Vancouver's Real Estate Market

[Tapioca]

Also, what is your timeline for owning this home? If you're looking to only live in the home for 2-3 years before trading up/trade down, then variable can still make sense because of the difference in the penalty to break your mortgage.

[Gerbs]

Originally Posted by westopher

1000/month + all the added extra costs lately with food and transportation basically means I give up saving for retirement and bank on the world ending. Seems like a safe bet anyways, but I’d rather spend that 1k a month on car parts if that’s the angle I’m taking.

Man, that extra $1,000 towards hobbies, food, activities is like a night and day lifestyle.

Just curious how much does everyone else need to save to feel financially secure mentally for the future. I've been thinking about how the world doesn't seem that gloomy in 2050+ that maybe retirement isn't even worth saving for lol.

[Hondaracer]

A home paid off with 2 mill in the bank?

The way things are going I think it’s going to be far more comfortable to rent out my home and retire somewhere else. Especially if I want to retire before 65

[quasi]

Not directly real estate related but how do you guys who work for others plan to handle inflation when it comes to salary/contract negotiations?

I have negotiations in October, I'm under market been that way for a while and haven't been that pushy about it because I really like my situation and the company I work for. This year I plan on going quite aggressive, I'm asking for 20% expecting to settle somewhere between 10-15%, anything less as much as I love working here I'll probably have to start looking elsewhere. To replace me is going to cost them 25% plus all the training easy if they can even find someone.

To put it in perspective last month I was offered a job that paid 50% more but it involved moving to work for a GC which isn't really what I want to do, more hours and responsibility for sure. I can stay in same line of work and get 30% more pretty easily if I leave but I'll be starting at the bottom again, this place is so lax and they know what I can do and just leave me alone.

[supafamous]

Originally Posted by quasi

Not directly real estate related but how do you guys who work for others plan to handle inflation when it comes to salary/contract negotiations?

I have negotiations in October, I'm under market been that way for a while and haven't been that pushy about it because I really like my situation and the company I work for. This year I plan on going quite aggressive, I'm asking for 20% expecting to settle somewhere between 10-15%, anything less as much as I love working here I'll probably have to start looking elsewhere. To replace me is going to cost them 25% plus all the training easy if they can even find someone.

To put it in perspective last month I was offered a job that paid 50% more but it involved moving to work for a GC which isn't really what I want to do, more hours and responsibility for sure. I can stay in same line of work and get 30% more pretty easily if I leave but I'll be starting at the bottom again, this place is so lax and they know what I can do and just leave me alone.

I sit on both sides as I'm middle management (tech) and in my opinion (and those of management) inflation is baked into the salary bands that we have which are primary built of market data so when people saying "inflation" it doesn't hold much water. Market rate is what we pay and if market rate went up, we go up. If it stays down, we stay down. Some years this works out great for people, other years not so much (this was a not so much year).

I'd negotiate on the basis of what else you can get on the market, not on the basis that inflation is up as their argument is going to be that they also have to deal with inflation (or like us, it's baked into the salaries we pay).

Something along the lines of: "I've done the research and even talked to a few other companies and I think a fair rate for me is XXX. Here's my examples of people in my role in similar companies and here are opportunities that are a bit different but which pay XX more. I'd honestly rather stay b/c of X, Y, and Z but the gap is pretty big right now...."

[quasi]

Originally Posted by supafamous

I sit on both sides as I'm middle management (tech) and in my opinion (and those of management) inflation is baked into the salary bands that we have which are primary built of market data so when people saying "inflation" it doesn't hold much water. Market rate is what we pay and if market rate went up, we go up. If it stays down, we stay down. Some years this works out great for people, other years not so much (this was a not so much year).

I'd negotiate on the basis of what else you can get on the market, not on the basis that inflation is up as their argument is going to be that they also have to deal with inflation (or like us, it's baked into the salaries we pay).

Something along the lines of: "I've done the research and even talked to a few other companies and I think a fair rate for me is XXX. Here's my examples of people in my role in similar companies and here are opportunities that are a bit different but which pay XX more. I'd honestly rather stay b/c of X, Y, and Z but the gap is pretty big right now...."

That's fair except they always try and use inflation to determine my raises. I have a log of 25 opportunities that were/are available this year that all pay closer to the market value I'm describing, I know for me it's a bit different because I'm under market.

Like I said I never really had a problem with that before because I have a stupid amount of freedom, I determine what I want to work on, I determine when I want to work and where I want to work from. They give me superflexibilty and that has value for sure, that said there aren't many people that do what I do in this market (niche job) that can do it at the level I do it at with my experience and contacts, I know because we've spent years looking for them.

[Gerbs]

Originally Posted by quasi

Not directly real estate related but how do you guys who work for others plan to handle inflation when it comes to salary/contract negotiations?

I have negotiations in October, I'm under market been that way for a while and haven't been that pushy about it because I really like my situation and the company I work for. This year I plan on going quite aggressive, I'm asking for 20% expecting to settle somewhere between 10-15%, anything less as much as I love working here I'll probably have to start looking elsewhere. To replace me is going to cost them 25% plus all the training easy if they can even find someone.

To put it in perspective last month I was offered a job that paid 50% more but it involved moving to work for a GC which isn't really what I want to do, more hours and responsibility for sure. I can stay in same line of work and get 30% more pretty easily if I leave but I'll be starting at the bottom again, this place is so lax and they know what I can do and just leave me alone.

Depends on your industry, it's generally well known to always get inflation at a minimum and if that's not doable then you have to find another job asap. At least when you threaten to leave with an offer, you have a possibility of getting to match and beat the exiting offer. This assumes that making money is a priority though. There are times where you may not get a decent raise but your current work is so chill where you might not want to leave a job paying you for < 20 hours of work.

Depends where you are at money wise though 30% for more work might not be worth it if what your current making is more than enough for your lifestyle. At some point you have to chase WLB over money.

I did raises this year for most departments and if you're not a key employee. You're likely not going to have much negotiation and we are not surprised if you leave, it's a calculated gamble

Originally Posted by quasi

That's fair except they always try and use inflation to determine my raises. I have a log of 25 opportunities that were/are available this year that all pay closer to the market value I'm describing, I know for me it's a bit different because I'm under market.

If inflation is 8% and I'm given 8%, I don't really see that as a raise because I'm not making more money. It's just to keep me up with inflation and in most cases in line with the salary band for that role. What do you do?

[Alpine]

Originally Posted by Gerbs

Man, that extra $1,000 towards hobbies, food, activities is like a night and day lifestyle.

Just curious how much does everyone else need to save to feel financially secure mentally for the future. I've been thinking about how the world doesn't seem that gloomy in 2050+ that maybe retirement isn't even worth saving for lol.

Hard to say where inflation will be in 30 years but if I was retiring today the most important thing would be a fully paid off home (or close to being fully paid off). It would be a disaster to retire and have to pay market rents (2500+ for a 1bd condo for instance) indefinitely for the next 20+ years. Then to cover basics, I think a couple could live comfortably off of a cash flow of 30k a year (assuming no other debts). At a 5% dividend rate, I would need a min of 600k in my portfolio to be able to have that income without drawing down on my principal. Vacations/toys would be obviously be on top of that.

[quasi]

Originally Posted by Gerbs

Depends on your industry, it's generally well known to always get inflation at a minimum and if that's not doable then you have to find another job asap. At least when you threaten to leave with an offer, you have a possibility of getting to match and beat the exiting offer. This assumes that making money is a priority though. There are times where you may not get a decent raise but your current work is so chill where you might not want to leave a job paying you for < 20 hours of work.

Depends where you are at money wise though 30% for more work might not be worth it if what your current making is more than enough for your lifestyle. At some point you have to chase WLB over money.

I did raises this year for most departments and if you're not a key employee. You're likely not going to have much negotiation and we are not surprised if you leave, it's a calculated gamble



If inflation is 8% and I'm given 8%, I don't really see that as a raise because I'm not making more money. It's just to keep me up with inflation and in most cases in line with the salary band for that role. What do you do?

I'm a commercial construction estimator but I specialize in large infrastructure like the new Hospitals you're seeing going up from design build phase helping with design and value engineering all the way down to construction ending at substantial completion.

I know I could find a job very quickly if I wanted to that's not the issue. I'm also one of those guys who isn't going to give you an opportunity to match if I feel you tried to play hardball, if I choose to leave you already blew it my decision has been made so you either give me what I want or not, no hard feelings good luck to you. I always try and be fair, reasonable and backup the reasons I think I deserve what I deserve.

[winson604]

Man double digit raises I wish. Work for the Government in an exempt role, raises based on performance I think I've maxed out every year it's like 5% depending on the year

[quasi]

Originally Posted by winson604

Man double digit raises I wish. Work for the Government in an exempt role, raises based on performance I think I've maxed out every year it's like 5% depending on the year

My wife manages a team of just under 150 in a Govt. role, her salary is under 80K...........figure that out. lol She could go into the private sector and double her salary but she's content with her wage and pension right now....

[Gerbs]

Originally Posted by quasi

My wife manages a team of just under 150 in a Govt. role, her salary is under 80K...........figure that out. lol She could go into the private sector and double her salary but she's content with her wage and pension right now....

Wow, I was looking at City of Van / Ministry of Finance jobs and even Financial Analyst Roles were offering $82 - 100K pay bands, think they were only asking 3 years of experience. + sweet pension.

[meme405]

Originally Posted by winson604

Man double digit raises I wish. Work for the Government in an exempt role, raises based on performance I think I've maxed out every year it's like 5% depending on the year

Yeah its easy to look at this year when people are getting 10-15% increases and feel you are being left out, but your neglecting how for the past 6-10 years depending on industry most private employers haven't been giving any raises...

I could just as easily say to you "must be nice to work for an employer who never has to worry about where the budget is coming from, or running out of money" or "must be nice to never have to worry about your job security" or "Must be nice to have a pension".

You all immediately forget the struggles of the past decade, and just focus on one singular moment in time, and then get pangs of jealousy. Dont do that.

[Gerbs]

Originally Posted by meme405

Yeah its easy to look at this year when people are getting 10-15% increases and feel you are being left out, but your neglecting how for the past 6-10 years depending on industry most private employers haven't been giving any raises...

Management celebrates record profits in 2020 / 2021 but didn't realized sales didn't move much except inflation. Record profits were from cutting payroll expenses + no raises for 2 years except for upper management. We didn't really do better, we just underpaid our staff.

To say sorry, we back-date the 5-10% of raises that would've been fine in 2020 / 2021 but we still save 2 years worth of raises.

[donk.]

Alright so who is making the jobs and employment discussion thread

[winson604]

Originally Posted by meme405

Yeah its easy to look at this year when people are getting 10-15% increases and feel you are being left out, but your neglecting how for the past 6-10 years depending on industry most private employers haven't been giving any raises...

I could just as easily say to you "must be nice to work for an employer who never has to worry about where the budget is coming from, or running out of money" or "must be nice to never have to worry about your job security" or "Must be nice to have a pension".

You all immediately forget the struggles of the past decade, and just focus on one singular moment in time, and then get pangs of jealousy. Dont do that.

For sure, the post wasn't about being jealous though it may have come off that way. The reasons you pointed out is why I've been at my job for 13 years with no thought of leaving probably ever. That being said I'm the don't like to rock the boat type. Could I quit and find a managment job in the private industry and make more? Yes, but no thanks. We joke at work about the trifecta which is if you get married, have kids, and have a mortgage we got you trapped and you'll never leave.

[Hondaracer]

Where I work we gained substantial value over Covid, all time record highs, subscribers, profit, etc. virtually ever metric across the board in terms of a public company

We are also in collective bargaining right now.. and what’s coming out of that is that wages trying to be held where they are, but clawed back with roles eliminated etc.

Funny how those emails about thanking the bottom end people who made those profits possible stopped showing up once that came out. Pretty gross

[waddy41]

Originally Posted by Gerbs

I did raises this year for most departments and if you're not a key employee. You're likely not going to have much negotiation and we are not surprised if you leave, it's a calculated gamble

But if they quit wouldn't you have to hire new now at 20-30% more than their previous salary? Plus the downtime and costs in training ..

[Wormiez]

Originally Posted by waddy41

But if they quit wouldn't you have to hire new now at 20-30% more than their previous salary? Plus the downtime and costs in training ..

Nope, staffing leaves I would hire one at 20-30% less than the previous staff.

The downtime and cost of training are part of doing business.

[westopher]

If the staff coming in are making 30% less than current, either your current staff is being paid fairly and you won’t likely have to worry about them leaving, or you won’t need to worry about hiring and training because no one will be interested in the job.

[Gerbs]

Originally Posted by donk.

Alright so who is making the jobs and employment discussion thread

Jobs and Real estate thread goes hand in hand imo. The forum nowadays is too dead to separate them.

If we don't talk about how to make money, how else are we going to drop $120K - 1Mill in down payment for these houses? We also gotta fill them with M3 daily's & Track cars.

[Gerbs]

Originally Posted by waddy41

But if they quit wouldn't you have to hire new now at 20-30% more than their previous salary? Plus the downtime and costs in training ..

Some yes, some no. I'd say 20% of the workforce is worth overpaying. The other 80% is pretty expendable and easily replaceable. If your role makes the organizations life easier or helps meet company objectives, we much rather overpay and have you stay because if you help management hit company objectives. We get that sweet bonus payout.

[donk.]

Originally Posted by Gerbs

We also gotta fill them with M3 daily's & Track cars.

Don't have either

This post is a hoax

[Gerbs]

Originally Posted by donk.

Don't have either

This post is a hoax

We got the Walmart $20K equivalent of a $200K 718 Spyder

[GLOW]

my firm underpays compared to the industry forsure, but we have an great workplace culture and outstanding work/life balance. i think they know this is the case and if someone wants to make 10-30% more elsewhere but roll the dice on office culture and workload - they're willing to. i think a part of it is that it's not easy for them to arbitrarily increase salaries, fairly big company.

i know if i get back in to private i can make a killing but i'll but doing a lot more hours, then if you break it down to hourly rate, i'm not sure how much more ahead i am.

i agree it's frustrating losing talented/experienced staff with new staff you need to train whom may not be as experienced, but i think that decision is sometimes made by a diff dept (i.e. HR) and the actual dept has to live with the decision.