₦airaland Forum

justwise:
This is getting very interesting now for our Kemi

Yesterday Tory MP and shadow minister Danny Kruger defects to Reform

Today former Tory minister Maria Caulfield defects to Reform

The way things are going before next GE Tory may be gone as a political party

Despite all the recent chaos in the UK, I almost forgot she was there. It seems the media has decided not to give her appropriate airtime and instead have christened Nigel as the de-facto opposition leader. Aside her statutory debate time in parliament/PM questions and scattered interviews, the media defaults to asking Farage to offer opposing views to govts policies as though they are the opposition

Weeks back when I heard her complaining about racism, it became clear that things have come full circle for her. Oddly, last week, there was a clip of her refusing to condemn Musk's call for violence on our streets.

Ultimately, I keep asking... why would the traditional Tory vote Kemi over Nigel

AlphaUno:
Annoyed, really?
I expected it sha, as analysts pointed in that direction. They just being cautious as per inflation is 3.8%. Next meeting in early November, I also foresee a cut to take into 2026

I'm due a remortgage late Nov. Hoping on another cut before then. The bond market chaos hasn't helped but with the Fed cutting rates, hopefully, BOE follows suit

ferfer:
1) Rental accommodation depends on the city and ...

Good stuff

For the rental, I ultimately used rentfaster with aim to get my place when the rental expires

It appears Facebook marketplace is quite popular in Canada as I've seen a few reference it. I'd keep that in mind in future. The waitlist for RAVs dey make me laugh. I know it's dependable but the car dey like taxi for Canada. With a vehicle, I just want peace of mind. As I was blowing money on Uber with my movement still being restricted, I ultimately went to a dealership and sorted out a lease.

Lol @nauseate. See me that my MTN line has been going strongly for over 7yrs away while only needing to use it at intervals. On my initial visit, I got a prepaid sim with Freedom but the jokers told me it's been deactivated when I wanted to return. Appears they deactivated it in abt 3months and worse still, there I was unable to retrieve the number. Subsequently got my second my sim at the airport. It costs 44 cad with 200mins fee international calls which includes the UK and 9ja and 100gb I think. The free international calls was the main clincher. Its saved me alot on roaming fees.

With the mortgage, I'm hoping to put down enough to avoid the insurance prenium. I heavily overpaid on my last mortgage and looking back, I might have handled it better i.e pay the minimum required sum and keep the overpay aside- mostly invested and when I come to remortgage, I can decide how much to add based on the LTV I'm targeting which would be dependent on the rates on offer. Ultimately, there is the subtle pressure that comes with having a large part of your home unpaid - I guess that's what the relevant insurance cover is there for.

Good enough, I'm not in BC or Ontario. My city has shown some resilience with modest growth and I wouldn't be surprised if that continues into the coming years as markets stabilise. Target is to start looking over winter but I know the market is slow then. I wonder what the common online aggregator for house sales is. I mean one where I can see over 90% of listings. I want to keep an eye on things.

My case is a bit nuanced in that I'm self-employed. So any employee/employer contribution ultimately comes from me. I'm still tryna wrap my head around the RRSP stuff and how tax efficient it can be in different scenarios. So far, I've found it needlessly cumbersome while not being very tax efficient or generous. It appears if one has too much there, it might be detrimental in retirement. Looking for an ELI-5 article on it all. My accountant wasn't so keen on it and says he tends to advise his older (middle-aged) clients to focus more on other investments such as property.. sounded kinda odd

Good performance on your investment. Is the e-series fvnd a global one? Do you know of a site that agrregates brokers and fvnds based on select criteria e.g fees they charge? I'm looking for the Canadian version of this: https://monevator.com/compare-uk-cheapest-online-brokers/
Also a place where I can see deals to be had with different brokers.

lanresz:
Well, we learn each day. I stayed in the house for 9 years. The way I looked at it then was that I would still have had to pay rent to live somewhere if I didn't buy the place then. Now I advise people to steer clear of condos and row townhouses. They tend not to hold value.

After living in 3 provinces, I have noticed this too. The premium is huge. Reasons giving are that new homes are better insulated and have modern features. By the time you renovate an old one to have more modern features, the difference in price will not be that much. A new house will be easier to insure and the house will still be under warranty. It will be had to market a 100 year old house in Canada. In many cases those houses will not be in a desired neighborhood. For me, I'm not after new ones. I live in a house built in 1990 at the moment. The same house would have cost nothing less than $100K more if the house is less than 5 year old. I had to get rid of the carpets in the house when I bought it since I hate the smell.

That's surprising. I wonder if it's because the car-centric nature of most North American cities and the fact they are relatively much newer and planned out that way.
One would expect that older houses would be in more established parts of the city with good infrastructure connections and known communities as against new builds which would be on the outskirts with an evolving population.

If one buys a 30-60 yr old house, what's likely to happen in 15-25 yrs when one might be looking to sell? Would the age then be a negative factor? If so, wouldn't it make sense to factor that from the outset? Also, what happens to older houses.. are they all knocked down to build new ones?

In Europe, most cities evolved naturally over centuries and there is more focus on pedestrianisation meaning older houses are well located. They may not be as energy efficient but folks hardly care. Maybe its cos temperatures are not as cold but then, energy costs are higher
In fact, some older house are 'listed' meaning they have a protected status and can only be renovated in line with how they were originally built e.g sach windows, tatched roofs e.t.c. Its a pain in the a** yet folks stil buy them. What's even more surprising is that most of these (esp in cities) are in rows of similar appearing and conjoined houses but still retain their value. In Canada, it still surprises me how in many afeas, every house looks distinct.

AlphaUno:
BoE set to maintain it's rate @ 4%, a trend that could go on till early 2026, according to analysts.
Never been this interested in interest rates.

A bit annoyed. Was hoping on a drop. Perhaps, the next

elengine:
Hello everyone. In the light of recent ILR brouhaha, I'm already considering canada and my PR should arrive in 8 months all things being equal. So we are considering selling our properties. The property has appreciated but it is a 5 year fixed and we are just 1 year into it. So we would be 2 years by the time the property is put up for sale. Early Repayment Charges is 8k. My question, is there no way to renegotiate the contract now? Im willing to pay a restructuring fees?

How about requesting a consent to let and renting out the property?

lanresz:
I know many people doing buy to let. It's just not for me. I was forced to be a landlord when I needed a bigger place and couldn't sell my condo townhouse. I was barely break even after accounting for the carrying cost. For this townhouse, condo fees have more than triple compared to when I bought the place 16 years ago. I bought after 2008 financial when I thought prices were at the lowest possible. The property is currently on a rent to own program, I will be making no property gain, I am actually selling it at a loss. The only consolation is that my loss is less than my neighbor's who bought 2 years before me.
....

Lol... pele.
This is not even considering that your loss in real terms (i.e accounting for inflation) would be much more. If that money was in the st0ck market all this time, returns would be gallant without the additional stress. I'd steer clear of condos...never been my thing. I just see property as a tested means of diversification and the access to leverage being the cherry.

One thing I noticed in Canada is the high prenium for new builds. Two brokers I spoke to advised to avoid older houses. When I asked the timeframe of what they consider 'old', their answer shocked me. I wonder if it's the timber framing rather than traditional brick used here. In the UK, we consider anything newer that 2000- 2005 as 'new build' and while freshly built houses may still have some prenium, it's not uncommon to see people swear they'd never touch one. Infact, it's common to see a house proudly marketed as a 'Georgian terrace' or 'Victorian detached' with 'period' features. We're talking 100 yrs and above. They're called period properties with 'character'. Truth be said, some of them have a distinct and unmistakable feel.

AirBay:
Congratulations why go for a lease? Better than finance? Kindly educate me. Are you a business owner?

Choice and numbers- with the lease, I have a residual with an option to buy if I want to.
With the finance, I'm obliged to.

OmichaelO:
thank you so much for this. I have messaged her.

If we decide to leave it we will be loosing ~£2600 over 5 years.

We have not exchanged nor completed.

For better context; the current offer will have us paying 941.17 per month and if we are able to go with the lower product fee. We will be paying ~899 monthly.

Thats enough to warrant a revisit. Its much easier with resi mortgages. For me, two weeks to the end of my conveyancing, I tinkered with flipping my rates but held back as the financial gains weren't worth it. Infact my MA advised that once all things are clear to agree on an exchange or completion date, I should let her know in time so she could recheck rates and see if there is anything better in the offing.


Lets know how it goes

OmichaelO:
thank you for dropping this link.


For the elders in the house please, I need clarification.

Our MA showed us when she was doing the scouting for lenders and we got 4.46% for 5 years, when I went to this link and did further digging, the deal is for 90% LTV and for 85% LTV it's 4.12% for 5 years. I feel we have been short changed because we already paid for product fee. Can we still go back to let her know ? I think this issue was caused because the LTV on page showed 85.01% so it probably pushed us to the 90% ladder. What you do all advise please ?

@lexusgs460 and other elders.

Why not start by having a chat with your MA.
I'd expect an MA to tell me if my deposit was close to the next treshold. If contracts have not been exchanged or you have not moved in, then there should be room to switch especially if you are looking to remain with same lender.

When I buy, my MA tells me what the next lower and higher LTV rates are should I need to touch-up my deposit. If there are fees on some products, as part of the comparison, they should also tell you what the total cost over the duration would be (including fees) so you can make a better decision.
On my resi, as there was some allowance above what I was borrowing that would still not push me into a higher ltv, my MA also mentioned taking out some cash at same rate and as part of my mortgage should I need to e.g to cover moving expenses.

Maria96:
the average condo owner in Toronto/GTA that bought 2 years ago is currently losing 1000-1200 a month, plus the condo value dropping as much as by 10-20%. The housing market is in a mess because everyone wanted to make crazy gains from the equity investment. Unfortunately like a ponzi once immigrants, jobs and foreign buyers dried up . It casted.

The condo market especially in the big cities has been a mess. In my province, property prices have retained some stability and are slightly up.
I've always not been keen on flats/condos because I see their supply as 'unlimited' and they are prone to certain issues and fees

I'd prefer family homes or a multi unit building (as its called).

All said, I wonder if the current slump might profer good value over the next 10 - 20 yrs just like we've witnessed in most markets e.g buying st0cks after the 2008 crash.

The contrarian thought would be if the last frenzy was a generational one e.g Japan boom that happened around 1990 that they are yet to surpass. I think this is less likely to be the case here.

AOI2016:
Hi Guys,
I was with a MA on Monday and we were able to get AIP with Halfiax for 4.62%.

I have lived in the Uk for 3years 6months and I have got 2 years and 2months left on my visa.

I visited some estate agents offices around yesterday and they promised to get me a cheaper rate than I got from the independent mortgage adviser.
My questions are as follows:
1. Can I trust the estate agents to act as a mortgage adviser for me or I hold on to my independent mortgage broker?
2. Can I visit more than one mortgage adviser as I don't want it to affect my credit score due to soft checks.
3. My rental contract expires in March 2026 but i plan to leave before that time. When is the earliest time for me to start searching for house.

Resi mortgage is more straightforward than it seems for most. This is the case if your history is clear i.e a regular job, no adverse rec on your credit report, decent duration in the country/visa...


Majority of lenders would have their rates published on their website and a MA is unlikely to get you a cheaper rate with same lender. From this page, you'd know lenders that offer products to folks on a visa e.g Barclays (https://www.barclays.co.uk/mortgages/fixed-rate-mortgage/). You could visit their website and see the rates for your corresponding ltv. That's what your MA would also relay if they use that lender. Once you visit a few lenders, you'd get a feel of the market and what the average rates are. Remember rates from major lenders track themselves as they need customers.
The MA helps streamline the process, look at lenders you may not be aware of and make sure the application process is less stressful for you.

To your questions
1. The EA is unlikely to double as an MA. They'd likely pass you to an MA they have contact with. You can always chat with multiple MAs as some seem to have ways especially if your history is complex.

2. As far as it's not a hard check, it shouldn't be an issue I believe.

3. If looking to move in March 26, this is about the right time. For most especially first time buyers, it takes sometime to get used to the market and what average prices are (except if you're going for new builds). Average conveyancing would take 2- 4 months or more. Listings tend to slow down in winter. You can also sensibly drag your completion by a month or two. Even if you complete a bit early, you'd need sometime to put your place in order

lanresz:
For buy to let in Canada, the return is not that great based on my own experience. I tried it by converting a primary residency to rental and was barely breaking even each month. If you find fixer upper house and you can do some of the renovating work yourself, you may be able to get a good deal.

For investment, like I mentioned I am very risk averse, I do index fvnd. I can't really recommend any good Canadian financial site.

I hope this helps a bit.

Interesting. It does. I know rental yeilds are regional and depend on house type but what does it average at for single family homes in general? Also, what are the main additional costs e.g safety checks, insurance e.t.c.
My thinking would be that if one can get yields of above 7% on a mortgage of 4% ish, then breaking even would be possible and over time, capital gains would do the heavy lifting profit wise while inflation erodes the debt. Do you wonder if the current market slump could present sensible opportunities longterm?

Thought abt renos in the past but I'm not strong on DIY. Also, I don't have the connection to handymen to facilitate it and putting the time in my reg job should pay better.

When looking to get a place, I was thinking of getting one with a legal basement so I could rent that out and ease my way into the property market from there.
I'm not traditionally as risk averse though I've become more careful with time as one has got older.

73O9:
Check clutch.ca for your vehicle, it might be a good place to buy a vehicle while avoiding those marketers that upsell their cars.

Would do next time. Finally went with a delership as I got a lease

K865:
Hi house.
....
Also, are there taxes on rent?
Thank you

I'd add you shouldn't worry so much about taxes. In 9ja, there's the constant hammering about taxes in the west that makes new arrivals worried. In reality, the truth is far from what's said

With time, you'd come to appreciate the role taxes play in an economy and see it as one of the pillars that enable a fairer society and helps you build wealth as a newcomer.

lanresz:
Some answers to your questions in italics.



I have not told anybody not to come to Canada on nairaland.com and I will not. Canada has been very good to me and I won't tell anyone not to come to Canada. I came as a student for grad studies almost immediately after undergrad. I have not established any career and very open to what to do in Canada.

Fair points.

Finding a vehicle was an issue. I noticed autotrader was quite scanty and different from what I knew. Kept asking and it turns out many dealerships don't advertise on autotrader. Had to contact one directly. Same also insurance- never used a broker before but had to use one. Was always used to going online and seeking out the most competitive on a market-wide comparison site.

I'd look at the brokers you mentioned before the tax year end. Looking for a dependeable but competitively priced broker with a selection of global fvnd.

Regarding mortgages, I found the undue prenium on new houses surprising. Folks will consider a 20yr old house 'old'. Hehe. I'm trying to seek out a good area and hopefully take discussions forward with a broker over winter.

On investments, I'm seeking info on the buy-to-let sector in Canada. It appears the candaian hoising market is more commoditised and easier to navigate. It's the returns that aren't as clear. Understandably, this is localised.

Regarding pensions, the folk advising me wasnt keen on RRSP which I found odd.. Still looking into this.
Do you know of good canadian based financial sites that perhaps compare fees/offerings for pension managers, brokers e.t.c or explains the financial system in clear terms?

A305:
CBN needs FPI which has stabilized Naira/Dollar FX rate to 1500 since last year, and they can only get that when they raise interest rate for internal debt. If they aggressively cut rate, FPI will run away, some will pull their money and begin to buy stocks and Equities, that's why CBN hasn't cut rate since the last 3 or 4 quarters.


CBN’s stance so to keep squeezing inflation, even if the economy growth suffers short-term.

One more last reason to note is:

How long does the CBN need to keep rates high to satisfy FPIs?

Where/how does the CBN get the money to pay these FPIs?

What is the longterm wider effect on the Nigerian populace if the CBN keeps finding money (from whatever sourceĺ to sustain FPIs these rates?

People should be responding for their kids. The courts should be enforcing this

Obviously a skit

lanresz:
The issue is that we can all talk about what we face. There is no where on earth that is perfect.
Canada lost 66,000 jobs in August and unemployment rate increased to 7.1%. That's a reality and people need to voice it out. It doesn't mean that some people are not finding jobs but the number of people who lost job is more than those who find job. People need to be aware of such developments.

Fair enough.. interestingly, the UK and US also posted job losses recently. This is to negate particular challenges Canada faces.
Every country does have challenges and economies do have peaks and troughs, however, conversations should be rounded

As someone who moved recently, I've needed and would need help with certain bits e.g

-Where to find the right rental accommodation, source a vehicle, insurance e.t.c
-Tax efficient savings/investment accounts and how to maximise these annually
-How to go about purchasing my place down the line, mortgages e.t.c
-Investments one can explore
-Pension planning as Canada does have a thinner safety net e.t.c

These obviously would differ from person to person and I still need help with many of these especially from those who've been here long enough. You then see why it becomes tiring when the overwhelming majority of discussions are focused on warning people not to come or driving some far-right narrative.

justwise:
Cynical part of me wants Reform to win the next GE and start deporting illegal immigrants and stop the boat, close all asylum centres and stop all foreign aids

What is happening in America right now will be nothing compare to what this country will experience, demonstrations and unrest will be a daily thing, many work-shy and benefit scroungers will have nothing else to moan about.

This need to happen before this country wake up to the danger of Reform political party.

Always said I want Reform to win- some lessons need to be learned twice. Farage would likely go out of his way to be brutal mainly by limiting settlement pathways but wouldn't be surprised immigration actually rises under a Reform government just like it did with B.Jo. When the rioting scroungers today get their benefits cut under Reform, their tune will change.

Its quite interesting whenever I hear far-right protesters speak. Within seconds, the tone rings familiar- I know this cohort like the back of my hand. Reminds me during the last riot when Nigerian folks in my community were scared. Na me dey ginja dem to forget that cohort. Na my customers.

Eitherway, it's likely that Labour in a bid to stave off Reform will do everything to cut legal migration futher creating a drag on the economy. Reform might come in and do some performance politics while ultimately increasing migration. Economics no get bias.
One thing I've always asked- would those protesting today have an issue if we double the number of migrants but remove the right to settlement i.e create a servile class?

Goodenoch:
And we should all prepare for the gaslighting about how whatever is happening is not racist; and even if it is, it’s because of “underlying causes”, from those that can’t see racism being faced by others but can hallucinate gender discrimination from thin air when it concerns them.

Hehe... irrespective of the sugarcoating, the underlying drivers are well known

Have you wondered how Eastern European migrants who were vilified pre-Brexit have all a a sudden become the model migrants?

Reminds me of an Australian anti-immigration rally I saw recently. One Chinese and Indian bloke who joined them perhaps to show how much they are different from their people were quickly manhandled and shoved off. It's ultimately racism in balaclavas

Goke7:
It’s a foretaste of what is still in the offing when Reform gets into Downing Street though the blow back will eventually regulate it. The current template in the US is what has actually emboldened every thing, will be interesting to see how the midterms elections go next year to see whether things can still go in the reverse if not then we are in it finally for the long ride.

Let's see how the U.S trends. If they don't manage to get good concessions off the BRICS powerhouse moreso with European support weighning, the next 6-18m would be an interesting period for his base.
Barring unforseen events, it seems only a major American economic catastrophe can stop the spreading far-right narrative especially in the UK. Good thing is that unlike the U.S, the UK political system has good and immediate checks and balances- even too much. Interesting times..

Welcome24:
Good day. Got ITA 2 days ago, I am working on my application and there is a place that says 'Have you applied to Immigration, Refugees and Citizenship Canada before?' I have applied for Quebec but didn’t get a nomination to apply for federal; it was declined. Please, how do I answer this part of the question?

Congrats!

I believe that should be 'no' except your application was via IRCC.
If you tick yes, they'd ask for further details. It appears they ask so as to link all your previous applications together should they need to clarify some bits.
When I did mine, I had applied for a visit visa the year before so ticked yes.

Goke7:
Broken focus, the government lost it when it was trying to fight too many battles at the same time. Sometimes it pays to just stick to your party ideology and close your ears to things that oppose that ideology. No matter what you do, folks are not going to agree with everything you offer. Starmer joining politics late has come to bite him in the end. The job of a PM is never an entry-level role.

As for immigrants, the die is cast. The reason why some of us are advocates of alternate plans, no hiding place, whatever we're being served, we've got to accept or deal with it. So many casualties already, so no surprises ahead.

He chased the wrong cohort though I believe he underestimated the issues around boat crossings. 'Smash the gangs' was never a sensible idea.

My other issue is that recent happenings has emboldened every riff-raff to the point where overt racial abuse is becoming commonplace

aragbaboy:
Hello,

I'm looking for advice on the best insurance company to cover my appliances, such as my TV, against accidental damage. Any recommendations would be greatly appreciated.

Thank you!

Tend to use Quidco and run some comparisons via the site and also on a seperate browser. They tend to have good cashback deals on home insurance. Got £100 once

Fred2020:
No worries, Farage will also liberate the UK just as Trump is liberating its workers from their jobs.

Hehehe.
Manufacturing was supposed to be where the majic would happen. If his moves doesn't turn things around there then I wonder what'd happen in the service sector.

Farage has hung around too much that it may be worth seeing what he'd offer too. Somethings are best experienced

ednut1:
in summary we should keep deceiving/ window dressing the current situation in Canada? I for one warned people to stop using student visa to come in when students were going 6 -9 months without a job and PR no longer reachable. For the permanent residency that most of us came in with its also no longer straight forward and achievable like it was 3 years ago. None of us here were responsible for the drastic changes. The unemployment situation was the major driver. Anyone that has made up their mind to come to Canada will still come regardless of what ever they read here.

We should look at the wider picture here.
This is a thread for Nigerians living in Canada which would include people at different stages of their life here- some would be more established, others fairly new. Infact some might even be born here.
While there shouldn't be undue restrictions, the constant warnings become tired when done in the wrong place. They may be better suited for the express entry thread except folks come here asking.
It's like me going on the UK property thread (https://www.nairaland.com/7534564/living-uk-propertymortgage-related/72) to go and warn people not to come to the UK. Those there don't need that advise.

Lets look at migration in itself.
Recent migrants largely fall into 3 large groups
1. Those who were doing very well in Nigeria and should have done their research before taking a calculated risk to move over. This group don't need to be patronised.
2. Those who are sponsored by their relatives in Canada. For this group, their family saw the 'suffering' here and invited them to partake in it.
3. The last group would be those hustling thru with not much to fall back on. These are the group that may benefit from your advise but they are hardly here.

If Canada is so bad, we should consider heading back to Nigeria where it's easy as some would ask.
I believe there is a robust and well established Nigerian community in Canada not just one made up of recent arrivals - discussions here should reflect that.

NuCypher:
Whatever the case, these are two scenarios that paint a self-consumed, apathetic population that does not represent the true Canadian ideal of warmth, openness and accommodation. It's just crazy. One of the more reasons I can't take this thread that seriously any more.

You capture it quite succinctly. My experience of Canada has been much warmer and welcoming than my experience of the UK. Reason why I laugh when folks say migration has 'spoilt the UK'. They certainly haven't been thru the UK system.

You list two groups and try to give reasons. Reminds me of a commentary I listened to recently about the widening dichotomy of many economies - wealth inequality some would call it. The top to upper middle are doing very well (afterall markets are at all time highs) whereas many who are struggling and feeling disillusioned have been told the reason they can't have a cookie is cos of the man outside.
Sadly, many of us have bought it - just like the picture but in reverse. I wonder if we think we'd have more favourable statements if we were the ones being thrown under.

DiarisGodoo:
You don't understand. I mean they will only insure on the condition we rent with driver as below. I want to rent without driver

What is the source of your much-repeated screenshot?