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Move to US... advice

Move to US... advice

Old Jul 28th 2022, 2:04 pm
  #16  
 
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Default Re: Move to US... advice

Originally Posted by Gozit
.... or severely sacrificing to save for the large $250,000+ down payment required for a decent home. .....
Do you want to live in a mansion, or is the minimum deposit 30% or more for a mortgage in Canada?
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Old Jul 28th 2022, 3:53 pm
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Default Re: Move to US... advice

Originally Posted by Gozit
Iaink has some really good points on the downside of US life.

Personally, if I didn't have family and personal ties here (I was born here/grew up here), and I was presented with a 60% pay rise, lower taxes, better home affordability, i'd try it out for a year or two. Canada is really going downhill in terms of affordability. My generation will never afford to own homes without significant help from family, or severely sacrificing to save for the large $250,000+ down payment required for a decent home.

Agree with oompa on the PR thing. It may be worth it, it may not be, depending on your personal circumstances. You may not even qualify as it is.

I'd take the option that allows me to put away the most for retirement and get out of the rat race.
I assume that you are the same generation as my daughters. They are 22 and 19. They were able to buy a house in Calgary earlier this year. I did not contribute anything towards their down payment (that came from the 19 year old) and, at the time of the purchase, both were students. The older one is not anymore but the younger one still is. Your comment may be correct if one wishes to purchase a property in Toronto or Vancouver, but there are other locations.
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Old Jul 28th 2022, 5:29 pm
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Default Re: Move to US... advice

Originally Posted by Almost Canadian
I assume that you are the same generation as my daughters. They are 22 and 19. They were able to buy a house in Calgary earlier this year. I did not contribute anything towards their down payment (that came from the 19 year old) and, at the time of the purchase, both were students. The older one is not anymore but the younger one still is. Your comment may be correct if one wishes to purchase a property in Toronto or Vancouver, but there are other locations.
Good for them and you do hear different opinions across the globe now. The older generation will argue that interest rates were higher before and here an interesting Canadian article from 2015 https://www.theglobeandmail.com/real...ticle24398735/
They did a study in Germany and over 50% believe they will never afford a home although some experts claim it's more affordable than the 80's. Because of the knowledge today, many are just more cautious, feel property is overvalued and they don't want to give up the things they like now (Holidays etc.) I dont know about that and personally I'd say it's a lot harder to save when rents are so high and today there is a lot more competion. Today you can browse the internet and any bargain is no longer a bargain when half the world can see the advert.
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Old Jul 28th 2022, 6:41 pm
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Default Re: Move to US... advice

Originally Posted by Moses2013
Good for them and you do hear different opinions across the globe now. The older generation will argue that interest rates were higher before and here an interesting Canadian article from 2015 https://www.theglobeandmail.com/real...ticle24398735/
They did a study in Germany and over 50% believe they will never afford a home although some experts claim it's more affordable than the 80's. Because of the knowledge today, many are just more cautious, feel property is overvalued and they don't want to give up the things they like now (Holidays etc.) I dont know about that and personally I'd say it's a lot harder to save when rents are so high and today there is a lot more competion. Today you can browse the internet and any bargain is no longer a bargain when half the world can see the advert.
They have both worked since they were allowed to. One spent all her money, the other saved it all, during the time that they lived at home.

They moved out and paid rent for a year before they decided that they would rather pay a mortgage and, during that time, they lived on "rice and beans" and gave up going out and all luxuries.

They had a CMHC mortgage after putting the minimum down they could get away with, and they have someone living with them paying them more than each of them pay in their contribution to the mortgage each month. IRRC, their mortgage is fixed at 2.5% for the next 5 years, and the monthly cost of the mortgage is less than $1,000, which is less than they were paying in rent.
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Old Jul 28th 2022, 6:56 pm
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Default Re: Move to US... advice

Originally Posted by Almost Canadian
I assume that you are the same generation as my daughters. They are 22 and 19. They were able to buy a house in Calgary earlier this year. I did not contribute anything towards their down payment (that came from the 19 year old) and, at the time of the purchase, both were students. The older one is not anymore but the younger one still is. Your comment may be correct if one wishes to purchase a property in Toronto or Vancouver, but there are other locations.
My daughter and her husband recently purchased a house in Vancouver unassisted. They did have to save frenziedly for years and make such sacrifices as not having a car but didn't we all?
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Old Jul 28th 2022, 7:10 pm
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Default Re: Move to US... advice

Originally Posted by Almost Canadian
They have both worked since they were allowed to. One spent all her money, the other saved it all, during the time that they lived at home. .....
Originally Posted by dbd33
My daughter and her husband recently purchased a house in Vancouver unassisted. They did have to save frenziedly for years and make such sacrifices ....
As we appear to be heading into a period of inflation I am sure that they will not regret the sacrifices made to get onto the property ladder. Owning an inflating asset (a house) while paying off (the loan for) the original 1970's price with deflated 1980's & 90's pounds is what made my parents' generation relatively well off as they approached and went into retirement.
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