Landing Question

Old May 30th 2008, 8:18 pm
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Default Landing Question

Sorry guys, I am sure this has been asked in the past but am struggling to find anything in here or in the Wiki this morning.

So my PR should come in the next month or so which is great. However we were planning to emmigrate next July ish and therefore land sometime before the medicals are a year old (Feb). I know I can land and virtually turn straight back round and come back so thats not an issue.

However, is there any extra paperwork around this or do I just travel out and back into Canada (telling immigration as you go) on the uk passport.

I know also that I must rack up time in the next 5 years after landing (two years ?).

All these questions might sound like I am getting cold feet. This aint the case but we have to be realistic about the housing market in the uk right now. Stories are of 20% drops in pricing and hence negative equity. If that happens there is just no way we can sell our house. We will have to keep hold of it and sit the whole thing out.


Sorry for bleating on and all
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Old May 31st 2008, 1:27 am
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Default Re: Landing Question

Hi Londonhatter

You must have read the same story that we are in!
However, we pick up our VISAS next Thursday from Canada House!

We just put our house on the market, it's worrying... we also need to sell
before we move. Otherwise, we can't buy when we move. We have had nobody look at our property, which is unusual!

The thing about house recessions is that they normally recover within
THREE years, the effect on your house price may be about 25% to 30% depending on where you are... it may just work it's self out?

We may let the house to begin with, renting in Canada, ride the storm then settle up after recovery, but there is no way to predict it at the moment.
It does not help that the mortgage lenders are making it tough to get credit, no mortgage, guess what happens, no buyers!

I have a feeling that houses in Canada are beginning to get a knock also, but they are keeping it quiet. Houses that we looked at SIX months back are still there, some even offer CASH BACK bonuses, that paints a big picture!

The thing is we need to sell, whatever the price to make the investment over there.

Sorry no Crystal Ball, yet, but keep in touch, it's an interesting story...

Cheers

Bob
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Old May 31st 2008, 11:24 am
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Default Re: Landing Question

Originally Posted by RGPickles
I have a feeling that houses in Canada are beginning to get a knock also, but they are keeping it quiet. Houses that we looked at SIX months back are still there, some even offer CASH BACK bonuses, that paints a big picture!
Canada is a big place, even though there aren't many people here; prices do seem to be static or dropping in the more bubbly parts, but asking prices are still going up around here. I do suspect that prices will be drop over the next 3-5 years though... I'd say $250,000 would be a fair price for our house but it would probably sell for closer to $400,000 at the moment.
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Old Jun 1st 2008, 7:27 am
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Default Re: Landing Question

Mark

Thanks for the info... I have been looking at Canadabusiness.ca every day, I did notice that Ottawa has dropped the most, but as you said, any drops will be over a few years.

I like to be optimistic, but the other half, is the opposite.
I'll try to have a plan, might delay landing to extend the time that I can stay
in the UK, just in case

Let's hope that we get a buyer soon though

Bob
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Old Jun 1st 2008, 9:09 pm
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Default Re: Landing Question

.
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Old Jun 3rd 2008, 10:16 am
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Default Re: Landing Question

Originally Posted by RGPickles
Hi Londonhatter

You must have read the same story that we are in!
However, we pick up our VISAS next Thursday from Canada House!

We just put our house on the market, it's worrying... we also need to sell
before we move. Otherwise, we can't buy when we move. We have had nobody look at our property, which is unusual!

The thing about house recessions is that they normally recover within
THREE years, the effect on your house price may be about 25% to 30% depending on where you are... it may just work it's self out?

We may let the house to begin with, renting in Canada, ride the storm then settle up after recovery, but there is no way to predict it at the moment.
It does not help that the mortgage lenders are making it tough to get credit, no mortgage, guess what happens, no buyers!

I have a feeling that houses in Canada are beginning to get a knock also, but they are keeping it quiet. Houses that we looked at SIX months back are still there, some even offer CASH BACK bonuses, that paints a big picture!

The thing is we need to sell, whatever the price to make the investment over there.

Sorry no Crystal Ball, yet, but keep in touch, it's an interesting story...

Cheers
Hello Londonhatter and RG Pickles...

You both seem to be in a similar situation to me, and Im glad that I know of at least someone else who is thinking along the same lines as me.

I will hopefully get my PR visa late summer, I have a 2 week holiday planned in September when I hope to land. The way things are going at the moment there is no way I could sell my house... (even if I could by slashing the price) - I felt if I sold now I would lose far too much unrecoverable capital, my house is all I have, and is what Im banking on to give me the start in Canada I need.

Im not expereinced in property in any way but we all know in the long term property never depreciates - it has 2 maybe 3 year dips but never decreases overall. Im planning to do what both you are doing and sit it out....

In the mean time I plan to leave for Canada early next year, I plan to let my house, - unlike sales, property letting in my area seems very boyant, so I plan to secure a 6month minimum letting period, maybe even 12 if I can, before I leave, to allow myself to get settled with out UK worries, Im stopping with a friend initially but if Im settled into my job, I may look a renting my own place in Canada, whislt keeping an eye on UK property prices, and keeping my Uk house let out.

Its not ideal...and has risks, but I would much rather do this, and give it time to make some of the losses back than lose significant unrecoverable capital on my house in the UK - after all one of the biggest advantages of moving to Canada is the start your property equity will allow you in Canada resulting in little or no mortgage.

If only I had my visa a year ago it would have been also diffferent

Any one got that crystal ball?

PAul
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Old Jun 3rd 2008, 6:57 pm
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Default Re: Landing Question

Paul

Yes, it's a nightmare, it all locked up in bricks and mortar.

The rental market in our area is now not moving as most people sellins have your idea to let. It's really bad in teh south, but the governement and media are not helping by creating panic.

The funny thing is, we got two viewings out of the blue yesterday, so fingers crossed.

Taking all FIVE of us to collect passports and VISAS tomorrow, a few days stay in a hotel in london... last time that we will be there perhaps?

Good luck with life, especially the new life.

Will try to post some picks after our trip to Nova Scotia and also post some info back about the economy and housing over there.

Cheers

Bob
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