Alan2005

I know someone that opened an account with HSBC as a tourist - this was in Sept '08 so a little more than 3 months ago. They needed a Canadian address (they used ours) and their passports and that was it.

shelley748

Try this link and contacting the relevant Province, they might be able to help.

http://scotiabank.com/cda/content/0,..._LIDen,00.html

shelley748

Hi there
Finally got a reply back from the lender-

The lender adheres exactly to the CMHC guidelines but warns that these guidelines are constantly under review. It is on a case by case basis due to the new guidelines surrounding credit bureau score. If a foreign person enters Canada, they would of course not have a Canadian bureau.So would have to provide permission to access UK credit history.

It is possible to apply for a mortgage with as little as 5% down, under the CMHC newcomers to Canada program, obviously the more of a downpayment that you have, the more favourably the lenders are going to look at you.

Alan2005

As the economy slows down and house prices fall - then high LTV mortgages (deposits sub 10%) are going to get harder to find for everyone and not just new immigrants. And those that can be found will be expensive. Buying a house now with only a 5% deposit will probably put you in negative equity within six months and so banks are going to price that risk in accordingly.

shelley748

CMHC insures the mtg and they will be looking very closely at each case on a case by case basis- area/location will also play a big part, as obviously there are some housing corrections going on across Canada.

All we can do is wait and see and be very cautious...

jimbloby7

Hi shelley, Do you know where i would find statistical data showing the decline in the housing market by Province and City?

silvia73

Hi Shelley and everybody else!
I have already asked within Amex and with 7000 jobs being eliminated worldwide it's really not going to happen for me.
How did everybody else get jobs in Canada from the UK? I really cannot afford coming over without one of us having a job and since my husband is an engineer we think he has a greater chance of getting a good job..
But he's rang a couple of recruitment agencies and they have fobbed him off saying that he's better off coming over through the points system and then hunting for a job locally...but it's too risky for us!
Is there a specific website for immigrants that are job hunting with employers "willing" to sponsor? What did you all do to find a job over there?
Help!!
Thanks again,
Silvia

JonboyE

You really should read the wiki articles about job hunting. One of the things they explain is that recruitment agencies form only a small part of job hunting strategy. Building a network through direct contact with employers is far more likely to be a successful route to a job.

Also, you should be aware that engineering is a graduate profession in Canada. Your OH will have no success looking for jobs that specify an engineer so should concentrate on technician positions in the area of his specialty.

To be honest, this is not a great time to be looking for a job. Unemployment rates all over Canada are starting to rise and no one is sure how bad it is going to get. I am relatively optimistic but others are predicting a melt-down. Whatever the actual outcome, there are more Canadians looking for jobs so there are less employers willing to go through the hassle of employing from overseas. It will also be more difficult to get an LMO in the areas of Canada where there employers are laying off their current workers.

You should identify skills that you have that are different to those of Canadians, and that are valuable to employers, then market them for all you are worth.

shelley748

HI there

you could try Stats Canada website

http://www.statcan.gc.ca/start-debut-eng.html

you can search by subject...

Alan2005

I think this guys data is accurate, tho his commentary irritates some people (those with houses mainly).

http://www.canadian-housing-price-ch...5.ca/index.htm

paolosmythe

the term 'plunge-o-meter' does rankle some.

paolosmythe

stats can is an incredible resource. too much of a good thing maybe?

when determining where to aim for when migrating, it was an indispensible tool in finding out how many from where, of what age, of what education was headed where etc.

i am that kind of nerd! oh dear. i should have guessed they covered housing as well as population dynamics!

Alan2005

The stats about immigrant vs Canadian salaries over time is very interesting - annoyingly I can't remember what I searched for to find them

Ah here it is:
http://www12.statcan.ca/english/cens...d1=0&d2=1&d3=0

BritinCanada

Hi Shelley,

Since you're familiar with the banks over here I was wondering if you could advise:

I have 13,000 GBP left to pay on a loan with Barclays in the UK. I also have about 18,000 GBP on credit cards (largely down to moving to Canada and flat renovations in the UK), most of which was on a 0% rate until this month - I am making smallish payments each month, but now the interest I'm now being charged is crazy and I'm investigating options on how to alleviate the situation, as I can't afford to pay off even the interest I'm being charged per month.

I'm looking into getting a line of credit, and I'm going to see Scotiabank this afternoon. Since the rates advertised on their site are as low as the prime rate + 1% (ie under 4% currently), this is less than half the interest I'm paying on my Barclays loan, and less than a quarter of the credit card interest.

Do you think it's feasible to get a line of credit for $50,000 to pay both the loan and the credit cards in the UK and bring the debt over to Canada? The exchange rate is pretty good at the moment, and it would be easier to pay off debt in the same country, not to mention at a much lower interest rate. I did see one post on here from someone saying that he's been in Canada for 15 years and has a line of credit equivalent to 15% of his salary - is that a typical example? I'd be looking for 50%... Ideally I'd pay it off at $1000 a month for 5 years or so.

The complication with Scotiabank so far has been that I have a SIN which begins with 9. So far they've told me in no uncertain terms that this means that I cannot get an overdraft with them, even though they know my company, I had a proof of earnings letter from them, and I even had to pay $1200 for a bonded credit card with a limit of $1000 - they still quibbled about this because they wanted all of documentaion from British banks but after a lot of pleading eventually settled for my UK credit report. With all the expense of buying a car (necessary for my work), moving here, furnishing an apartment etc, this was another kick in the teeth. Therefore, I'm not expecting miracles from them but I'd appreciate any advice you might have on this.

My move to Canada was unexpected due to being offered a job here out of the blue - I had 3 months from inception to completion. Unfortunately the debt was necessary to avoid having to sell my flat in with negative equity - it was unrentable in its previous state as I bought it as a project 2 years ago, but now unfortunately it's worth only about 80% of what I paid for it.

Hoping you can advise! Thanks,

BritinCanada

shelley748

Hi there

Sorry to hear of your problems- you will not get a line of credit for that amount of $ which is unsecured- lenders are very nervous of a '9' for the SSN ( I know that a lot of you on here will moan about it but thats just the way it is).

I too had to go the secured credit card route when we came to Canada in 2002, so you are not alone there.

Honestly-I would try and come to some agreement with your UK credit card company.

Whoever told you about a line of credit is approx 15% of your salary is not telling you the truth-its based purely on your ability to pay, your credit history, your income and whatever debt you already have.

Sorry that I do not have better news for you.