FSW WORLDWIDE

[iSaidGoodDay]

Can somebody remind me why majorgrom and kangaroo (I think?) left Canada?

Did they get their passport and leave or did they just leave as soon as they came here?


Anybody here interested in economics/the economy? What do you all think is the future of this country (the GTA/GVA region lol) after todays interest rate hike and possible one more in July?

Can't say much about the future, but one thing we definitely see right now is considerable number of people moving from GTA/GVA to cities like Calgary. Some of them were losing almost their entire salaries to their mortgages before this interest rate hike. Now, the "relatively" affordable real estate markets like Calgary will see increases.

 

[dankboi]

What I learned after coming here is that the housing market is giant scam full of flippers, speculators and "investors", rents are out of control and cost of living is very high for no proper reason. Banks are giving out home loans like candy which is what is causing this housing crisis. No wonder they left.

Can't say much about the future, but one thing we definitely see right now is considerable number of people moving from GTA/GVA to cities like Calgary. Some of them were losing almost their entire salaries to their mortgages before this interest rate hike. Now, the "relatively" affordable real estate markets like Calgary will see increases.

true af. i'm planning to leave in 2-3 years. none of them Canadians that i met are satisfied with the current situation. a coworker, much exhausted living here, is trying to find a gf from Asia so he can move and start a fam life hehe.
Whoever reading this post, "never buy a house in canada"
imagine paying mortgages for 30-50 years lmao.

 

[wonderbly]

Can somebody remind me why majorgrom and kangaroo (I think?) left Canada?

Did they get their passport and leave or did they just leave as soon as they came here?


Anybody here interested in economics/the economy? What do you all think is the future of this country (the GTA/GVA region lol) after todays interest rate hike and possible one more in July?

Can't remember why majorGrom left but Kangaroo left cos he couldn't get a girlfriend.

 

[joconstantine]

Can somebody remind me why majorgrom and kangaroo (I think?) left Canada?

Did they get their passport and leave or did they just leave as soon as they came here?


Anybody here interested in economics/the economy? What do you all think is the future of this country (the GTA/GVA region lol) after todays interest rate hike and possible one more in July?

Immigrating here worked out for me, though. I landed last year in August, found my job in 2 weeks and the pay was alright. I got my car a month later. I've also been doing freelance work for my previous company where I emigrated from. Its pay is more than enough to cover my living expense and my car loan ( finishing in 3 years, I did not want to drag this), so I can save my full salary that I earn in Canada.

My husband's PR was approved and he will be moving here from the US soon. We had saved enough for down-payment before I arrived in Canada, so we will be looking for a house as soon as he is here (and, touch wood, find a job).

I am nowhere doing as well as my friends, to be honest. Some of them are out shopping for their 3rd house. If you are persevere enough, you can do.

 

[Impatient Dankaroo]

Anybody here interested in economics/the economy? What do you all think is the future of this country (the GTA/GVA region lol) after todays interest rate hike and possible one more in July?

They need to keep raising it to 6-7% for people to start defaulting. Only then will the real fun begin

 

[Impatient Dankaroo]

is trying to find a gf from Asia so he can move and start a fam life hehe.

7 months of cold and getting overworkered, canadians don't have time to meet significant others. Gf from asia is cost effective

 

[imransyed]

So my primary goals of coming to Canada was to first, get the passport, then down the line get a home and use it for my retirement while I live and work away from Canada for the rest of my productive life.

Now I see Canadians fleeing this country for retirement to places like Portugal, Thailand, etc and stuff just getting ridiculous day by day here.

I think I mighttt no longer need that Canadian passport for the reasons I wanted it in the first place. Why get the added burden that comes with it. Why not just skip and see where I can figure out a retirement house purchase in low COL country right away by using my Indian passport.
There are ways (legal) to retain the PR for at least 10 or 15 years for me..unless they change the law of course.

Edit: before someone maybe suggests retiring in India, without getting into reasons, that is not happening. I want to retire in a generally peaceful and good-ish air quality country.

 

[ImpatientDragon]

So my primary goals of coming to Canada was to first, get the passport, then down the line get a home and use it for my retirement while I live and work away from Canada for the rest of my productive life.

Now I see Canadians fleeing this country for retirement to places like Portugal, Thailand, etc and stuff just getting ridiculous day by day here.

I think I mighttt no longer need that Canadian passport for the reasons I wanted it in the first place. Why get the added burden that comes with it. Why not just skip and see where I can figure out a retirement house purchase in low COL country right away by using my Indian passport.
There are ways (legal) to retain the PR for at least 10 or 15 years for me..unless they change the law of course.

Edit: before someone maybe suggests retiring in India, without getting into reasons, that is not happening. I want to retire in a generally peaceful and good-ish air quality country.

Could you share more details about stuff getting ridiculous?

 

[imransyed]

Could you share more details about stuff getting ridiculous?

Ahh Well the obvious stuff.. Affordability, insane medical wait which people near retirement age don't do well with, and not having multiple properties. That's the biggest one for some people, they want to sell their one or two properties, collect the cash and get out to preserve their savings or decrease their expenses.


Mexico and Thailand is what I keep hearing the most.

Maybe India can start a retirement destination program with similar quality of life like Canada in a new or remote city, keep the low COL compared to Canada and attract new kinds of tourists. India certainly has the private medical infrastructure to support this.

 

[iSaidGoodDay]

So my primary goals of coming to Canada was to first, get the passport, then down the line get a home and use it for my retirement while I live and work away from Canada for the rest of my productive life.

Now I see Canadians fleeing this country for retirement to places like Portugal, Thailand, etc and stuff just getting ridiculous day by day here.

I think I mighttt no longer need that Canadian passport for the reasons I wanted it in the first place. Why get the added burden that comes with it. Why not just skip and see where I can figure out a retirement house purchase in low COL country right away by using my Indian passport.
There are ways (legal) to retain the PR for at least 10 or 15 years for me..unless they change the law of course.

Edit: before someone maybe suggests retiring in India, without getting into reasons, that is not happening. I want to retire in a generally peaceful and good-ish air quality country.

To achieve what you want, get a remote job, pay taxes in Canada, but use LCOL of India/home country. Spend two years outside of Canada and save everything up. In LCOL of India/home country you can expect yourself to spend as little as 5-10% of what you earn. Come back with two years(to ensure PR obligations) worth of saving. While you are at it, grind a little and get multiple jobs. You can easily save >$60k. Spend 6 more months in Canada, get your credit scores up again. Make a 10% downpayment or 20% downpayment or whatever you can and break out of this loop that you are afraid of being stuck in forever.

You just need to figure out if you can go remote and make career transitions to support it. Everything else follows.

This is a suggestion unique to your problem. I know enough to say what you need to do. But to anyone here who is staring at their screens with no answers, try to focus on the right stuff. Not everyone will land in GTA/GVA and be able to buy a home. There's always enough amount of fodder in the form of immigrants like me to take over bankruptcies/keep demand for housing.

There are solutions. They won't look super classy or extremely idealistc, but they do the trick.

 

[imransyed]

@iSaidGoodDay
I have a similar plan. Timing is a little fluid though and I spoke to a lawyer who says I can meet the pr obligations too without being here (but it can be tricky as a wife and kids come into perspective).
Will update here on what I do.

Agree with you, gta/GVA pricing is pretty impossible to crash. It'll correct maybe, yeah, but very likely never crash.

I kinda don't want to buy real estate in Canada at all actually, don't wanna be a part of this racket, even though I can and my family is more than willing to help me out with the down-payment... because my reasons of wanting to retire here have fundamentally changed/are changing. Basically Canada is becoming pointless for me.

Maybe a condo in winnipeg just for the heck of it if the price is right, with a 40-50%+ down payment. Maybe.

 

[ImpatientDragon]

@iSaidGoodDay
I have a similar plan. Timing is a little fluid though and I spoke to a lawyer who says I can meet the pr obligations too without being here (but it can be tricky as a wife and kids come into perspective).
Will update here on what I do.

Agree with you, gta/GVA pricing is pretty impossible to crash. It'll correct maybe, yeah, but very likely never crash.

I kinda don't want to buy real estate in Canada at all actually, don't wanna be a part of this racket, even though I can and my family is more than willing to help me out with the down-payment... because my reasons of wanting to retire here have fundamentally changed/are changing. Basically Canada is becoming pointless for me.

Maybe a condo in winnipeg just for the heck of it if the price is right, with a 40-50%+ down payment. Maybe.

Which area in Ontario is cheapest in terms of purchasing an apartment/condo and how much would it cost. You all seem pretty knowledgeable, please guide. TIA.

 

[jessicajoon]

@iSaidGoodDay
...I can meet the pr obligations too without being here ..

how does this work?

 

[imransyed]

Which area in Ontario is cheapest in terms of purchasing an apartment/condo and how much would it cost. You all seem pretty knowledgeable, please guide. TIA.

LOL I am not knowledgeable at all! Only been here 6 months.

Jokes aside, I am using my common sense and rationale to decide what fits my individual lifestyle the best. Might not be the best solution for everyone like iSaidGoodDay says.

There are very very knowledgeable folks on here though. @GandiBaat was able to buy his place 40% below asking just some months ago.

A general fact is that Ontario and Southern Ontario is one of the most expensive and most inflated housing bubble in Canada (and in the world.) However this bubble is a strong one so it might not burst anytime soon so you might be out of luck here.
Either way, wait for fall/winter to come by before buying, that's when housing is historically the cheapest. Also cheap/cheapest are misnomers in Canada. There's insanely expensive and expensive. No in between and definitely no cheap.

I mentioned winnipeg because nobody wants to go there and that's fine by me.

 

[iSaidGoodDay]

@iSaidGoodDay
I have a similar plan. Timing is a little fluid though and I spoke to a lawyer who says I can meet the pr obligations too without being here (but it can be tricky as a wife and kids come into perspective).
Will update here on what I do.

Agree with you, gta/GVA pricing is pretty impossible to crash. It'll correct maybe, yeah, but very likely never crash.

I kinda don't want to buy real estate in Canada at all actually, don't wanna be a part of this racket, even though I can and my family is more than willing to help me out with the down-payment... because my reasons of wanting to retire here have fundamentally changed/are changing. Basically Canada is becoming pointless for me.

Maybe a condo in winnipeg just for the heck of it if the price is right, with a 40-50%+ down payment. Maybe.

Ah, okay. I am unsure about meeting PR obligations without being there, but if you spoke to a lawyer then there should be something.

Basically, more cashflow = more clarity of thoughts - hard to think straight when all you can think about is food and shelter. Let's say you decide that Canada isn't going to work out for you, you can still save $150k-250k over the years to move as an investor in other countries (e.g. Malta). That way, you won't lose in anyway. You'll keep making best of every situation.