Great for those already here (provided they don't have children that want to buy) but no so great for those yet to arrive

http://www.canada.com/calgaryherald/...5fa05ca&k=2118

It shows no real sign of abating

I have a friend in Saskatoon who's still in the PR application stage. The landlord for the property he's in wants them out as the prices are rocketing and he wants to sell up, trouble is there are a lot doing the same, so difficult to find another place.

Bad for my friend, as he's only on a temp work permit at the moment (like myself) so he can't get a mortgage yet.

The prices are shooting up due to people working in Edmonton shifting to a more affordable location. Not sure how they travel 300+ miles to get to work though.

I would imagine they have schemes to work away in the week and lodge then return home at weekends. Only thing I can think off.

I used to think that, but since finding this forum I'm aware of quite a few temp residents who have been able to swing mortgages. Maybe not 5 or 10%down, but it can definitely be done at 30% down, maybe less.


As for Calgary prices, those who have been around in Canada long enough will remember there was a time when people were just walking away from houses there after the market crashed at the inevitable end of one of the oil booms. Things are good now, knowing when to cash in is the real trick I suppose.

At least you get more for your buck in Canada compared to the UK


Average Cost: £210,578
Detached: £323,332
Semi-detached: £189,617
Terraced: £168,134
Flat: £196,505

Quite right - we're here on work permits and have had no problems arranging a mortgage, getting credit cards, financing/leasing vehicles and equipment for our business.

Indeed, here too. Except the leasing equipment for business bit - not too much call for that in an office in downtown TO. Mortgage, credit cards, lease for car, all arranged no problem. Think the max loan-to-value we were offered on mortgage pre-approval was around 75%.

I can get a credit card after 6 months, this is with scotia bank, not sure what other banks offer.

I rented a car for a short while, but found I couldn't get a loan for a car due to the initial 9 I have as a SIN number. I ended up buying an older car cash. To be honest I never tried leasing, I was told it ends up more expensive.

I've not tried for a mortgage yet, but I'm keeping my UK property to rent out, without selling I cannot raise an initial 30%. I'd like to keep it as a pension option though.

Good houses here are approx $500K, but you can buy fairly decent stuff for around $250K.

I'm going to wait until I apply for PR, which I can't do until I get a new work permit, which will be next march. I'd have applied straight away if I'd known.

Yep, 30% down doesnt help if you dont have the readies. It took us some serious effort to save even a 10% deposit, and the property prices here were much more reasonable back then.

The answer to the credit card connundrum is usually to leave a lump sum equal to the credit limit in a GIC, that gets the ball roling at first anyway.

Buying or leasing a car shouldnt be too hard on a work permit, There are lots of dealers willing to front poor credit risks, but you wont get the most competititve rate. I leased and had to put down a large security deposit. Leasing is OK if you are always going to get a new vehicle and a payment, but you are right, interest rates are higher. I did it as I didnt know then that I would decide to stay, and it was the most cost effective way to get that new car smell.

In the end I just didnt give people my SIN, the 9xx triped the big red light too often. Roll on PR

My 9 prefixed SIN hasn't proved to be an issue - John Deere, Ford and Mazda have all been happy to provide between 0 and 1% financing to me. Never needed to put down a security deposit for a credit card or vehicle/machinery financing.

Purchased a new ride-on mower last week with JD - choose your own deposit, pay nothing for 12mths (interest free), then either pay the balance off or start making monthly payments. No problem at all regarding SIN or 'temporary' status.

maybe it helps to have your own business, compete with assets, and the hope / expectation of doing further business Im pretty sure your experience isnt the norm for us regular working bums. I take it you are getting credit as an individual, not as the business enterprise. Count your blessings and hope your luck holds

Just as a point of interest it is illegal for nearly all private businesses to ask for your SIN number as a form of identification.

Banks, trust companies, caisse populaires and stock brokers are allowed to ask when they sell you financial products (GICs or Canada Savings Bonds) or services (bank accounts) that generate interest. They declare your interest to Canada Revenue Agency (CRA) for income tax purposes.

http://www.privcom.gc.ca/fs-fi/02_05_d_02_e.asp

Cheers
Steve

Business purchase credit has been arranged under the business name. Personal purchases made using credit have been applied for under my own name. So far, so good

The only fly in the ointment has been RBC's mortgage policy - 2yrs ago we took out a RoyFarm Mortgage to help buy the business, which we now want to repay. We're 75% into completing a new house build and would prefer to have borrowings against the house instead of the business (residential mortgage is between 2-3% lower). Because our house is located on the same plot of land as the business, RBC will only lend us at commercial rather than residential rates. RBC's solution is to tell us to subdivide, then they'll let us borrow at a residential rate, but unfortunately the city won't allow us to do that. We're now using a broker to try and find us a bank/lender that's more flexible in their criteria.

To answer Steve's point, I've only ever been asked by banks or lending agencies for my SIN as ID, never for any other reason or by other types of business.

When I got my SIN last month I was told by the Service Canada lady that I shoulldnt give the number to anyone apart from my bank and employer as they were the only people who would need it.

Gaynor
x

But it's illegal for even a lending agency to ask for it.

The only reason banks are allowed to ask is if you are opening an interest bearing account or buying anything that will generate interest or income that must be reported to the Canada Revenue Agency.

Cheers
Steve

I think its one of those "more honoured in the breach than the observance" laws though.

If you have a good credit rating you dont want to be mistaken for same deadbeat newby temporary resident with the same name!