FSW WORLDWIDE

[Windsor37]

HoA fee or maintenance vary from strata to strata. Many Duplex do not have them but they get the strata insurance directly (I do this, mine is shared with my duplex partner). Needless to say, interest rates have peaked. If anything, they will go down a bit from here. That will make flipping even more attractive than renting. A 0.45 drop in interest rate in this case will be drop monthly by 100 dollars at 400K mortgage.

Possibly yes, but liquidating property has more legwork than clicking "sell stocks" from an app. I have to study the whole set of pros and cons, all fees hidden or otherwise, before jumping into this, for example or if housing inflation rates drop to 4-5%, and I'm no longer meeting the expected value because I had to sell low, things like that.

Thing with renting is that, you may also get renovicted for higher rental. For vancouver this is not unheard of. Some of the more crafty ones --specially in surrey-- further use the pretense of giving condo to their "family members" who are just another punjabi family. And given RTB is so backlogged that it is not even funny, you will end up with more trouble than worth it.

Agree on renovictions, but I'm on a purpose built rental, relatively new, just built in 2022. I'm actually the first tenant of my unit, and one of the very first tenants of the building, which why I have a relatively lower rental rate, because I'm an early bird. I don't worry about renovictions just yet, maybe after 5-10 years, but I doubt I'll last that long here anyway.

 

[GandiBaat]

Possibly yes, but liquidating property has more legwork than clicking "sell stocks" from an app. I have to study the whole set of pros and cons, all fees hidden or otherwise, before jumping into this, for example or if housing inflation rates drop to 4-5%, and I'm no longer meeting the expected value because I had to sell low, things like that.

No doubt! I spent 5 years before doing it and before that I was going into all details, attending open house almost each weekend. This is why I was able to buy a sea side duplex in 2022 for the assessment value of 2019. There were few more details, but I was able to rule out those that do not matter to me and those which did.

I do not plan or need to sell before coming 10 years or more till my son hits junior high. Then I want to get him into a good high school and will need to move near to one. May be then I will move in a totally independent house. This all ofcourse assume I remain in Canada for that long.

Agree on renovictions, but I'm on a purpose built rental, relatively new, just built in 2022. I'm actually the first tenant of my unit, and one of the very first tenants of the building, which why I have a relatively lower rental rate, because I'm an early bird. I don't worry about renovictions just yet, maybe after 5-10 years, but I doubt I'll last that long here anyway.

If you are in a purpose build rental, that is great. I generally avoid them because I have found the management company tends to be a bit more .... "A-hole" and unconcerned with upkeep of things like elevator and central heating. My friend lives in a CapREIT building. His .... management "forgot" to inform him when they did asbestos remediation... He has a 14 year old. And then they gave him warning for noise .... That being said since 2017, he has not seen his rent go from 2400 to beyond 2600.

 

[Windsor37]

No doubt! I spent 5 years before doing it and before that I was going into all details, attending open house almost each weekend. This is why I was able to buy a sea side duplex in 2022 for the assessment value of 2019. There were few more details, but I was able to rule out those that do not matter to me and those which did.

I do not plan or need to sell before coming 10 years or more till my son hits junior high. Then I want to get him into a good high school and will need to move near to one. May be then I will move in a totally independent house. This all ofcourse assume I remain in Canada for that long.

Good Luck, the last part is also a reason why I'm hesitant to buy hard-to-liquidate assets.

If you are in a purpose build rental, that is great. I generally avoid them because I have found the management company tends to be a bit more .... "A-hole" and unconcerned with upkeep of things like elevator and central heating. My friend lives in a CapREIT building. His .... management "forgot" to inform him when they did asbestos remediation... He has a 14 year old. And then they gave him warning for noise .... That being said since 2017, he has not seen his rent go from 2400 to beyond 2600.

So far all is well, they do follow rent increase rates from the BC government, so nothing too unpredictable. I wanted to move after a year once I get a much better idea of how things work in Canada, but by that time, rent prices was around 3K, and I'm like, I'm not giving up this rate.

 

[LeilaOzawz]

Hello guys ! Do you have any idea why IRCC did not treat FSW-O files for the last 3 months?

 

[GandiBaat]

Good Luck, the last part is also a reason why I'm hesitant to buy hard-to-liquidate assets.

Well... if you choose to leave Canada, you can still keep the property, keep it rented and you will not be taxed in Canada for your world wide income, provided you closed all the rest of your economic ties to Canada. Finally, you can dispose property in less than a week in the next frenzy. And yes, there will be a next frenzy.

 

[GandiBaat]

So far all is well, they do follow rent increase rates from the BC government, so nothing too unpredictable. I wanted to move after a year once I get a much better idea of how things work in Canada, but by that time, rent prices was around 3K, and I'm like, I'm not giving up this rate.

Thats one more issue. It becomes a sword too sometimes. Sword which you can not remove. I know families in victoria who have been priced out of victoria and only reason they are here is because they have not been renovicted or their rental did not need a real renovation. I will hate to give anyone that kind of power over me.

 

[GandiBaat]

Hello guys ! Do you have any idea why IRCC did not treat FSW-O files for the last 3 months?

No one knows man. But first confirm what you are saying. It is likely FSW-O are being processed but you just don't know.

 

[iSaidGoodDay]

No one knows man. But first confirm what you are saying. It is likely FSW-O are being processed but you just don't know.

FSW-Os are getting processed, it appears that IRCC is processing eligibility and background check while medicals are not "marked" pass and BIL is delayed. That is giving an illusion that IRCC isn't processing FSW-O.

 

[Windsor37]

Well... if you choose to leave Canada, you can still keep the property, keep it rented and you will not be taxed in Canada for your world wide income, provided you closed all the rest of your economic ties to Canada. Finally, you can dispose property in less than a week in the next frenzy. And yes, there will be a next frenzy.

Oh, I say no to renting... Not that they have bad income, for sure you're going to make money from it, it's just that I don't have the necessary time, patience and effort to deal with managing the rental unit especially if I'm residing from a different country. I have heard horror stories from some of my coworkers that had bad renters, so one tenant basically decided to stop paying rent, and they had to take them to court and get them out, which apparently took several months, cost them about 6 months worth of rent plus the tenant trashed the place giving them more costs, and headaches. If I want a property as an investment, I'd rather own a REIT.

 

[Windsor37]

Thats one more issue. It becomes a sword too sometimes. Sword which you can not remove. I know families in victoria who have been priced out of victoria and only reason they are here is because they have not been renovicted or their rental did not need a real renovation. I will hate to give anyone that kind of power over me.

For sure, but I'm confident that I'm not going to face a renoviction, at least not yet, as I said the unit is still relatively new (<2 yrs old). If the unit had been 7 years old or more, I would have been preparing to adjust my budget based on current rental rates.

 

[Impatient Dankaroo]

Lowering immigration now on mainstream news headliens: CBC, GlobalNews, CTV. Anti-immigration sentiment against immigrants sky high. Scores going from 450+ to 520+average since 2019. Canadian immigration has changed alot

@GandiBaat Remember you kept posting some poll with 60% canadians wanting more Immigration.
https://www.thestar.com/news/canada/there-s-going-to-be-friction-two-thirds-of-canadians-say-immigration-target-is-too/article_7740ecbd-0aed-5d36-b5da-b67bda4a13c5.html

Aged like rotten milk

 

[seadrag0n]

Lowering immigration now on mainstream news headliens: CBC, GlobalNews, CTV. Anti-immigration sentiment against immigrants sky high. Scores going from 450+ to 520+average since 2019. Canadian immigration has changed alot

@GandiBaat Remember you kept posting some poll with 60% canadians wanting more Immigration.
https://www.thestar.com/news/canada/there-s-going-to-be-friction-two-thirds-of-canadians-say-immigration-target-is-too/article_7740ecbd-0aed-5d36-b5da-b67bda4a13c5.html

Aged like rotten milk

I bet that the other 1/3rd are home owners looking to milk their properties as much as possible.

 

[Maria Odette]

It's hilarious to see the liberals in complete despair trying to fix the damage they did in 8 years. Now, after denying last fall there would be a cap on intl student visas, Marc Miller has reversed that position and said he is actively looking at a cap lol. It's also pathetic that the government, which should be comprised of "experts" to advise them, is only now realizing the tragedy they created in the immigration system when "laymen" like ourselves in this forum have been pointing it out for years.

 

[seadrag0n]

It's hilarious to see the liberals in complete despair trying to fix the damage they did in 8 years. Now, after denying last fall there would be a cap on intl student visas, Marc Miller has reversed that position and said he is actively looking at a cap lol. It's also pathetic that the government, which should be comprised of "experts" to advise them, is only now realizing the tragedy they created in the immigration system when "laymen" like ourselves in this forum have been pointing it out for years.

He was putting the blame on provinces when the federal IRCC issued those visas, can't these people even count?

 

[aj534160]

https://economictimes.indiatimes.com/nri/study/canada-may-begin-capping-international-students-as-system-spirals-out-of-control/articleshow/106826228.cms?from=mdr