PMQs Questions & Answers

[pbi]

Roger that. When we moved to Winnipeg in early 2002, I was not too sure about buying a house. But, after looking around a bit (I was on IR living in the shack) I decided that you would have to be stupid not to buy a house there. There are many, many great neighborhoods and prices for very decent homes in these neighborhoods are about 50% what you would pay in Toronto. At first I couldn't believe it. A very surprising thing I found here in Winnipeg is how fast the market is: houses are sometimes on the market and gone in 24-48 hours, often for more than what was being asked. I didn't really want to move to the 'peg: now I don't really want to leave. Owning our own home in a good neighborhood has had alot to do with that. Buy if you can! Cheers.

 

[Righty]

I have been living in PMQ's since i was born but when my family moved to winnipeg when i was 14 we finally bought a house, and with the way houses are selling in winnipeg now around our neighbourhood, our house will probably sell for $15000-$20000 more then what we bought it for. My parents had wished they bought houses instead of PMQ's before, but when my dad retires, with his pention, sevrents pay, and there RRSP. They should be a living a pretty comfortable life.

 

[Scoobie Newbie]

Sorry thats what the rates are in Shilo.

 

[hiv]

PMQs in Ottawa, for MCpl and below cost $450 a month plus heat and hydro. Not bad for a 3 bedroom townhouse, especially in Ottawa. The detached homes for MCpl and below cost $1000 a month plus heat and hydro. I don't know what you need to get those - you're most likely going to be looking at the townhomes though.

George is right regarding buying your own place. Especially in places like Halifax, Ottawa, Vancouver, TO (big cities with high prices on houses)... The prices are almost guaranteed to go up and you'll have that much more in your pocket at the end to get something even better.

The MCpl and below PMQs in Ottawa actually fall under a different organisation than the CFHA.They are their own independent organisation and attach a lot of restrictions to the place. However, the price can't be beat.

 

[Sig_Des]

I have been living in PMQ's since i was born but when my family moved to winnipeg when i was 14 we finally bought a house, and with the way houses are selling in winnipeg now around our neighbourhood, our house will probably sell for $15000-$20000 more then what we bought it for

That's always good, but if your in a trade that moves a lot, consider renting instead of owning. Otherwise, you may end up getting less than what you bot it for, depending on the market. I know Valcartier is up and down, and we lost money on the house when we got posted to Gagetown.

 

[Inch]

Did you get an IRP move? If you did you shouldn't have lost very much at all. They'll reimburse you for 90% of the loss, ie, you lose 10,000, they'll give you 9,000 to cover the loss. As far as I know all reg force postings are done by IRP.  I'll look up the ref for you and post it in a few min.

Cheers

 

[Inch]

Found it, it's in the Canadian Forces Integrated relocation program manual.  It's called home equity assistance, 80% of the loss up to $15,000 is covered under the Core funding, and the remainder is covered by the Custom folder, if no custom funds remain, you can use some of the personal folder funds. I'd be talking to your IRP consultant if I were you.

Cheers

 

[George Wallace]

That's always good, but if your in a trade that moves a lot, consider renting instead of owning. Otherwise, you may end up getting less than what you bot it for, depending on the market. I know Valcartier is up and down, and we lost money on the house when we got posted to Gagetown.

This is a decision that one will have to contemplate.   Do you pay up to $12,000 a year in rent (not necessarily in a PMQ) or do you pay a mortgage, and hope not to loose some on a posting.   As Inch has pointed out, there are some checks and balances in place to protect you.   Now a days, a posting is usually longer than two years, and could run as long as ten to twenty.   It is your money and your decision on how you will spend it.

Your first hurtle may be your first mortgage, and again there are ways that can help you get over it as painless as possible.   Some provinces, such as Ontario, allow you to set up a "First Home Investment Plan", or something to that effect, that is much like a RSP and allows you to save towards your first home purchase.   Try to save up as much of a down payment as you can in your savings, as you will need around 5% of the purchase price to get a mortgage.   Borrow money from family that you can pay back as you can without interest.   It is a good investment.

GW