₦airaland Forum

I don't know if people still need to be told this, but as a newcomer to Canada, you don't know enough to dabble into the pre-construction game, except you have a very high risk tolerance and your marriage is shock proof. Yes, for married couples, their marriage is usually the first casualty, afterall, the number 1 cause of divorce in North America is financial issues.

Pre-construction has worked for many people. But the risks outweigh the gains. It can set you back to worse than you were before you came to Canada. You will lose your investment and still file bankruptcy; and very few professions in Canada allow people that have filed bankruptcy to practice without restrictions.

My advice? Buy the house you can see with your two eyes and touch with your two hands. If it is your first house, forget about double garage, massive backyard, new build and all those nonsense that inflate prices. Your first house in Canada is not your last house. As much as possible, buy the one that does not max out your credit room. Try to get pre-approved before you start your house search so you know your limit. If your mortgage broker or realtor starts to talk to you about the possibility of private lender, RUN from that deal!!!

ferfer:
- Naija no dey carry last oo, na so e be. In fact it is 'better' because there seem to be a recent uptick in taste for new builds or bespoke/custom houses.

Unfortunately, this taste for new builds or bespoke/custom houses, including the taste for massive houses with double garages has become the undoing of many Nigerians who have no business buying such homes.

You sign a pre-construction deal for a $1m+ house without a clear plan for how you will qualify for the mortgage with an A lender. I was speaking with someone recently that has put down almost $200k on such a home. House is now ready, but they dont have the wherewithal to close. A similar home on the street by the same builder is selling for about $300k less than their own price.

Builder has now taken them to court to forfeit their downpayment and get judgment for any loss the builder will make as they will definitely have to sell the house at a much lower price.

Zeemaan:
Please is getting admission to study courses like Medical Laboratory Technology, Nursing, etc Competitive? I am single with little savings and would like to get advice on what best to do after arriving Canada (I got PR in April) in terms of work or study. The money I saved would be sufficient for school fees but not rent or feeding.

If you are open to Ontario, find out about the Learn and Stay grant... it pays for your nursing or med lab education as long you stay in. the region you studied for a while afterwards. Then apply for OSAP and take the grant portion to cover your living costs.

eniola1010:
Is there anyone here living in gta and ships car to nigeria as a means of side hustle?

Also is there anyone here living in gta that does airbnb as a side hustle?

Also is there anyone here living in gta that does brrr method of real estate investment?

Please i would love to connect with you.

Can you just quote this message

Before you start Number 1, ensure you have a large shock absorber and that your blood pressure has been stable from birth till date.

I don’t know what funding is available in Manitoba, but I am sure they have their own version of student grants and loans.

You should definitely consider applying for at least a grant as Working full time and schooling is not a very practicable way to live for the extended period of time it will take you to complete your studies. A lot of people do it, but it is high stress and almost zero family time for at least 4years. I wouldn’t do that

.

Ayomikunkco:
[/quote][quote author=Ayomikunkco post=138876544]

Ayomikunkco:
Good day everyone. I am a new PR awaiting landing in May 2026. I am an experienced HCA and laboratory assistant/phlebotomist from Nigeria. I have a PSW certificate from Ontario (online study). I have always dreamt of becoming a nurse some day. Now that I have my PR, I think it is best to start the race of achieving my career in nursing. I have an offer of admission into BSc nursing ( pre nursing courses included) But alot sounds as if it isn't achievable or doesn't worth it as a PR.
I am not sure if it is extremely difficult to achieve academically or it just doesn't worth taking 4 years of my life when I can get something good without having a Canadian education.

Narrowing it down to diploma of nursing
Laboratory assistant course(4 months duration
Medical laboratory science (28months
Diploma of social work(24 months
Pharmacy technician.

Also, all I hear is I can't combine study and work together. How true is this statement?
I just want to align myself in a good healthcare course without much stress while making a cool cash.

Healthcare has been my identity all my life so diverting totally away will not make me feel complete. I am open to good suggestions too. Little about me A mother of 3 (12-7- 1 year and 2 months) relocating family of 5.
Thanks.

Here is what I would do if I were in your shoes in 2026:

Apply for a Nursing degree program under Ontario Learn and Stay Grant at schools in London, Windsor, Ottawa. Degree is fully paid for by Ontario Govt.

Apply for and accept OSAP grant to fund living expenses in the interim

I chose London, Windsor, Ottawa as the economic activities in those cities are robust enough for your spouse to find employment in their field.

After a year in Nursing, you are able to start working as a PSW and earn an income, and gain more experience.

Finish your program in less than 4years and you are guaranteed a career in one of the most stable professions in Canada, with options of moving to the US if you want.

PUBLIC ANNOUNCEMENT - PERMANENT CLOSURE

Good day,

We wish to inform our valued customers and the general public that we will be closing our business permanently, effective today, November 17, 2025. After careful consideration, we have decided to discontinue operations and will no longer be selling vehicles or providing related services, as the business is incompatible with our business that provides legal services in Nigeria and Canada.

We sincerely thank all our customers, partners, and community members for their support over the years. It has been our pleasure to serve you.

We do not have any outstanding obligations to our customers at this time.

Thank you for your understanding.

Omoapena:
bro, are your cars mainly imported from Canada or you do US and Europe too?

Canada

Omoapena:
welcome back amdman

pls can you help me look out for ford focus 2008 European spec.
give me total buying and landing cost...

European Spec is not widely sold in Canada

Moyissh:
Please post Benz e350 2014
Acura TL 2014

2014 Mercedes Benz E350

112k miles

N23m

2013 Acura MDX

221k miles

N10m

2014 Acura MDX

224k miles

N13m

2009 Honda Ridgeline

217k miles

N10m

Mecoy:
Location?

The cars we post are all in Canada

2006 Toyota Sienna

225k miles

Dent on rear passenger side

8 seater

N9m

2008 Toyota RAV4

146k miles

N10.5m

2012 Honda CRV

174k miles

Dents on body

N12.5m

2009 Pontiac Vibe

186k miles

N6.5m

Pearly274:
Hello everyone,

I would like to know what life's like living in Thunderbay, Ontario as a PR? I have read that the cost of living is quite affordable.
What about job opportunities? Commute systems? community lifestyle? there seems to be very little information about the city.
I'll appreciate if I can get more first hand experience information.

Thank you.

If you are already a permanent resident, and you do not have a HIGH paying job or other high priority reason waiting for you in Thunder Bay, it may not be the best place to start your new life in Canada. The city is far from everywhere, population is low, economic opportunities are less, etc. Rent may be cheap, but dont forget rent is usually cheaper where opportunities are few.

seunpinky:
I have been doing some serious research on buying a biz in Canada, unfortunately, not so many black immigrants have the knowledge. Most of the information I have gotten have been from the Indians as they seem to have the hack for such ventures. This been said, buying and running a biz is a whole new level ( involves time, patience, access to finance, regulatory compliance, staffing etc)

Pls let’s share more information on buying bizes/franchises. Most blacks are just focused on RE which is not a bad thing but we need to diversify our investment portfolio.

There are quite a lot of aspects to it, and having someone that has successfully done it can be helpful.

For example, are you buying a business that you will run (almost like buying a job) or do you want a business that will run independently of you (these are much harder to get and most franchises don't like this model).

Are you buying a franchise (and therefore have less control of your business) or are you buying an independent business (ride and die alone, profits or losses)

Are you buying a business you have expertise in (usually beneficial) or one that you have no clue about and only have management skills?

slydog:
The business model of the guy on IG I follow focuses on buying businesses that work without him, using existing staff, bringing up one who knows the business inside out and clients and upgrades him to partner. That one go work like Jacky since he sees the business as partly his,

That is a good model that has been successfully replicated. It is practically what all big companies do. Set up a good vesting schedule and let the guy run the business... then you run to warmer climates during the winter season in Canada

slydog:
Retire early, my target.

I follow one guy on IG that's into buying businesses, unfortunately the SBA loans he uses in the US, we don't have that variant here in Can.
So my plan is RE, then use profit and pivot gradually to buy a business.

Financing is probably not the biggest problem as long as you are a PR/Citizen, have some savings and good credit. For example, most of the major banks have a $250,000 Black entrepreneurship loan that includes funding business acquisition or startup. Business Development Canada has a $1m loan program that also funds Business acquisition.

Many franchises also offer some form of financing as long as you can put down a downpayment. As a standard, you should have at least 20%.

At the end of the day, the first determinant is that do you have the heart for it? Do you have the liver to hand over $500k to someone and take over his Business that comprises of mostly intangibles?

slydog:
I have applied for a $1m term now, going through underwriting process.

Rather than do perm life, I will use my working years to invest in RE big time and pivot to buying businesses. If I get up to 20rentals at 50, that will be ok for me at the same time putting funds in TFSA and RRSP and other small investments here and there.

Buying businesses is one hidden gem that many Nigerian immigrants have not been able to key into yet. If you pull it off right, you will retire earlier.

ednut1:
https://www.ctvnews.ca/business/regulator-reining-in-greatway-s-multiple-levels-of-questionable-insurance-marketing-1.6270580

🤭 saw this when i went to research last year, also saw some Reddit posts from Philippinos in Alberta

See wickedness that is packaged as an insurance/investment product and sold to family and friends

From the above CTVnews article:

A key part of problem with the financial strategy, said Vaneesa Cline, a financial planner in Calgary, is that the cost of the insurance ramps up rapidly with age. That diverts payments away from the investment side and saddles buyers with a lifetime of rising costs for a premium product they may not even need, she said.
Cline said she's helped several former Greatway clients sort out their finances, including one man who was initially paying about $250 per year in premiums, but by the time she met him in his 60s, he was critically ill and his family was struggling to make payments of $600 per month.
"It's potentially devastating," said Cline. "When (clients) get to retirement and they need the money the most, the cost of the insurance inside these policies is so high that it quickly depletes the cash value that has built in these policies, to where these policies lapse."

seunpinky:
Adding this picture to add context to your write up. For the first 6/7 years you are only getting insurance coverage while nothing goes to your investment until year 6/7 (cash value)

Wow! This is even worse than I thought. So I pay into an investment for 7 years but get zero $$$ if I stop investing by year 7.

Kenn55:
Nothing ooo. I lost the money but I didn't mind cos it's better than continuing it. I took it as the price to pay for lack of knowledge

Imagine that! You took the right decision though. Only sad that your relationship with the agent is damaged.

Kenn55:
You are correct. However, I think he is specifically talking about those kinds of insurance those agents are selling. It is a kind of hybrid insurance plus investment package and it makes no sense. If you read the details you realize that the risk of losses is too high.

It is better to separate your insurance from investment. I do insurance for insurance and investment for investment and not those nonsense they are tricking people to enrol which costs a lot.

I got tricked by one Nigerian agent when I first came to Canada so I got the package but I canceled it after 9 months when I had a better understanding of how things work. The day I canceled it, he begged me eeh, told me so much sweet stories to make me change my mind but I didn't. After I canceled it, he didn't talk to me again even till today

What percentage of the premiums you paid for 9months was refunded to you?

seunpinky:
Aptly written, the agents are just pushing the ULP products due to the high commission they make of it. Using your above example, with a monthly premium of $800 per month, the agent will make between ($ 4,800 - $7,680) as commission. This is the reason there are several ULP agents out there esp within our community.

Everybody just wants to cash out. If I were in that business., I would sell at least 3 policies monthly but my conscience won't let me sleep at night. How would I feel to find out a friend sold me a bad product 5years after diligently paying into the product?

Sometimes I blame the agents, but some of them were also lured into it with very little prior knowledge.

slydog:
Interesting, though I realized it's only one company that most immigrants insurance agents use and that's ivari.

But I do note that there are other insurance companies like the insurance companies of the big 4 banks and all.

So would u suggest I buy insurance from the big names and avoid d one that targets immigrants or not buy at all?

Ivari/WFG are the products pushed by immigrants for immigrants. I personally prefer buying from insurance companies owned by the big banks because they have a reputation to protect, have a larger pool of fund and a $1m payout will not shake them as much as a smaller company that will start looking for excuses not to pay.

Life insurance is very important, but buy term life policies. The primary goal of life insurance is to protect your family so that they can maintain similar lifestyle if you pass early. If you were intentional with your investing in your working age, your family will not need life insurance to protect them when you are 65years because your savings will be significant and your children will be of working age themselves. Life insurance is to bridge the gap whilst you are still accumulating your investment.

megastu:
How does the person who bought the product loose money?

First, his beneficiary only gets one leg of the policy if he dies, that is the insurance leg. The investment if forfeited to the insurance company.

Lets also look at fees.

Under a Universal Life Policy, your $600 monthly premium payment for the first 2 years goes towards fees. The insurance company paid the insurance agent $3k for your policy, paid his uplines (because they sell via network marketing) and incurred other costs. So for the first 2years, you practically have almost zero investment despite the fact that you have paid over $14,000. In addition, they charge the highest annual management fees compared to other mutual funds, meaning that in reality, your investment will not even grow at 5% because their annual fees are constantly eating into it.

seunpinky:
2. It is better for you to buy a temporary life insurance (term life) 20/ 25years for very cheap premium say $30 - $40 per month than buying a permanent life insurance for $500 per month. you can diligently invest the balance of $400+ in the options listed in 1 above.

Let’s consider the rate of return. The top rate offered in Canada for investment under a Universal Life Policy is 5%. This is partly because of Govt regulation that limit how and where insurance companies can invest their funds. So if you were investing $500 monthly aside your insurance premium, your investment is growing at 5% annually. That is practically a wealth destroyer as the inflation rate can sometimes be higher than that. As I demonstrated above, an S & P 500 linked mutual fund will deliver 11%. So after 15years, the ULP guy that invested $500 for 15years will have $133,991.23 while the Term Life guy will have $220,928.29.