Author Topic: Work from home culture  (Read 526 times)

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Offline Dia

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Re: Work from home culture
« Reply #30 on: December 21, 2021, 02:52:12 pm »
I'm not trying to be antagonizing but this still doesn't make sense to me. If you are not increasing your square footage, I am pretty confident that a similar condo in SA is cheaper than a condo in Surrey. If your retirement income is enough for your Surrey condo, how is not enough for a cheaper one in SA?

Were you planning on upsizing and that dream is gone? Or are you now stuck working longer and need to be in the city? If so, that's still the bigger issue of housing being unaffordable everywhere.

You can't retire as early as you wanted, but by the same token, a first time buyer is now priced out of Surrey whereas they still have a chance in SA if they can WFH.

My retirement income wouldn't afford this place, if I had to get a mortgage on it at the price it was when I bought it, which was under $200,000.  As long as the bank simply renews my mortgage here, then they'd never look at my income or do a stress test, which I'd fail after retirement.  I might qualify for a very small mortgage after retirement, but unless SA prices stay fairly flat and my place continues to increase in value, it and my equity are unlikely to be enough.  A mobile home is my best option, at this point, but also has some drawbacks - like pad rent and being homeless if it's bought out by developers, which is what's happened to three parks along King George in the last few years. 

I've looked at smaller places but being near a hospital/ medical facilities is also a factor, cause partner.  If it was just me, I'd have more options.  I like Enderby, close and less expensive, but what I've seen so far needs TLC, at least. 

I'm sure I'll figure something out, just have to keep working at it.  Planning to talk to a mortgage broker again in the Spring and a realtor when we visit next year.   Might have to get a mortgage with my son, an option the partner dislikes.