FSW WORLDWIDE

[ElvisRamaj]

Thanks for all inputs. Actually, I have a question related to housing that I can't find an easy answer to. In Egypt, we consider real-estate as the safest investment that always goes up and whatever the circumstances are, housing prices NEVER go down. So my question is, do housing prices go up and down in Canada?

I know that we are talking about a housing bubble in Canada, but in my country, the market does not care and keeps going up, although we are talking about that bubble here for decades.

For example, there is no question that a $250K asset in Egypt will be $500K after 6-7 years and $1M after 13-14 years.
In Canada, Could I buy an asset for $1M that may lose 30% or 50% of its value at any point in the future?

I think an answer to this question may help me to decide whether to liquidate my assets and invest in a house in Canada or not.

Oh boy, if thats what egyptians think about the real estate, they are in for a surprise.

The price of a real-estate is connected with its location. Closer to the center, the higher the value. That how it is everywhere in the world and it will always be, UNLESS the center changes. Like for example you guys are trying to build another capital, not so far from Cairo, so that means people will relocate together with their money, thus making real-estate cheaper in Cairo in the years to come.

In other words, real-estate is closely related to location and the price is irrelevant in metropol areas. It can go up 30% or decrease 30% (or more) depending who the buyer and seller are.

Another thing!
The world population is predicted to grow until 2100 and from that point on it will start to decline. WHY? Because the most populous world countries will figure out how to "pull it out" and somehow get smarter, thus leading to less babies being born.

A lesser population, brings down the real estate pretty quickly. And so on and so on.

 

[m.soliman]

Property value in a short term doesn't really matter if you want to live in that property. In a long run property prices will increase despite the occasional fluctuation. Losing 50% of it's value is unimaginable I think considering that people are full with cash. Just look at the housing bubble in 2008 and look where we are now, property prices are even higher than in 2008.
Also consider inflation in your country. Is your property gaining value nominally only or real value as well? Is the location of the property really good? Is the country stable? and many many more questions
As you have never lived in Canada you don't yet see whether you can secure a job there or whether you will like the country at all.

I agree with you that the value doesn't matter if one is going to live in the property, but it might be a good idea to wait if the bubble is real.
In my county, the property is gaining around 10% nominally and a bit higher in real value, apart from the 5% rental income. But again, as long as the exchange rate against $CAD remains constant, the property in my country will be appreciating in value faster than that in Canada.

The biggest risk is if the government decides to further devaluate the currency against the dollar.

Also, I believe that buying a property in Canada shouldn't be considered before getting the citizenship, even if one has a good paying job. Just to be certain that this will be the place where you live for the rest of your life.

 

[dankboi]

I agree with you that the value doesn't matter if one is going to live in the property, but it might be a good idea to wait if the bubble is real.
In my county, the property is gaining around 10% nominally and a bit higher in real value, apart from the 5% rental income. But again, as long as the exchange rate against $CAD remains constant, the property in my country will be appreciating in value faster than that in Canada.

The biggest risk is if the government decides to further devaluate the currency against the dollar.

Also, I believe that buying a property in Canada shouldn't be considered before getting the citizenship, even if one has a good paying job. Just to be certain that this will be the place where you live for the rest of your life.

rates are set on the open forex market and the government has only partial control over it. In China, the exchange rate is fixed, and the government directly controls it.

 

[m.soliman]

Oh boy, if thats what egyptians think about the real estate, they are in for a surprise.

The price of a real-estate is connected with its location. Closer to the center, the higher the value. That how it is everywhere in the world and it will always be, UNLESS the center changes. Like for example you guys are trying to build another capital, not so far from Cairo, so that means people will relocate together with their money, thus making real-estate cheaper in Cairo in the years to come.

In other words, real-estate is closely related to location and the price is irrelevant in metropol areas. It can go up 30% or decrease 30% (or more) depending who the buyer and seller are.

Another thing!
The world population is predicted to grow until 2100 and from that point on it will start to decline. WHY? Because the most populous world countries will figure out how to "pull it out" and somehow get smarter, thus leading to less babies being born.

A lesser population, brings down the real estate pretty quickly. And so on and so on.

Indeed, they are currently building a new capital and that's why I invest in new cities only. Even if the prices will not go up in old Cairo, it will remain constant at least.

In our culture, real-estate is as secure as gold. In the last 7 decades, the country suffered from wars, many uprisings, and economical instability, but you will never find someone bought a property for 500K and sell it later for 300K. Ironically, after these types of events the prices shoot up, because people find keeping liquid money is a big risk. Unlike many western countries where properties lost significant amount of their values like in 2008 crash.

 

[m.soliman]

rates are set on the open forex market and the government has only partial control over it. In China, the exchange rate is fixed, and the government directly controls it.

We have a similar case like China, apparently the forex market is free, but in reality the central bank is firmly controlling the exchange rate.

 

[dankboi]

from Immitracker

FSW Inland NOC- 2234 CRS- 491
PA + Dependents- 2
Nationality- Ecuador
VO- -----
AOR- 09 February 2021
Medical Passed- 18 February 2021
ADR- 18 February 2021
PPR / COPR - 05 January 2022

 

[Hokage]

Protip for others so they don't end up in this situation: You only provide upfront medicals for your FIRST medical exam. You never do upfront REmedicals, instead you wait for IRCC's response first.

Noted. On average how long after expiration date does the remed request usually come?

 

[dankboi]

from reddit via dm

PNP Outland OINP
PA + Dependents- 4
Nationality- Brazil
VO- Sydney
AOR- December 2019
PPR - 04 January 2022

 

[dankboi]

Noted. On average how long after expiration date does the remed request usually come?

i think that happens when some officer clicks on your case on his excel sheet. maybe , or i am wrong

 

[ElvisRamaj]

from Immitracker, late update

FSW Inland NOC- 0124 CRS- 471
PA + Dependents- 1
Nationality- India
VO- Ottawa
AOR- 05 February 2020
Medical Passed- 17 February 2020
PPR / COPR - 14 December 2021

How did they manage to stay inland for this long ? Open work permit, visitor visa, how ?

 

[dankboi]

How did they manage to stay inland for this long ? Open work permit, visitor visa, how ?

BOWP i guess.

 

[NavjotS123]

How did they manage to stay inland for this long ? Open work permit, visitor visa, how ?

students bowp is being extended for 2 years, earlier it was 1

 

[dankboi]

students bowp is being extended for 2 years, earlier it was 1

good good

 

[NavjotS123]

good good

that just shows how much occupied IRCC is. They just dont want people coming up to them for extensions.

 

[NavjotS123]

that just shows how much occupied IRCC is. They just dont want people coming up to them for extensions.

Moreover, those who are waiting for FSW draws (me included) , IRCC has extended public policy for medicals till March 31st. This is to help CECs only.