salford1:

Thanks for your reply. Yes rental/investment as it would be completely rented out.

I haven't made up my mind on whether to buy a condo (more of a townhouse - 3 apartments in a building) or to buy a detached bungalow. Both come with basements (no side entrance) plus garages at the back.

Most if not all the detached bungalows I have looked at were built in the 1960s to early 90s. I am also trying to stay away from fixer uppers too as building DIY is not really my thing. I can only fix furnace and that's about it.. unlike some oyinbos that can almost build a house all by themselves. The condos/townhouse all come with 2 baths and are newer. Monthly fees for the condo are currently at $200, so I am taking that into consideration as well.

I am leaning more towards the detached bungalows because those ones appreciate better, rent income is higher than the townhouse/condos, and I might be able to create a legal basement unit out of the building, even though the properties tax is a bit more.

Values of houses has been dropping here since 2015 when crude oil became cheap. Most have seen drops of between 4 to 12%, and the downward trend is still ongoing. I sometimes fear a crash. I prefer to save up and advice others to save atleast 20% deposit to avoid the mortgage loan insurance (quite steep - 0.6% to 4.50%), which also only protects the banks.

If the rate doesn't go below 0.25, then it's best to buy now and lock for 5 years. I think waiting and speculating to see if the rate would go lower is pushing my luck.

atutupoyoyo2211:
For clarification, you are right, cos i applied for student loan in 2019 and i was given a very little amount and no grant because of how much i made in 2018. Now i said my sister had the money sitting in her account, i didn't say she made it all in a year. My sister worked as a personal support worker for 2 years before applying for a nursing degree. She worked part time while pursing her nursing degree and she just completed her RN qualification exam in February this year. the money she has was not made as nurse but was saved up from the time she was a PSW. Specifically, she didn't save much in 2016, but according to her, she saved 40k in 2017, 22k in 2018 and 18k in 2019. And trust me, as a nurse, she will make much more.

CutieKing:


The point is this,you dont just get into any job with the sole purpose of working overtime and now think you are making money.if you work $16.5 an hour and you made 100k in a year,we can just assume you worked for over 20hrs every single day before you can achieve that if its actually possible.that is not only a safety hazard but a death warrant waiting to happen.
Getting a good job is the key and not over reliance on overtime work as a mean to an improved income earning

atutupoyoyo2211:
we actually have some good info on real estate. Dont really wanna disclose my sister's location and mine, u know, cos of securit y.

Babyvet:


You said you sis saved $100k , Abeg what is the hourly range of PSW in Canada? Canadian nurses are crossing the border everyday to come and work in the US due to opportunity and more income.

Kekereekun123:
stop wasting your time with this guy. Its clear he is not telling the truth. His mother also saved 51k pounds. Lies upon lies. My sister worked in a 3 care homes while in the uk. Used to come home 3 times a week. Never had 70 or 100k income

MrTeeo:
Nigerians una get wahala ooo. You're not doing what he is doing and you're here saying he is lying. Someone is comparing UK to Canada. Do you know how many hours she's working. You all should chill abeg

atutupoyoyo2211:
Normally, i would probably not reply, but since we are all staying at home, i have a little more time. First of all, My mum never did any savings in pounds, she was in Canada not Uk, so obviously it was in dollars. And maybe you can show me where i said 51k pounds, that would be nice. Second of all, Your sister worked very hard just like mine. Maybe if you try and do the same, you won't be complaining about someone else income.

Kekereekun123:
stop wasting your time with this guy. Its clear he is not telling the truth. His mother also saved 51k pounds. Lies upon lies. My sister worked in a 3 care homes while in the uk. Used to come home 3 times a week. Never had 70 or 100k income

Babyvet:


You said you sis saved $100k , Abeg what is the hourly range of PSW in Canada? Canadian nurses are crossing the border everyday to come and work in the US due to opportunity and more income.

Babyvet:


It does not make sense at all, I researched the hourly rate and yearly income for PSW in Canada and even with overtime it does come out to six figure yearly. If a PSW could earn that much , why would nurses even bother driving across the boarder each day for work ? Even the OP who said he make 100k , he not shown a updated saving accounts to show he saved closed to the 120k.

Kekereekun123:
https://www.nairaland.com/4857306/monthly-savings-canada/7#73758467. 53k CAD. bros take it easy with all these lies abeg

Fhemmmy:


Most experienced PSW in Canada makes average of $ 40,000 CND per year
Please mind you that out of that 40,000$ - He or she will pay an income tax of 8000$ - meaning take home would be 32,000$
Except the person is living for free, he or she will pay minimum rent of 12,000$ per year
Transportation if he or she has a car - Gas, insurance and year maintenance - 10,200$ per year
if you have no car of your own as a PSW - you will have to go on public transit and that means possibility of doing extra work will be limited
Communications and long distance calling Nigeria - Another 1200 per year
Except person that doesn't mingle with all these Nigerians that are into weekly parties, he or she will need to buy clothes and stuff - say 2400 per year
This means 32,000 - 25,800 = $6,200 per year

That is the kinda savings that is possible per year for someone that lives a very conservative lifestyle and as a PSW worker with the most experience.
However, it is possible to do a double shift, meaning doing like 60 to 80 hours a week and such will make money with over time, however, at the end of the year, you will give it back to the government in taxes but still be able to save more.

With the picture that the OP has painted above, the PSW doesn't have the most experience and with little experience or training, such staff will be making around 30,000$ a year before taxes and with taxes, such will be average of 6300$ in taxes and go home with 23,000$ per year

On the other hand, i give credit to the OP and his sister that she did PSW while in school because that is the best way for a nurse to be able to pay for her own education but the only not very smart thing done by them was to get the student loan with such money they claim to be making because student loan in Canada is not free, they will pay it back and with interest too.

I am not here to debunk the claim of any savings BUT we should be careful with information we are giving to the people out of canada because someone will make decision based on information that isn't really possible for everyone . .my apologies if OP is offended with my comment, but please let's be real with information we post for others

atutupoyoyo2211:
So pls how is CAD53k equivalent to 51k pounds,? and she saved that in 3 years, you gotta read properly man. I'm done.

atutupoyoyo2211:
I'm actually not offended. Your statistics may be right for the average PSW. Like they say, the average security guard makes maybe about CAD28k a year, but i wasnt the average guard. I make explanations based on my personal experience, not what the average statistics says. Thats why i created this thread. Because before my family came to Canada, all we were hearing and seeing is the same statistics you are providing. But obviously, i guess we are not the average.

Fhemmmy:


Most experienced PSW in Canada makes average of $ 40,000 CND per year
Please mind you that out of that 40,000$ - He or she will pay an income tax of 8000$ - meaning take home would be 32,000$
Except the person is living for free, he or she will pay minimum rent of 12,000$ per year
Transportation if he or she has a car - Gas, insurance and year maintenance - 10,200$ per year
if you have no car of your own as a PSW - you will have to go on public transit and that means possibility of doing extra work will be limited
Communications and long distance calling Nigeria - Another 1200 per year
Except person that doesn't mingle with all these Nigerians that are into weekly parties, he or she will need to buy clothes and stuff - say 2400 per year
This means 32,000 - 25,800 = $6,200 per year

That is the kinda savings that is possible per year for someone that lives a very conservative lifestyle and as a PSW worker with the most experience.
However, it is possible to do a double shift, meaning doing like 60 to 80 hours a week and such will make money with over time, however, at the end of the year, you will give it back to the government in taxes but still be able to save more.

With the picture that the OP has painted above, the PSW doesn't have the most experience and with little experience or training, such staff will be making around 30,000$ a year before taxes and with taxes, such will be average of 6300$ in taxes and go home with 23,000$ per year

On the other hand, i give credit to the OP and his sister that she did PSW while in school because that is the best way for a nurse to be able to pay for her own education but the only not very smart thing done by them was to get the student loan with such money they claim to be making because student loan in Canada is not free, they will pay it back and with interest too.

I am not here to debunk the claim of any savings BUT we should be careful with information we are giving to the people out of canada because someone will make decision based on information that isn't really possible for everyone . .my apologies if OP is offended with my comment, but please let's be real with information we post for others

Babyvet:


Your post still support my claims , even with overtime’s , there is $60,000 difference . So how much overtime would equate to $60,000? The only way for the PSW to save $100,000 would be to work overtime consistently , have low bills and and save for a very long time. Plus it makes no sense for someone to save that amount of and still take out loan for school. I payed my way through school and did not have $100, 000 saved.

Kekereekun123:
anyone that has lived in the west can see through your lies. Which visa type did you mum. Come to. Canada with and your sister. Only una dey make this big money yet dont have a mortgage you have paid for but prefer to keep cash in the account. Bros bikonu stop all this

Babyvet:


Only gullible Nigerians back home would fall for the OP post . If one is able to save such money , then should not be any reason to take out student loans.

Fhemmmy:


I am with you on your claim and i do agree . . . and that was why i said, it is possible to make 100,000$ in a year as a PSW but the person will:
Not live in his or her house because it means he or she is working 80 hours a week out of the 168 hours in a week
Out of the 168 hours in a week, the dude or the lady will have to either drive or bus back and forth to work
And even if able to make 100,000 a year, you won't take more than 65,000$ a year
No one can work the body as such without breaking down
And to top it Up, it makes no single sense to have such savings and go for a loan to go to school . . . That was why i said, they need to see a real and experience financial adviser because there seems to be too many cracks in the claims

Babyvet:


Only gullible Nigerians back home would fall for the OP post . If one is able to save such money , then should not be any reason to take out student loans.

Fhemmmy:


OP was able to share online his "Pay stub", his "Income tax statement" and his "Bank statement or balance" but all of a sudden worried about security and couldn't tell what province he resides in . . . .

Kekereekun123:
they dont seem to pay rent or wish to acquire any assets in canada or 9ja. Living on minimum wage is never easy even with overtime. Abeg abeg abeg.

Fhemmmy:


Brother. if you are willing and ready, me and you can debate this to educate one another, i am not saying i know it all neither am i saying you are lying, however, i will like to know how you and your family have been able to do this, so others can learn from such because it is NOT adding up . . .Based on the calculations, except your sister have done some other things - it is IMPOSSIBLE for her to save 100,000$ in couple of years working as PSW

Babyvet:


Like I said too many holes his in history, I knew he was phoney when he stated this goal was to save 120,000 cad within 2 years as a security guard . Notice he has not given any update about his actual saving .It’s very easy to fool people back home , our people run with whatever they are told.

atutupoyoyo2211:
I see you are in Ontario, I will DM you my contact lets discuss.

Fhemmmy:


I just imagine how many bank managers and medical doctors back in Nigeria will read his story and quit such job with the mind on being a security officer and PSW in Canada . . . .Let's always give correct information for people to be able to make reliable decisions

Babyvet:


Like I said too many holes his in history, I knew he was phoney when he stated this goal was to save 120,000 cad within 2 years as a security guard . Notice he has not given any update about his actual saving .It’s very easy to fool people back home , our people run with whatever they are told.

salford1:

I guess he was over ambitious based on his gross pay (regular + OT) from his first year on the security work. Nothing wrong with that. There is a saying: "shoot for the moon, and if you miss, you'll still be among the stars".
He did mention that his OT hours had been cut too though.