₦airaland Forum

lanresz:
Given the way cities develop in Canada, houses built 30 to 60 years ago will be in an established parts of the city with good infrastructure connections and known communities as you mentioned. However, over the 30 to 60 years, new communities are established and people tend to move to those communities leaving the older ones behind. Lot of these communities are in downtown full of undesirable characters. If you buy a 30 to 60 year old house, a lot could happen in 15 - 25 years when you might be looking to sell it. It depends on where the market is at that point. One thing I have found about Canada is that it is very underpopulated given the landmass. Outside of the 3 major cities, Toronto, Vancouver, and Montreal, there are still lot land that are suitable to build houses. If you look at Edmonton for instance, between Edmonton and Leduc, you still have lot of land that houses could be built on despite all the developments made in recent years. Then there is still lot of land between Edmonton and Fort Saskatchewan that could still be developed. It is not like UK/Europe, where land is a constraint. The point I'm trying to make is that with the land size, it is difficult to predict what would happen in 15 to 25 years when one might be looking to sell. Some of the old houses are knock down to build new ones. If the house is in a desirable area like River Valley in Edmonton and the lot size is big, a developer may pull the house down and build 2 to 4 houses on it. A lot goes into play. Given the increase in cost of heating and the temperature in Canada, people care a lot about how energy efficient a house is.

I hope I answer some of your questions.

jedisco:
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.

olubams:
I completely agree with you. I currently live in Edmonton and work in Acheson, I have lived in Calgary and Vancouver. I have had the opportunity to drive through the range roads outside the core city between Leduc, Edmonton, Beaumont, Fort Saskatchewan, Spruce Grove, Stony Plain all the way to St. Albert and the amount available land for development is massive unlike Vancouver and neighboring cities where you hardly see vacant land. This makes me skeptical about investing in real estate in Edmonton here because the current developing neighborhoods might not even reach maturity in 15 years and there are tons of land to develop. With such abundance, appreciation is limited and with advancement in technology and speed, new houses would continue to be cheaper to maintain across board. The alternative is to consider either farm lands or commercial real estate as those grows as the community matures.

safex:
Yes, I have a handful of them

olubams:
Just to add some thoughts

a. To avoid the mortgage premium would mean putting down minimum 20%. It comes with some cost though. Because the mortgage would not be insured, it is more risky for the bank so your interest rate would likely be higher than an insured mortgage because they would factor this into the rate they would give you. You might want to do the calculation by comparing the rate with someone who is dropping less than 20% then see the amount you saving or paying more in interest. You can speak to a broker to paint the different scenarios. If I am the same position, I would do the hybrid approach. Pay less than 20% and the insurance premium, lock in lower rate, get refund on the premium paid for energy efficient houses, then pay it back on the loan itself.

....

smartkester:
Hello everyone! Please who has an idea if Saskatchewan has done any PNP draws lately? I've been in their PNP pool since December last year and nothing yet up till now. Minimum score to qualify for their PNP was 60 and I got 65. It's still the only PNP route that seems easy to get because other provinces are demanding job offers. Please I would need more information if anyone has in this regards

Sorry I brought this here because no one responded to me on the main thread

jedisco:
Just wondering. Don't they post dates of draws on their website (even if its after ut has taken place)?

jedisco:
Interesting. The bolded never crossed my mind as I just thought the lower LTV would get a better rate. But looking at it thru the eyes of the bank, it makes sense though given that an external body now guarantees the loan. But for insured mortgages, does that insurance last the lifetime of the mortgage or carry on is one switches lenders in future?

I gather the issue with being an employee of ones company is that you pay both the employee and employer part of the CPP. The alternative is to take dividends but that excludes one from RRSP. I can oly wonder if the CPP and additional income tax on wage taken are made up by the RRSP and CPP.

Luckybelt:
I’m thinking of having a TFSA account and then using the account to invest in things like ETF and segregated funds. Does anyone do something like this?

AirBay:
Yes, start immediately, no delays. Time is the most valuable thing in the market.

For starters, look into VUN/VTI.

Luckybelt:
Thank you. Like which broker can you suggest or trading platform

AirBay:
Yes, start immediately, no delays. Time is the most valuable thing in the market.

For starters, look into VUN/VTI.

jedisco:
Good stuff

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

joo2018:
ALL ABOUT PROVINCES AND CITIES

you did not add Cambridge here

olubams:
I want to believe the premium is for the lifetime of the mortgage because the premium is calculated based on the total amount of the mortgage.

The limit on RRSP is based on the income earned in the reporting year. So as an entrepreneur, your limit would be based on the amount taken as wage/salary from the business. So with your accountant, you could do a proper planning such that, you create a benchmark to maximize RRSP at the same time not push you to the higher tax bracket from salary while allocating the rest to come from dividend and you do not get RRSP room from here. CPP is based on salary alone and it does not have any relationship to RRSP.

ferfer:
@getting your place on expiration of lease - that is a good plan which requires that a lot of things fall into place. If you have to wait, it is better for the lease to expire and be on a month by month 'contract' (this is more expensive) than to break the lease - in which case the damage deposit is gone. Please watch out.

jedisco:
True. I'm planning to start looking late winter and buy in spring. So hopefully, it'd be one or two months overlap. Would start looking online soon e.g using realtor

I never got the rave about Rav4. I know it's a reliable car but internals are rather basic and it being the default vehicle for taxis in Canada put me off. One

I see your point- paying interest on a higher principal would add up overtime. I'd be asking my broker to run all the scenarios when the time comes.

Broker comparison is the kinda thing AI tools are good at. Would raise a querry and see.

ferfer:
Please share when you have the AI tool.

@mortgage - Great plan to let the broker run all the different scenarios. I beg you, shop around. If you have been pre approved for a particular amount/rate, you are still allowed to approach another financial institution. I think they only pull (hard) your credit once for the first one and that is it. As a new comer to Canada, some (I know for sure that TD has this because I know someone who got it) financial institutions have newcomer rate/bonus thingy! Shop around - broker, big 6 bank etc.

@Rav4...unless I have the resources to go buy the only Bugatti Ottoman made for Suleiman the Magnificent, I will vote with my feet for a tested and trusted, albeit banal and ubiquitous, RaV4.
The taxi drivers definitely know something we do not and I'd say we follow their lead!

ferfer:
Please share when you have the AI tool.

@mortgage - Great plan to let the broker run all the different scenarios. I beg you, shop around. If you have been pre approved for a particular amount/rate, you are still allowed to approach another financial institution. I think they only pull (hard) your credit once for the first one and that is it. As a new comer to Canada, some (I know for sure that TD has this because I know someone who got it) financial institutions have newcomer rate/bonus thingy! Shop around - broker, big 6 bank etc.

@Rav4...unless I have the resources to go buy the only Bugatti Ottoman made for Suleiman the Magnificent, I will vote with my feet for a tested and trusted, albeit banal and ubiquitous, RaV4.
The taxi drivers definitely know something we do not and I'd say we follow their lead!

Kunfu:
Hello everyone, i want to get Police certificate in Nigeria, i'm currently in canada, can someone assist me in getting contact of someone that can help me. Thanks

OkoyeIfechukwu:
Hello Everyone,

I need help finding an affordable place to stay in Toronto, Canada, close to my school at Seneca College. I recently had my study permit approved, but I'm finding it difficult to secure a place. The in-Campus housing is quite expensive, 4775 CAD for 3 months. Please, I need advice/assistance. Thank you

olubams:
My suggestion would that you research about neighboring cities and the transportation infrastructure to Toronto to decide where you will stay at least temporarily and when you are on ground, you can search for opportunities in your preferred location. In getting a place, the best most times is to get someone in WhatsApp groups where some of this postings are done or someone help you post your requests. People might want to sublet their basement, condo or shared spaces. I am in Edmonton though maybe some in Toronto or neighboring cities can help out.

OkoyeIfechukwu:
Hello Everyone,

I need help finding an affordable place to stay in Toronto, Canada, close to my school at Seneca College. I recently had my study permit approved, but I'm finding it difficult to secure a place. The in-Campus housing is quite expensive, 4775 CAD for 3 months. Please, I need advice/assistance. Thank you

Afolavid:
In addition to what the Original Poster said, if you can get the trifecta, you can easily and quickly progress upwards and choose a pathway in Networking or Security. It's a cheat code that even those without experience use to get their foot in the door and if you play your games right with real experience in the bag, you are looking at $100k in 3-5 years. This beats ANY BootCamp out there.

Comptia A+ (Core 1 & Core 2) > Network + > Security + = Trifecta! After this, you can diversify into whatever pathway you choose with a few specialized certs. Lastly, If you were a student at some point and can still access your student email, use it to access the Comptia Acad store and get the vouchers dirt cheap, which makes the investment a lot easier. All the best!

OkoyeIfechukwu:
Hello Everyone,

I need help finding an affordable place to stay in Toronto, Canada, close to my school at Seneca College. I recently had my study permit approved, but I'm finding it difficult to secure a place. The in-Campus housing is quite expensive, 4775 CAD for 3 months. Please, I need advice/assistance. Thank you

Sheron50:
You can find cheaper rent in Brampton , just be prepared to share a room with 2–3 Indian students. You can get a basement bedspace for around $350 to 500 CAD per month. It’s a good idea to bring some insecticide from Nigeria, as bedbugs can sometimes be a problem in those house. Still, it’s one of the most affordable. options.