Quote:
Originally Posted by drew
What industry do you work in that has that high a disparity in wages?
From what I know of wages in the engineering jobs available both in Manitoba and Alberta and the current housing prices in Calgary and E-town the wage difference doesn't come CLOSE to making an equal footing in terms of house costs.
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IT. All depends on what you do, obviously. Having 2 incomes here is an absolute MUST, unless you're making damn good money. I'd barely be able to afford a 1 bedroom condo out in the boons otherwise. That being said, with a decent house in Winnipeg well over 100,000 these days, I'd almost be in that situation back home anyway.
I'm surpried that you don't see a huge premium for engineering out here; the 'geers I talk to (only a handful, admittedly) are seeing anywhere from 50-100% higher offers in Calgary and I assume Edmonton is close.
Winnipeg's an odd case, because it depends on how you look at affordability. There are still enough $20-40,000 houses that the *average* house price is easily affordable, if you're willing to live in the north end or a complete dump (no offense to those who've gotten lucky with cheaper houses). Calgary has very little of the low end, so while the average price here is insanely higher, on a house-for-house basis you're looking at *maybe* 2x the cost. All depends on what you're looking for in a home, obviously. I've heard of 900 sq ft bungalows (not exactly a McMansion) in River Heights hitting the $150,000+ range. If that was the low end of Winnipeg, the average house price would be far higher.
Running the numbers - yeah, my mortgage payment is $1000 more than it would be in Winnipeg. That's $12,000 more a year that I need to net. Let's ignore the tax differences, which are in the range of $2-300 a month if you can believe it. Even without that, I need to gross maybe $20,000 more annually to handle the mortgage. Everything else is gravy (including the aforementioned tax benefit). Keep in mind, double the mortgage payment doesn't mean you need double the income. Everything else is comparable price-wise, so if you actually DID get double the income, you'd be rolling in disposable cash. Which is what is driving the current stupidity out here (don't get me started on the shopping season!).
What's really killer here is not the actual mortgage payment - it's being able to qualify for it in the first place. With one income you have to be almost in the $100,000 salary range before the bank will even talk to you, unless you're willing to look at 30-40 year mortgages, or have a huge downpayment. I'm also completely ignoring the "having kids" factor, as that messes with everybody's finances enough that my simple model of living doesn't compute
It's a mixed bag. If you work for the government, moving here is suicide. If you work for McDonald's, even at $10/hr, you're screwed unless you're willing to move in with a few roommates. But for many professional jobs, yeah, I've seen $40k become $65k. 20k become 45k. 50k become 75k. That sort of thing. You also wouldn't BELIEVE the benefits. Only 2 weeks holidays that you don't get to take in your first year - which seemed standard in non-union jobs in Winnipeg? Almost unheard of here.
Overall though, I now tell my single friends "don't even think about it, unless you're willing to sacrifice a LOT". Those that do pretty quickly realize how hard it is to get ahead when you're paying $1500/month in rent. But for couples, or those willing and able to work their asses off? If you're making decent income this place is a goldmine. On average.
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