Realistically, How much money is enough to for early days?

[steaky]

Vendors do not need to wait. My former gf's father just bought a 1.5 million condo in Toronto (in December 2022). He also bought a 700K condo for his daughter who is a student at UT. Of course, that's just a little bit of extreme case but not once I have heard that a condo went for a lesser price than what was asked. I say it as someone who talked to several realtors and went to crossfit gym with one and we are still good friends.

There are def. less home buyers. The issue is that someone who just moved to Canada, doesn't have Canadian experience is not in the list of potential buyers. Why? Because it will be tough for him to get a high paying job in this market.

Yes, vendor do wait. A friend of mine just bought a 700K condo in Missisauga (also in December 2022) also for her daughter who is a student at UTM. They first saw the listing in August but wasn't interest in buying it at that time. Noticed that the price was reduced in MLS in November, he phoned his realtor to contact the listing agent, told his daughter to view a second time and close the deal with an even lower price.

It's not the issue being a newcomer. It's more depends on his agent and the experience in dealing with Canadian (GTA) Real estate transactions.

 

[Deleted member 1083629]

Yes, vendor do wait. A friend of mine just bought a 700K condo in Missisauga (also in December 2022) also for her daughter who is a student at UTM. They first saw the listing in August but wasn't interest in buying it at that time. Noticed that the price was reduced in MLS in November, he phoned his realtor to contact the listing agent, told his daughter to view a second time and close the deal with an even lower price.

It's not the issue being a newcomer. It's more depends on his agent and the experience in dealing with Canadian (GTA) Real estate transactions.

I forgot to mention one important thing in my previous post. My former gf is Russian and her father is one of the Russian businessmen. So, all of those new laws that prevent foreigners from buying property in Canada are BS.

Sounds good. I don't know many newcomers that can afford 700K condo in Mississauga but if the OP is one of those people that's great.

 

[furrukhrao]

lol. That won't happen in GTA. The first down payment should be roughly 30% of the price. Right now, a condo (1 bdr.) will cost 600K, if not more. The downpayment should be 180k. That's if we forget about blind bidding which means that 600K is not a price; it's a starting point. 6 months is not enough to build credit history enough to be approved for a mortgage. 6 months is not enough to get a decent paying job. Canada is in recession. 100K for someone who doesn't have Canadian experience is borderline impossible right now.

You are feeding him false hopes.

Where in Canada 20% Mortgage is not enough ? Any documental evidence.

 

[furrukhrao]

Technically having grandparents visit to care for children is considered illegal work do you can’t say that is what they are doing and not all get approved and if not on a supervisa there may be long periods where grandparents need to return home. CCB is rarely net zero especially if you have to count childcare. Most people also don’t get the full amount of CCB. People look at the maximum CCB amount but people need to consider that the most get less. Certainly any money is welcome and helps. Goes the furthest for those on a very low income where one parent was always going to be at home.

How a grandmother taking care of his/her grandchildren is not legal in our justice system

 

[steaky]

How a grandmother taking care of his/her grandchildren is not legal in our justice system

Besides there is a Public Policy still in force allowing certain visitors of Canada to apply for a work permit.

https://www.canada.ca/en/immigration-refugees-citizenship/corporate/publications-manuals/operational-bulletins-manuals/service-delivery/coronavirus/temporary-residence/work-permit/visitor-work-permits.html#toc2

 

[steaky]

Where in Canada 20% Mortgage is not enough ? Any documental evidence.

Correct. 20% mortgage (80% downpayment) in Canada is enough.

 

[steaky]

I forgot to mention one important thing in my previous post. My former gf is Russian and her father is one of the Russian businessmen. So, all of those new laws that prevent foreigners from buying property in Canada are BS.

Sounds good. I don't know many newcomers that can afford 700K condo in Mississauga but if the OP is one of those people that's great.

But foreigners can still buy recreational properties.

 

[furrukhrao]

Correct. 20% mortgage (80% downpayment) in Canada is enough.

Lol I mean mortgage downpayment

 

[emillioe53]

Few things.

1. OHIP does not make you wait, so thats a plus BUT to apply for OHIP, you need some documents to prove your residency like utility bill etc. You will not have it for a month atleast. So, you need some kind of additional cover before your OHIP kicks in otherwise, private health care pros will ask you fee etc. And that may get expensive really fast. So... get a cover for a month or two.

2. These days, flu and virus season is in full swing in Canda. Depending upon when you arrive here, your kids will get sick due to exposure to new strains of viruses (NOT covid but likes of flu, RSV and common cold virus). Trust me, its not fun to seek health care in Canada as a new comer while searching for a job.

3. You will be doing a lot of paper work where you may need to wait in a line like getting a sinful SIN. Its better to sort it out for yourself without having 2 kids in your tow -- especially if you are doing it for first time.

4. House hunt is not fun. Trust me on this one. House hunting with 2 kids in stroller is not my idea of fun. It makes your life hard. So do it before hand by arriving few months before your family.

5. Job search is easier if you do not have two kids to feed for. You get some quite time to review those questions on leetcode. Eg.
Quick, tell me, what data structure will you use find two numbers in an array that add up to a given number, if you wanted to do it in in constant additional space? What if you wanted a linear time solution? If this took you more than 5 seconds then you need to brush up your coding interviews. You will need some quite child free time for that. Just a week or so.

6. You may want to stretch your 30K to cover 6 months. These days job market is a bit hard and will keep on getting harder due to less money going around. What you thought may take you 2 weeks is taking one month now. So keep plenty of buffer.

7. Navigating the volatile early stages can be daunting, but ICOholder insights provided a practical perspective. Their analysis helped me gauge financial needs realistically, ensuring a more secure start. For anyone venturing into new beginnings, ICOholder is a valuable guide in understanding financial dynamics.

All of these suggest, you need to first arrive alone, sort out basic documents, job and house. Bring your family in then. Hope it helps.

Your insights and advice on the various aspects of moving to Canada are quite valuable, and it seems like you've put a lot of thought into the practical challenges one might face.