Moncton Forum

p.off wrote:

I know how you feel ,I will be moving to Alberta in the future.We are a little bit scared but my hubby will be making more there then in Moncton.Like most of the post says it is just a phone call away.Buy a video camera send home movies to each other.Your young !Try new things!

the frenchy wrote:

Hi, it's me again!

Still thinking about this salary thing, it's really important to me (well actually to everybody) I don't realize if for instance 30 000$ a year is a good salary. I don't know how taxes work, maybe it's worse than in France. If I earn 30 000$ a year is it under the average rate? Will I pay taxes? Is it enough ? I'm freaking out, I don't wanna move here and realize I don't have much money...
Help me out please!!

This is just my opinion, but I don't think $30,000/year is much money.

proud anglophone wrote:

the frenchy wrote:

Hi, it's me again!

Still thinking about this salary thing, it's really important to me (well actually to everybody) I don't realize if for instance 30 000$ a year is a good salary. I don't know how taxes work, maybe it's worse than in France. If I earn 30 000$ a year is it under the average rate? Will I pay taxes? Is it enough ? I'm freaking out, I don't wanna move here and realize I don't have much money...
Help me out please!!

This is just my opinion, but I don't think $30,000/year is much money.

So funny you would point that out, then follow it up with this as your signature...

"all your money won't another minute buy"

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the frenchy wrote:

Hi everybody ! I'm a french student and after five years of studies in translation I realized that this job in France is really difficult to make a living out of it! (I realized maybe a little too late). Anyway I tried to find something and I found this ad from the Lexi-Tech Translation company. I answered it and told myself I'd never move so far from France but in the end when I think about it I'd love to start my life here in Moncton. I actually still don't have the results of my test but if I did great I might move in here. So I checked the Moncton website and it seems like it's a really nice place. The salary seems very good, a lot better than in France, the standards of living pretty great. I was just thinking of all the paperwork I'd have to do before coming here. Is it worth it? Is Moncton a great city for foreigners? Please help me out It's a difficult choice I have to make and I wouldn't want to blow it!
Bye

I am just curious...You state here that the salary seems pretty good, If you have an idea of what the salary is why are you unsure of what to ask for.

$30,000.00 isn't much if you're raising a family.  But it can be done.  You probably won't be able to afford a house though.

Income taxes would like take about $7,500.00 of that $30,000, first of all.  That's an approximation.  Go here for more info on taxes:  http://www.taxtips.ca/nbtax.htm#

A decent house in the city will run you at least $100,000.00, and more likely around $150,000.00.  A 2 bedroom apartment would cost $650-$700 a month plus utilities (heat, power, phone etc.).  A small car will cost $14,000.00 to $15,000.00 plus taxes.  A mid-size you can get around $25,000.00.  Gas is like 1.15$ per litre (and climbing).  2 litres of milk: $3.50 (I think). 

Sales tax is 13% at present.

I am approximating most of the above.  If someone else thinks one of these numbers is way off, it's very possible.  I haven't car shopped in several years, and haven't had to rent an apartment in Moncton in a while.

Lord Denning wrote:

$30,000.00 isn't much if you're raising a family.  But it can be done.  You probably won't be able to afford a house though.

Income taxes would like take about $7,500.00 of that $30,000, first of all.  That's an approximation.  Go here for more info on taxes:  http://www.taxtips.ca/nbtax.htm#

A decent house in the city will run you at least $100,000.00, and more likely around $150,000.00.  A 2 bedroom apartment would cost $650-$700 a month plus utilities (heat, power, phone etc.).  A small car will cost $14,000.00 to $15,000.00 plus taxes.  A mid-size you can get around $25,000.00.  Gas is like 1.15$ per litre (and climbing).  2 litres of milk: $3.50 (I think). 

Sales tax is 13% at present.

Not so much an issue with the figures, as maybe with the math, anyway opinion time.

The mortgage on a $150,000.00 dollar house would likely come in near the same as or less than the 650 to 700 for an apartment, you gain equity and eventually own the home. Moncton and surrounding area is still growing so real estate though not as big a boon as it previously was is still a wise investment. If they wanted to go even more "frugal" as it were they could by a duplex and live in one side while renting out the other.

At 6% per month on a 25 year amortization, a $150,000.00 house costs just under $1,000.00 per month.  To that, you must add the monthly tax payment (because your bank takes that on top of your mortgage payment).  So total, $1,200.00 per month is to be expected.

At 5%, it's just under $900.00 per month, plus taxes.

https://www.rbcroyalbank.com/RBC:olbopda_fq/cgi-bin/mortgage/mortcalc.pl

Lord Denning wrote:

At 6% per month on a 25 year amortization, a $150,000.00 house costs just under $1,000.00 per month.  To that, you must add the monthly tax payment (because your bank takes that on top of your mortgage payment).  So total, $1,200.00 per month is to be expected.

At 5%, it's just under $900.00 per month, plus taxes.

https://www.rbcroyalbank.com/RBC:olbopda_fq/cgi-bin/mortgage/mortcalc.pl

I stand corrected.

I thought the CMHC allowed for 0 down payment mortgages now, I may have imagined that though.

Trying to run a mortgage calculator but I am having an issue find the property tax rate for moncton

I don't know if you can mortgage 100% of your property.  It wouldn't surprise me.

On your calculations above, what is your interest rate?  Also, your property taxes seem low.  $150 a month is $1800 per year.  Taxes would be higher than that on a $150,000 house.  Also, what is the amortization period?

That site is run by Coldwell Banker, who obviously have an interest in selling houses.  So I wouldn't take everything they say at face value.  In their little calculation of how much is saved over 10 years, it would seem that every month a person is "saving" $694.  Seems a little unbelievable.  I guess if you factor in the max possible appreciation to your house over 10 years (barring a property crisis like in the U.S.) and a rock bottom interest rate (which you won't get if you're financing 100% of the principal value), and ignore the added costs such has heating and power, upkeep and such, you might be able to believe their evaluation. 

However, an average heating/power bill will be $250-$300 monthly (unless you're heating with a wood furnace).  Also, homeowners tend to invest more money in their houses than they would in an apartment, which explains some of the increase in value of your house (not just market fluctuation).  So you also have to factor in cost of paint, new appliances, whatever it costs to pay for renovations, plumbers electricians, replacing things that break etc.  All of that has to come off the $694 per month.  No doubt, you still end up ahead, but I doubt it's to the tune of $83,000.00 over 10 years.

The calculation above also doesn't take into account what a lawyer will cost you, what your real estate agent charges when you sell the house, property transfer tax, and water and sewer charges.  (Just thinking back to what I had to pay when I bought my house.)