burgesshead

Hi all,
My family and I are relocating to Nova Scotia later this year, but my wife is having a case of the wobbles. She wants us to rent a property first (and rent ours out back here) for the first year, before buying. I think she's hoping it will provide a safety net should things not go to plan (yeah right...I'm in charge .

I just wondered what other people ave done in the past, is it better just to cut loose and dive in, or does my wife have a point?

As always, any information is gratefully received.

Sean

christmasoompa

IMO, your wife is absolutely right I'm afraid! Buying in Canada before you know the area and are 100% sure you want to stay could be a veeeeeery expensive mistake.

cheeky_monkey

+1 your wife is spot on..now go and apologise!

Simon Legree

I agree. A wise move indeed. Rent until you are sure of your situation.
Bear in mind though that rental income received in the UK is taxable in Canada. There are also other tax considerations such as exchange rate increases or decreases and capital gains which may accrue after you become a Canadian tax resident. There are numerous threads on this aspect which you can find by searching the BE forums. Good luck whatever you decide to do.

Jericho79

Sean, we've recently moved from NS back to AB, and I can tell you without any hint of exaggeration that almost all of the British families we met there are either planning on moving to another Province... or they have already moved (back to the UK or to another Province). A number of Canadian families we know, who werent originally from NS, are in the same boat.

Rent for a year or two (I would say 2, personally), and take it from there.
We rented for the first year, then bought a house, then decided we couldn't take it any more. Buying/selling houses is an incredibly expensive process, so dont do it lightly.

burgesshead

Thanks everyone for the advice. Why the 'exodus' from NS Jericho? Any ideas?
I must admit, I do have a 'thing' for BC, but we have vacationed in NS for the past three years and really like it, but why would people be leaving??? Hmmm
back later.....gotta go apologize to the wife!!!

Tangram

Can open ....worms everywhere

Simon Legree

Lack of job opportunities and the highest taxes in the country are probably the most cited reasons. The upside though is that property is relatively inexpensive.

ExKiwilass

I just want to point out to everyone that i didn't start it.

Simon Legree

dbd33

I'd caution against renting out your house in the UK. Assuming it's not in central London what you'll have a year after leaving is a house worth about the same but in need of repairs and so harder to sell. Maybe it'd be better to be done with it.

ExKiwilass

talking negatively about NS.

Simon Legree

Oh, I see.
Well for what it's worth I landed there in 1969 and left for Ontario in '71 because of much better career opportunities. I only returned in 2001 when I retired because that's where my wife is from. That's the only reason that I spend half the year there. She likes to be near her family. If it wasn't for that we'd be elsewhere !

rivingtonpike

I know this is getting away from the original housing question, but being way out West, I'm curious about the comments made about families leaving or wishing to leave Nova Scotia. Are the reasons mainly/solely economic? Is the unemployment rate significantly higher than elsewhere in Canada? Or are the incomes earned lower and, therefore, the problem? Are there cultural issues? I~ thought loads of expats - particularly from the UK - lived there and, I presumed, liked it.

Just curious. Mods, if you think appropriate, please feel free to transfer to another thread etc. Thanks.

ExKiwilass

WORMS...WORMS..EVERYWHERE...