The phrase often contains sarcasm, suggesting that the hoped-for event is unlikely to occur. A raise? Chance would be a fine thing!
Pro Tip 2/3
Wishful Thinking
Use it to express a desire for something that's very unlikely but still imaginable. Me winning the lottery? Chance would be a fine thing.
Pro Tip 3/3
British Humor
The saying is casual with a touch of British humor, reflecting a down-to-earth or self-deprecating attitude. A sunny vacation in England? Chance would be a fine thing!