Purchasing a house without PR
#1
Just Joined
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Joined: Nov 2023
Posts: 9
Purchasing a house without PR
Hi,
I'm wondering if someone can help me. I'm looking at moving over in July/August time to Calgary with my family and ideally want to buy a house (rental prices scare me at the min!!). We are coming over on LMIA and currently have equity in our property. I read they put a ban on purchasing properties without PR. I have since been told you can purchase if you have a deposit of over 50% is this true? Also I am sure I read somewhere that you will be charged a higher rate tax but if you go for PR in so many years you could claim it back or I have dreamt it?! I have done so much googling and don't seem to find a true answer! Can anyone help please???
I'm wondering if someone can help me. I'm looking at moving over in July/August time to Calgary with my family and ideally want to buy a house (rental prices scare me at the min!!). We are coming over on LMIA and currently have equity in our property. I read they put a ban on purchasing properties without PR. I have since been told you can purchase if you have a deposit of over 50% is this true? Also I am sure I read somewhere that you will be charged a higher rate tax but if you go for PR in so many years you could claim it back or I have dreamt it?! I have done so much googling and don't seem to find a true answer! Can anyone help please???
#2
Re: Purchasing a house without PR
Hi,
I'm wondering if someone can help me. I'm looking at moving over in July/August time to Calgary with my family and ideally want to buy a house (rental prices scare me at the min!!). We are coming over on LMIA and currently have equity in our property. I read they put a ban on purchasing properties without PR. I have since been told you can purchase if you have a deposit of over 50% is this true? Also I am sure I read somewhere that you will be charged a higher rate tax but if you go for PR in so many years you could claim it back or I have dreamt it?! I have done so much googling and don't seem to find a true answer! Can anyone help please???
I'm wondering if someone can help me. I'm looking at moving over in July/August time to Calgary with my family and ideally want to buy a house (rental prices scare me at the min!!). We are coming over on LMIA and currently have equity in our property. I read they put a ban on purchasing properties without PR. I have since been told you can purchase if you have a deposit of over 50% is this true? Also I am sure I read somewhere that you will be charged a higher rate tax but if you go for PR in so many years you could claim it back or I have dreamt it?! I have done so much googling and don't seem to find a true answer! Can anyone help please???
Leaving all of that aside, I don't think anybody on the forum would recommend you buy before you have PR anyway - too much of a risk on a work permit when you could be laid off at a moments notice and have to leave Canada. And buying a house in Canada an be an expensive mistake when you don't know the areas well, so generally the recommendation would be to rent for at least a year first and get your PR (or at least get it underway).
Good luck.
#3
Just Joined
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Joined: Nov 2023
Posts: 9
Re: Purchasing a house without PR
That's brilliant. Thank you so much!! You are right with what you are saying with the risk, but the job my husband has got it isn't feasible to live off, it is only a starting wage till he can prove he can do the job. I am currently looking for work but will still have to pay out for child care then running 2 cars etc. We are currently weighing up all the risks and benefits!! The company help us apply for PR within the first year, they have a emigration department and we are already getting everything ready before we go over so fingers crossed we'll be in a better situation by next year!! Every part of this is a huge risk unfortunately!! thanks again
#4
Re: Purchasing a house without PR
That's brilliant. Thank you so much!! You are right with what you are saying with the risk, but the job my husband has got it isn't feasible to live off, it is only a starting wage till he can prove he can do the job. I am currently looking for work but will still have to pay out for child care then running 2 cars etc. We are currently weighing up all the risks and benefits!! The company help us apply for PR within the first year, they have a emigration department and we are already getting everything ready before we go over so fingers crossed we'll be in a better situation by next year!! Every part of this is a huge risk unfortunately!! thanks again
The LMIA won't be granted if his salary isn't high enough to meet the median wage requirements, so hopefully it will be enough. Might be worth starting a new thread about the financial side of things to check it's feasible with those in the know in Alberta. Make sure that your relocation contract covers repatriation as well as getting out there - you don't want to have to pay tens of thousands to ship a family back if it doesn't work out for any reason.
Best of luck.
#5
Just Joined
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Joined: Nov 2023
Posts: 9
Re: Purchasing a house without PR
I know it scares the hell out of me!! No I haven't had chance yet I'm currently work 13 hours days so trying to find time is a nightmare but I am going to sit and have a proper look this weekend. If we are eligible it would be a massive weight of our shoulder. The are putting him through red seal so hopefully be at supervisor level / pay by then. I seem to say hopefully a lot these days!
I have done a spreadsheet up for living costs on average prices and even did a costco shop online to see what a weekly shop should be, even though I have heard costco isn't the cheapest but I'm a worst case scenario kinda girl. The contract was literally 2 pages and didn't mention anything. I'm selling my business over here so we will have savings to live off, not ideal but if it gets our foot in the door I think it is something we need to try, just trying to work out all our options and I know I'm ready to go!
Have you made the move over?
I have done a spreadsheet up for living costs on average prices and even did a costco shop online to see what a weekly shop should be, even though I have heard costco isn't the cheapest but I'm a worst case scenario kinda girl. The contract was literally 2 pages and didn't mention anything. I'm selling my business over here so we will have savings to live off, not ideal but if it gets our foot in the door I think it is something we need to try, just trying to work out all our options and I know I'm ready to go!
Have you made the move over?
#6
Re: Purchasing a house without PR
I know it scares the hell out of me!! No I haven't had chance yet I'm currently work 13 hours days so trying to find time is a nightmare but I am going to sit and have a proper look this weekend. If we are eligible it would be a massive weight of our shoulder. The are putting him through red seal so hopefully be at supervisor level / pay by then. I seem to say hopefully a lot these days!
I have done a spreadsheet up for living costs on average prices and even did a costco shop online to see what a weekly shop should be, even though I have heard costco isn't the cheapest but I'm a worst case scenario kinda girl. The contract was literally 2 pages and didn't mention anything. I'm selling my business over here so we will have savings to live off, not ideal but if it gets our foot in the door I think it is something we need to try, just trying to work out all our options and I know I'm ready to go!
Have you made the move over?
I have done a spreadsheet up for living costs on average prices and even did a costco shop online to see what a weekly shop should be, even though I have heard costco isn't the cheapest but I'm a worst case scenario kinda girl. The contract was literally 2 pages and didn't mention anything. I'm selling my business over here so we will have savings to live off, not ideal but if it gets our foot in the door I think it is something we need to try, just trying to work out all our options and I know I'm ready to go!
Have you made the move over?
Are you getting a relocation package or having to fund it all yourself?
#7
Re: Purchasing a house without PR
I know it scares the hell out of me!! No I haven't had chance yet I'm currently work 13 hours days so trying to find time is a nightmare but I am going to sit and have a proper look this weekend. If we are eligible it would be a massive weight of our shoulder. The are putting him through red seal so hopefully be at supervisor level / pay by then. I seem to say hopefully a lot these days!
I have done a spreadsheet up for living costs on average prices and even did a costco shop online to see what a weekly shop should be, even though I have heard costco isn't the cheapest but I'm a worst case scenario kinda girl. The contract was literally 2 pages and didn't mention anything. I'm selling my business over here so we will have savings to live off, not ideal but if it gets our foot in the door I think it is something we need to try, just trying to work out all our options and I know I'm ready to go!
Have you made the move over?
I have done a spreadsheet up for living costs on average prices and even did a costco shop online to see what a weekly shop should be, even though I have heard costco isn't the cheapest but I'm a worst case scenario kinda girl. The contract was literally 2 pages and didn't mention anything. I'm selling my business over here so we will have savings to live off, not ideal but if it gets our foot in the door I think it is something we need to try, just trying to work out all our options and I know I'm ready to go!
Have you made the move over?
I don't think food costs drive household expenses though. It's all about housing costs; rent, mortgage, heat, property taxes, snow removal. The marginal difference between beans on toast and filet mignon is tiny compared with the fluctuations in mortgage rates and propane/oil/natural gas costs (I don't list oil or electricity as a source of heat as people who can afford to heat by those means are living in another world, they can sell a Rolls-Royce, if they're short on grocery money).