're in Etobicoke now and love it. Princess Anne Manor is an option.

Excellent! It seems a little scary to spend a chunk of money these days but, as they say, no guts, no glory

 

Get laid off
Cllect EI
Goto Euope (or any other fun place)
Get laid

Worry about all this stuff when you come back at 26 (if you come back)

My $0.02

 

No offense brother, but is your mom june cleaver ? if your 40 like myself, everything you described was the past. No such thing as career path, loyalty, that era is dead like Enzo Ferrari.

The reality is, we are a global machine now, and all that matters is Wall Street, and numbers. If your going to school today, i agree its all about Math and Science, but what path ? Where are these medium to high paying jobs ??? Scientists ? Engineers ??

Cameron, you have small window of opportunity. If you can get your MBA, then do it....you are 23, you got 10yrs left of your highest earning potential,if you plan to wed and have a family. If you plan on staying single then you got until 40 max. If this route is not possible to get your MBA, then hit the work force hard and take a focus you like, and move up but from company to company staying no more than 3 yrs. Make your moves in a zig zag fashion (if your going for Corporations). The old way of staying in a company and working your way up is virtually non exsistent anymore. There are cases, but that is no longer the norm, rather timing and luck.

Second option, become a school teacher...70K a year, 44 hr work week, a week a month off for PA days, Xmas, March break, summers off and a kick a$$ pension. You will never find that in the private sector unless you become a VP and higher.

Good Luck !