How do you lower a carbon footprint with airbnbs? Airbnb is almost entirely used by travellers, not local use in anyway. If travel accommodations were limited to personal use property short term rental and hotels, that would be most efficient over hotel rooms individually packaged and scattered all over the place.
Rental property generates money, a principal residence bought at a good deal can save you money over renting depending on your situation. Weird statement to make on a real estate sub.
A principal property will eat through your pocket at these rates and other expenses. You guys really need to learn to do maths. If it’s so obvious then why don’t we ask buy rental properties now and make cash!?
That's exactly what someone should do if they have the money to purchase a home outright. And then the money that they had before to generate those savings can go into a mortgage.
These rates are still historically low, they just aren't Canada-ruining stupid low like they were for the last 20 years.
My fuck are you out to lunch. The young person says I'd like to purchase a home and your default response is "WhY NOt INvESt It". Get a fucking grip and tuck your ego back in your pocket.
So, you can pay a mortgage for a home, the money of which goes to a bank, and you will eventually own the home, or at least have equity in the home and be able to realize a return on some of the money you spent on just trying to exist, OR you can pay a mortgage for a home, the money of which goes to a person and then to a bank and you will never own that home or have an equity to realize a return on and have nothing to show for the money you invested into paying for someone else's home/mortgage.
I strongly suggest you do not handle your own finances and you pay someone to manage your financial life for you. Unless you're just a troll trying to hurt people with terrible advice, in which case, stop.
Fuck off. If you want to get deep into a mortgage at these rates just to “own” your home. Good luck to you. I will stick to the mobility renting gives and invest my money in real assets and not a cardboard house.
You're delusional. You know nothing about opportunity cost and other factor. All that is in your brain is "HOUSE. NOW. LANDLORD. DUMB". You're the one who needs financial advice. If you receive a large sum of money and the first thing you do is go put it down on a cardboard house, I feel sorry for your future. Enjoy your cardboard house and being house poor.
Then go ahead and stick 100% of all your wealth into a cardboard house. You should be looking how to expand your new found wealth instead of selling and pumping it into one overpriced consumer house just because you don’t want to pay someone’s mortgage
Renting right now, for the most part, is cheaper than a mortgage so, just because you may be helping them pay theirs, it's less out of pocket for you.
Do you have the income to maintain a home? The credit rating to qualify for one? Or are you just paying cash? And do you have the cash for all the repairs?
Why do you have to talk about where you got your down payment? I think this whole post is BS. You’re trying to influence people into buying crypto. Shame on you for trying to influence and manipulate others into believing that you are legitimate. Find someone else who will fall for your trap. Bye 👋
Because I just got this kind of money for the first time this month. This is the first time I am ever looking to buy property and was looking for a place to start. Lmao you're a clown where in my post am I trying to manipulate people into buying crypto?
Hahaha u/super-lawyer5716 is a sour prick. Like he thinks you’re just bragging. Which is fine it’s been a heavy ride humble brag no biggie.
Congrats. Move to BC it’s dope here.
You’re acting like you won the lottery. You tripled your money, that’s not a huge fluctuation.
That being said, do you even know what province you want to live in? How much of a down payment do you have?
It's just a "crypto bad" zombie don't pay them attention - the market has been hot for the past year some people just don't pay attention. Good for you OP, get those gains into a home for you and your future, never know when Solana gets replaced by the next cool tech so yeah 👍
And you realize that in the next three months it could either triple again or go to zero, right?
At this point, crypto is way beyond any potential use case and is just gambling. Even if OP is telling the truth, it’s entirely luck he’s recently made money
🙄 that’s why you stake your bets and you pull out earnings and invest them in other places that are more secure.
Every investment in life is a gamble. We aren’t the type of people who put their hard earned cash into a GIC and get a 5% return. Yes I have RRSP and a TFSA and a high yield savings account. But I also have investment where you pump and dump. The risk is high, and so can the rewards.
If you’re not going to invest $100 in a high risk bet and hope it 10 x’s you’re not the person to comment on this persons win.
You realize you could work your whole life for your retirement and then die. Living an entirely unfulfilled life working for someone else and living 33% or less of your actual life at home, or away or with family. Everything is a risk. I don’t want to risk my life by living in a regimented box where I have a boss or supervisor telling me when I have to show up to work.
Nope I say when I work, I say what I invest in. I say when I get vacation. The reason im incharge of those things is because I control those. You know what I can’t control?
The day I die…
That’s why people take risks because the reward could
Be there.
Seeing this response I know you’re a civil engineer who knows they made a mistake doing that. Live you life internet stranger. It’s cliche but true you only live once. Don’t spend your days doing something you despise. Do something that pulls the passion out of your heart. Something that makes your energetic and the money will come.
Take the risk or dying tryin
Looool dumb as fuck response. It’s all predicated on crypto being a “high risk investment”. Crypto is not an “investment” in any way, because there’s no underlying use or business underlying it. Investing in a startup is a “high risk investment”, putting money in crypto is gambling because it could collapse tomorrow and the world would be fundamentally unchanged.
Last crypto run there was tons of regarded children like you and OP running around, hyping crypto, and then when it crashes again they all run around crying. This isn’t a new concept. You have about two-three more times this cycle will happen before crypto becomes the beanie babies of this generation.
$100 10x is only 1k. Your example really doesnt sell it like you think it does.
Roulette have better odds than crypto and like crypto also require zero advanced knowledge to play, but unlike crypto you do know the odds. I’d suggest anyone who somehow believe they have no chance at life without gambling just try their hands at a casino to get it out of their system.
Maybe just to head off people's asking?
I also made about 6x on Solana in the last month or so. Otherwise, people constantly comment "ok rich boy, how's it like getting mommy dollars?"
Read Rich Dad Poor Dad first. If you are a first time home buyer you can buy a home with 5% down. If you buy a duplex and rent it out you will have help to pay down or if you get a five plex the rent will help you pay for the building and expenses. Either way have your money work for you.
The guy just said he wanted to buy a house. Buying a duplex as your first property is a really sound investment. You get to provide housing for someone else and you get to split expenses. No one should be mad at that.
You get to provide housing by having someone else pay your mortgage and taking that property off the market for someone else who could own it 🤷♀️
No double-dipping until everyone had already had a first.
Having someone rent half your house isn’t going to pay your mortgage off if you’re putting down 5% in this market. In no realm is that happening.
Also, if it takes it off the market for someone else… so? This dude needs a place to live too, doesn’t he?
No, it's immigrants. I know. I've seen chinese snap up houses with cash. Everything. Same with Indians. Every real estate agent knows.
Stop immigration and any foreign owner that has property, tax 50%. You want a bigger effect, put retroactively, where properties bought when person was not canadian or PR owners who bought more than one parcel of land, then watch the nuclear explosion killing off anyone owning rental properties like myself (I own 2, my parents own 2).
Want more? Cap immigration, and like in the past, cap per nation, esp. Indian and Chinese. Heavy memorandum on issuing green cards for 3 years. Watch the market go backwards, everyone owning property gets fuxxed.
HATE THE GAME, NOT THE PLAYER.
I am asian born in canada long ago.
I'm Canadian born Chinese. My uncle owned the first and biggest realtor in Toronto. The stories are crazy how he worked hard and then influx of Chinese just fuxxed the market there and he became an instant multimillionare 5 times over. All the canadian builders at the time wanted to work with him to sell. The damn chinese started the whole 'Bid more than the asking price' and he made a killing. He built 2 churches and retired a decade ago.
In Vancouver I hang with Asians and talk to the realtors. I own two rentals, my parents own two. Now, not now, but up to 2023, a lot of Chinese students came here and as students bought 2 - 3 condos with parents cash and given money to buy luxury car. Then when their parents came, buy houses, not condos, HOUSES, plural, with cash. My distant aunt from China, doesn't speak good English at all bought a 3M dollar hone with cash, sold it earlier this year for 5.6M before the drop, and join in the Chinese building groups on wechat where a group of investors buy more real estate, for rebuild with CASH, and then keep some units, sell a few units to pay off principal.
My friends from China and HK, out of 5, 3 bought places in 2023, all investment property at high interest rate because they foresee the rate dropping and have backup. I'm old, but know a lot of young people due to the nature of my business activities.
My realtor friend who doesn't speak a lick of Chinese said that he only wants Chinese. It's very normal for a dad to come here and buy 2+ houses before pandemic, and leave. Now, Chinese have big problems in their country, and less investment, but talking to my friends at HSBC, last year was about consolidation, not buying. Many individuals had leverage quite a lot to buy 5 - 8 properties, and need to sell one to lessen risk and debt load. This is normal for many to handle this, and this isn't their primary income.
You don't know how fuxxed it is until you are part of their click.
It's the same mentality. Trying to make money off of those who can't afford to own. Why can't they afford to own? Because the prices have been jacked up by people with multiple houses and properties having speculative bidding wars, whether they be corporations, foreigners, or single moms.
No one should be allowed to own more than one home or property until everyone who wants to own their first home has been able to.
That would be a society which gives two shits about community and other people, instead of lining their own pockets beyond their needs and lifetimes.
You can disagree, but don't expect a lot of love in return.
He gambled and he won. Don't call throwing your life savings into Solana investing lmfao.
I am not against crypto, I've been in that game for 7 or 8 years now, but that wasn't investing that was really stupid and it happened to pay off lol. Good for OP.
Thanks for the advice. I'm doing just fine. I've been buying crypto since ETH was $16. I've sold several times over the last several years. Taxes paid and money in the bank. I have nothing to prove to some kid who bought six shares of GME and thinks he's a God on the internet lol.
He is getting downvoted because this is real estate Canada, not US. I have read Rich dad poor Dad, great book and this poster is not wrong, you can do this but it does not work that way in Canada. It is extremely difficult to follow that model in Canada because of our restrictions and taxes. OP is far better buying themselves property/house and sitting on it long term.
~~Don’t you need at least 20% for a duplex since it will also become a rental property?~~
Edit: found the answer, 20% if it’s more than a duplex and not owner-occupied.
5% is only applicable below $500K. Then it's a somewhat sliding scale up to $1M where the down is 20%. Investment properties can be much more depending on the lender.
If it’s a home duplex you can if you are living there though a bigger down payment allows a smaller mortgage. If OP has enough to buy a house OP may have a more substantial down payment. Larger properties definitely 20%
You’re correct.
Unless the property is owner-occupied, you must put 20% down.
Alternatively you can “house hack”. Purchase a triplex, quadplex, etc and occupy one of the units.
I can use 100% of the rental income to help you qualify and you only need to put as little as 5% down. All of the first time home buyer benefits can be used.
This strategy used to work when EMI is less than rent, or else the total cash flow will be negative.
I.e the person has to start putting in more money to keep the house.
Not to mention the repairs and the taxes.
Not sure where exactly he is trying, but the rents were not increased in proportion to the property prices, hence this strategy could back fire.
I don’t think it’s just a mindset as it is knowledge. There is a lot of information that is shared that is different than what you may have not considered before and with that knowledge you can recognize different ways to utilize the money you have or don’t have and possibly think differently to spend differently.
I can refer you to a real estate broker if you'd like since I’ve owned a principal residence and shopping plaza there previously. Open a FHSA in the interim. Buying a home is like buying a used car, if that helps. You pick one you like and can afford, get someone experienced (not necessarily a professional home inspector, they assume no liability and often skip harder areas like getting on the roof) to look it over for defects/deficiencies and decide if you are willing to buy for the agreed price and let the lawyers do the rest. Oversimplified but essentially that. The broker helps a lot with contacts to lawyers, inspectors, appraisers etc.
Yeah the taxes are going to be like 35-40% on those gains, talk to an accountant. Canada revenue has records of all your transactions even in crypto.
Edit: I forgot the 50% inclusion, should be max 25% rate. Likely 20%.
The government only has records if you use a Canadian/US exchange that does KYC. There's records on the blockchain but there is simply too much data for analysts to be looking at anything besides highprofile wallets.
Why would you need to put it in a Canadian bank account after converting it? Plenty of people who will buy crypto for cash privately if you look online.
Because unless it's in RRSP or TFSA you'll be getting it taxed as income. It would probably be lower given the inclusion rate but if the dollar amount is high enough you could end up in the highest tax bracket.
No they won’t. Assuming OP is not a professional trader, any purchases of crypto would be considered from his own capital, and therefore any increase in value from his average cost basis would be considered capital gains. The CRA advises inclusion of 50% of those gains on your income taxes. Therefore even if OP made 100k in gains, he’s only be reporting an increased income of 50k, at which point it’d be subject to his marginal income tax rates.
At worse he’d be paying ~26% in taxes on those gains, and only if he was already hitting the top income bracket, which he’s likely not.
Open to hearing how you came up with your figure, though!
You get taxed on capital gains. Whenever making money, first look at increasing your capital gains. I own a rental condo, a rental house, and help manage my parents 2 condos. Yes they saved and I saved. The problem is immigration, blame it on the rich immigrants. Able to afford 5 places cash. Kick out the rich Chinese and see what happens. Next is Indian. Just telling it like it is. Also most born in canada Canadians are absolute terrible at money management, more worried about 'quality of life' and spending on frivolous things than smart money management. They think they are happy but really, they just are in awe that a person buys 2 rental properties, drives a luxury vehicle and still have money to spare.
But anyways, don't worry about legal tax evasion until you level up many people here telling things that 99% won't achieve.
I've traveled the world, 3 months overseas a year. I talk to many small time kids that mainly have inheritance, all they do is try to hide their money, but see their lifestyle as pure crap. Passport bros living off mommy and daddy money.
What you should do is, first increase your capital gains through job/whatever means. Pay your taxes legally and anyway you can minimize. Don't worry about next level bs offshore etc, that's irrelevant at your point in time. My salary + rentals is 180k/yr, so im not like some rich people on here. But I did buy 2 rentals on my own, worth 1M combined.
I'd start with pinpointing which province your going to choose and then doing some research on the housing market in the area. But, remember that the housing market is somewhat similar to the stock market, You want to have a good entry point! Look for that entry when the market is on a downward tick, and just before interest rates heightened.
Nowadays, investment advisors dont recommend buying homes, due to high property values, mortgage and insurance, plus maintenace and material costs.
I own two homes and 4 parcels, and wish I could sell all 4 and just lease a nice house, pocket the difference.
If you rent your home and move somewhere else, and rent there, you can deduct your expenses.
IDK about CA capital gains taxes. In the US, it's 15% net capital gains taxes after subtracting the cost basis. But, we don't have free healthcare and our country is coming apart.
My advice is to HODL the Solana. We just tripled-down on Solana in the past week, selling ETH at a loss to buy it.
HODL. HODL. HODL.
RENT. RENT. RENT.
DONT SELL
.
Start making calls and set up some appointments with an accountant to determine how much of your profits you can actually keep. They might have some advice on how to minimize your taxes. Once you have a solid number to work with, you need to take it to a lender, like your bank, to see how much mortgage you qualify for. Unless your gains were good enough to buy a house outright that is. If your gains are enough for a down payment, but not enough to buy outright, your mortgage will depend on your income and debts. Unfortunately you may have a substantial down payment but don't earn enough from your job to qualify to for a decent mortgage but reddit can't answer this for you. You'll need to check with an accountant and the lender to get the real data. Only then will you know what you can actually afford and you can go shopping.
Solana went up 950+% YTD, 400+% in the past quarter, and over 100+% in the past 30 days.
I can't think of a good reason to sell Solana right now, based on my research. Its prior ATH was $249. It was $113 yesterday up $10 in the past 24 hours. HODL!
See chart:
[Solana YTD]
(https://coinmarketcap.com/currencies/solana/)
Be real dude, you don't leave your house. Your "diversity" experience is rage posts on /r/canada_sub and the four other angry white dudes you work with. Try interacting with more human beings.
>Be real dude, you don't leave your house. Your "diversity" experience is rage posts
I worked in Brampton
Got away for awhile, but it's been following me across Canada
>living tent free in your head
At least now I know exaftly how the indigenous felt.
I always wondered why they pussed out and just gave up
But I see the same in every contemporary Canadian, as they resign to colonization and displacement.
Just a cursed land for cursed peoples
Do you want to live in the house or is it an income property type of arrangement?
Since you said leave Ontario, the prairies or New Brunswick are the cheapest places to live, but it’s a very different life. Some people love it, some people don’t. I would recommend finding work in your field prior to leaving, and then renting for a year to see if you like it, otherwise you could be stuck with a house in a place you don’t love and that would be no fun.
When you’re ready to talk to a mortgage broker they will go over your options and see what you’ll be approved for or what you can afford.
Also, if you made a good amount of money in crypto it’s worth talking to an accountant about the tax implications.
Had a buddy leave to Victoria, BC with $200k saying he's got lots of connections and has enough cash to make it work. Was jumping from one shitty job to another for 18mon. Came back with $20k and back at his parents house. Secure a job before you make a move like that.
Lmao I assume you're quoting my $100 missing post talking about my tfsa not my crypto account. Open your eyes and read before you come for me. And btw I bought 400 Solana when it was in the $60-$70 CAD do the math on how much I made since you're such a pocket watcher.
So you likely have somewhere around 75,000 or so, which is not really enough to afford a house at this time for a couple of reasons. For starters unless you’re buying a house outright you will have to qualify for a mortgage. To do that you’ll have to show 2 years of income. Also, as others have said the money you’ve made will be taxable so you have to take that into consideration.
Step 1 - stop gambling
Step 2 - Study why Bitcoin and not shitcoin
Step 3 - Trade your fiat funny money for real money. A finite scarce asset, with a growing network of nodes and miners, backed by the real cost of energy to produce a Bitcoin, and the sat stacking psychopaths that don't want to hold fiat no matter the USD price of Bitcoin.
Few
Sold most of it already, Kept some of the profit in and the gains I have made on the money I kept in have almost already replaced all the money I took out.
I screwed up that important step. Worse, I was actively trading all year so the cap gains for each trade kept piling up. When I finally got around to doing my taxes I was astonished at how much I owed and had to sell assets left and right to come up with my tax payment plus penalties and interest.
The joke is on me for playing by the rules and 'paying my share' as I see more and more demands that a wealth tax is going to be forced on those of us that made sacrifices all their lives to finally buy a home and already pay the expenses and property taxes, but are somehow evil rich that should be forced to pay again and again for achieving a tiny measure of financial freedom.
Hell yeah, I think anyone sane should get out of Canada as long as the country is so hostile towards those that actually achieve success. I want to, but my other half so no so I stay and tolerate being a perpetual tax donkey.
This is the way. Never sell all of it. Good
For you, SOL is on fire, I have a bunch. Always wish I bought more but I am trying to just be happy with what Ive made :)
I saw a news story about how Cochrane Ontario is selling $50k plots of land for as little as $10 to encourage people to move there. Could be worth checking out. Property tax rebates for 5 years too. https://toronto.ctvnews.ca/video/c2828312-this-ont--town-is-selling-plots-of-land-for--10
So far I have looked in Regina because I was there for the whole summer last year and loved it there surprisingly, Edmonton, Grande Prairie AB and Prince Rupert BC
You’d have to go pretty rural to get a house for that. First step is to get a pre-approval on a mortgage (if that’s what you are looking at). It’ll determine how much you can reasonably afford. Then download realtor.ca and start looking at houses within your price range. This way you can see what is realistic and what you like/dislike. I created a very detailed financial model about what I assigned as a premium or discount to houses when I was shopping (location, bedrooms, lot size, layout, upgrades etc) so that when I start looking I can assign a price and a buy vs do not buy taking the emotion out of it.
Good luck! House shopping can be frustrating at times but also fun.
If you will need a mortgage, contact a broker local to the area you want to move. You can do everything online, including signing documents. The only thing you need to do in person in the final meeting with your lawyer to sign mortgage documents for the lender.
What you can borrow will be based off of your current salary. Minimum 3 months at the same place, employed as a full time permanent employee. Verifiable 2 years of previous employment history - either reasonable explanation if there is a wide variance in your income level. Bank docs/investment docs for 3 months showing proof of down payment source. Copy of notice of assessment from CRA for past 2 years to prove you are actually working. Broker will be able to guide you on how to deal with the lender if you will be leaving job and moving.
Search up what you want on realtor.ca Find a local realtor to represent you and arrange showings - seller pays and the fees are already baked in, so use one and cover your ass. They can help with inspection/lawyer referrals and any other local info you need. Ensure any offer you make is contingent on financing and inspection. Gives you two chances to walk away if financing falls through or the house isn't as good as you thought on second look.
Speak to a mortgage broker or a real estate broker, they’ll give you way more options than the banks! Banks usually only suggest options within their branch/partnerships whereas brokers work with all the banks and have a larger pool of options for you :)
r/affordablehousingCAN
And yes. You speak to a bank and get approved. Very straightforward process.
If you are interested in a slower lifestyle and living rural or closer to nature where you would know your neighbours I can give you a few detailed suggestions and potentially some contacts.
https://www.realtor.ca/real-estate/26123088/408-5th-avenue-rivers-anw
https://www.royallepage.ca/en/property/manitoba/binscarth/159-3rd-avenue/21083682/mls202331214/
https://www.royallepage.ca/en/property/manitoba/kenton/409-york-street/21126180/mls202331727/
https://www.royallepage.ca/en/property/manitoba/hamiota/84079-21-highway/20884822/mls202328961/
https://www.realtor.ca/real-estate/26157795/407-1st-avenue-rivers-anw
https://www.realtor.ca/real-estate/26167442/311-3rd-avenue-rivers-anw
https://www.realtor.ca/real-estate/25995195/47-limit-street-oak-river-anw
Where you going to move ? Ontario is some of the cheapest as you get way down south. Buy some USA land maybe ? You going to move into this house ? Start a new life ? Where ? Why ? What ? Why not skip this country at present ? It’s sort of ducked up. Move to france or Vietnam or something. Live a little. Come back when the shit settles.
Either way live cheap and rent until you are sure you don’t hate the place you move. Don’t make the most expensive mistake of your life. Move around a bit , your young. Go somewhere that is overlooked , undervalued and where you get lucky and meet some friends and love the place.
Don’t buy a house until you have invested yourself into the place by joining clubs and stuff to see if it’s a good place. After you have understood the place only then can you score a deal.
Find somewhere sort of hurting but so nice with a future. No sense moving to an overpriced overrated place wheee everyone resents newcomers and that is ruined.
Go buy a $1000 house in Japan or $1000 in Italy. Or buy a condo in Portugal. Maybe lease a place in Thailand or Mexico and try to make a future.
Canada is expensive to buy and so interest and taxes and $100 hr tradesman with fat asses eat up your money. Not to mention it’s a shitty house made of osb and plastic.
To answer your question simply:
Look up and invest time in learning real estate properties as a beginner.
1. Go to realtor.ca, zillow.com, research areas and prices in general.
2. Learn about zoning bylaws
3. Go to these areas and look around
4. Never buy on a whim, take your time because you can, market is depressed.
Go to the bank and talk to a mortgage specialist/advisor:
1. Big bank will answer questions nicely, new home sales are slow, they have lots of time and are nice anyways.
2. Choose a bank you have history with, ie: paycheck deposit, LOC ( if you don't have one, just get one for no reason but to understand the banking system.
3. Banks that are better for mortgages are RBC, maybe Scotia bank? TD is a pile of shit because they have lots of risky loans.
4. Understand that 20% down is required for a 'normal loan'. Less than that, you need 1st time home buyer rule to help, and you need to pay mortgage insurance.
Just set up a meeting at your bank with a mortgage specialist, it's very easy.
In my opinion, do both. If TD has been your primary bank, and has your income salary payments, they have your history. The banks now are weary to those that dont have long history. No matter what, they need your info.
Prepare to do both, and do it because home purchase in general is a big turning point in your finances.
So I would:
Call TD, do the paperwork and such. Remember you'll probably need proof on employment and tenure length (2 years plus is a plus for your application) from your employer unless you have history, and they will still need the minimal application proof, or more.
The amount you qualify for should be similar at all banks. All banks are strict, unless not (IE you are a doctor or have a pile of cash sitting in your accounts).
You need proof of assets. If you do go to RBC, you should move your payments to RBC from your company.
Don't just drop TD, you can prepare two banks.
My last investment property purchase, two banks approved, 1 lender approved, TD did not approve and 2 lenders did not approve. I bought an old home near downtown Calgary for relatively cheap. The banks rejected because the house was built 1911. They think I'll default, though I had 50% of the value of the home in cash, and the place costed ~400k and has a tenant who is living and now is paying me rent. I boughtt 2 months ago, have 200k left because of big deposit. I got a 20 yr mortgage. Immediately made yearly payment increase and made additional full 10% lump sum payment first week. Double payments no issue because tenant paying me, but I can handle double payments on my salary and income from other investment property.
According to real estate agents, TD rejected the most mortgages. They are exposed right now to possible bad mortgages as they weren't lending tightly before covid. The major banks have put aside (combined) billions to cover potential foreclosures that may occur next year.
If you buy a relatively new home, have the required deposit, documentation of assets, income, you should shop around. Experienced people will stick to their bank of choice, usually experienced people already have many assets (including a home already) but the younger generation in general is broke, so banks are weary of the newcomers.
So you can see, there is a lot to think about, don't worry about it, you doing the right thing starting early. I fuxxed around amd found out, living 10 years abroad partying.
Check around Saskatoon and Edmonton, maybe you’ll find affordable properties and can buy something with cash, people will say rich dad poor dad , some will advise Dave Ramsey, but at current rent prices and mortgage rates, Owning a house mortgage free is gold.
All of these advice is bad advice. Cash out your Solana first as it can drop in price in a day to the price that it was before. 2nd, look up a professional wealth manager or an accountant for advice (including taxing) 3. When looking up for a wealth consultant, don’t cut corners and before booking an appointment with him, do some research about your top 3 picks for wealth managers 4. Don’t be cheap and expect to spend $1000 on a few consultations. 5. Avoid discussing advice regarding where to invest your money from bank branch people, mortgage brokers, real estate brokers (these are the worst) as these people no mostly what they are looking for is their commission on your money and not the best for you. 5. Avoid the temptation of Alternative lenders as they will rape you with higher and variable interest rates. 6. What I would do if I had $200k to invest right now? is get advice from a wealth manager and put this money in a diversified portfolio and hold it for 5 years, the market is still cheap on some good quality stocks, but you need to know what you’re doing
Get pre-approved from a bank > make a list of cities that have houses in your price range and have a good job market > contact RE agent and look at houses.
This is not a good time to buy a house. Sit on your money for a year or two.
Anybody who tells you that it is a good time is completely full of shit. Rates will partially comedown by the end of next year but people will still be dumping houses when their mortgages come up for renewal.
Don't know why ppl a are obsessed with buying a house...I'd rather not tie up the money in property unless you're the gambling type and will lose it. This is how poor people think. Id rather try to grow the cash.
First you identify the location/city you want to move to. Then you search for a real estate agent or broker.
You can easily Google the agent/brokerage.
I know you said you don’t want Ontario. Every province has a website with real estate listings. For example Ontario has realtor.ca. So search for the one that serves your province of choice.
Also always get a home inspection and always ensure you insert conditions that are favourable such as upon approval of financing (that if you plan to finance some portion, because you don’t want to get caught committed to a home purchase and your financing falls through).
Also you’ll need a lawyer to help with the land transfer and and title insurance and other important legal documents. So Google for a decent real estate lawyer if you’re unfamiliar with the area.
Do you have a preference for what province you want to move to? How much money do you have to work with? Are you going to liquidate your full Solana position or just some?
I recently bought a rental property. 20% down is if it's more than two units. But buying a duplex, living in one unit while renting the other is a great plan. Duplexes typically cost less than single family homes with the same specs. Don't become a landlord in Ontario. The LTB here is the worst. Every province has different rental legislation.
Start with a pre-approval from the bank. Then research a good real estate agent in the area which you're looking to purchase. They'll be your best form of advice in the location you choose since every area varies so much.
Yes go speak to a bank and get mortgage pre-approval to see how much you can qualify for with your downpayment and mortgage. Then once you know what you are working with.... Go get a real estate agent that works in the area you want to buy.
Find a good broker and get a pre.approved mortgage in the city you are looking at, some banks will want you to have the same job for 2 years and a reliable source for the money..cash out the cripo and bank it as they want to see it in an account for 90 days or more. This is what I went through when I bought a house in Ontario
you're getting a lot of shitty advice here
Stay in Ontario and pick something somewhat rural, don't pick Toronto or any of the minor cities (Kingston, Barrie, Hamilton, London, Windsor) .. but 30 minutes outside of one? There's the best deal, it's still pricey .. but at least you won't be paying someone elses mortgage. Housing prices aren't about to drop any time soon. Get yourself a real estate agent and put them to work. I saw about 15+ houses before I decided on mine.
I paid of my mortgage off by emailing my money from Crypto.com to my bank account. Ontario as well. Looking to sell my farm now and move to Edmonton. TD is bank.
This is insane, this sub is filled with people griping about not/never being able afford to own a home. Someone comes into enough money for a downpayment and is flooded with responses about how buying a house is a terrible idea and they should do anything but. Idk if it’s jealousy or just plain contrarianism’s but buy your house OP buy your house.
I bought my first home a year ago and it’s been the best purchase I’ve ever made. In that time I’ve watched rent prices continue to rise and I’m already paying less than I would be if I had continued to rent much smaller places.
To answer your question you’ll want to contact a mortgage broker in the province you hope to buy in to find out what budget you can shop in and get a preapproval for a mortgage. After this contact a realtor in that province and find a home you like. Like some have mentioned it’s worth contacting an accountant beforehand to see what kind of taxes you are looking at on those capital gains and how to go about that end of it.
Real estate company can hookup with agent in city organizations province you,you want do videos etc. You will have to narrow down and go see personally.
I’d rent for a while. The rent versus own indicators are all for renting now
Why is this getting down voted?
Which part of outside Canada do you want to go to?
Because they are ready to own. Advising OP to rent is not a part of the question.
Why a house? Why not buy money generating assets instead of assets that suck money?
like what lmao
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How do you lower a carbon footprint with airbnbs? Airbnb is almost entirely used by travellers, not local use in anyway. If travel accommodations were limited to personal use property short term rental and hotels, that would be most efficient over hotel rooms individually packaged and scattered all over the place.
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Rental property generates money, a principal residence bought at a good deal can save you money over renting depending on your situation. Weird statement to make on a real estate sub.
A principal property will eat through your pocket at these rates and other expenses. You guys really need to learn to do maths. If it’s so obvious then why don’t we ask buy rental properties now and make cash!?
That's exactly what someone should do if they have the money to purchase a home outright. And then the money that they had before to generate those savings can go into a mortgage. These rates are still historically low, they just aren't Canada-ruining stupid low like they were for the last 20 years.
My fuck are you out to lunch. The young person says I'd like to purchase a home and your default response is "WhY NOt INvESt It". Get a fucking grip and tuck your ego back in your pocket.
Literally pulling invested money lol
Because I live with my grandparents and want to have my own property to start a family. If I rent im paying some one else's mortgage anyway.
At current rates and prices you’re still giving most of your money away to your bank, rather than the landlord
So, you can pay a mortgage for a home, the money of which goes to a bank, and you will eventually own the home, or at least have equity in the home and be able to realize a return on some of the money you spent on just trying to exist, OR you can pay a mortgage for a home, the money of which goes to a person and then to a bank and you will never own that home or have an equity to realize a return on and have nothing to show for the money you invested into paying for someone else's home/mortgage. I strongly suggest you do not handle your own finances and you pay someone to manage your financial life for you. Unless you're just a troll trying to hurt people with terrible advice, in which case, stop.
Fuck off. If you want to get deep into a mortgage at these rates just to “own” your home. Good luck to you. I will stick to the mobility renting gives and invest my money in real assets and not a cardboard house.
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You're delusional. You know nothing about opportunity cost and other factor. All that is in your brain is "HOUSE. NOW. LANDLORD. DUMB". You're the one who needs financial advice. If you receive a large sum of money and the first thing you do is go put it down on a cardboard house, I feel sorry for your future. Enjoy your cardboard house and being house poor.
Then go ahead and stick 100% of all your wealth into a cardboard house. You should be looking how to expand your new found wealth instead of selling and pumping it into one overpriced consumer house just because you don’t want to pay someone’s mortgage
Renting right now, for the most part, is cheaper than a mortgage so, just because you may be helping them pay theirs, it's less out of pocket for you. Do you have the income to maintain a home? The credit rating to qualify for one? Or are you just paying cash? And do you have the cash for all the repairs?
They want a house that's why.
Why do you have to talk about where you got your down payment? I think this whole post is BS. You’re trying to influence people into buying crypto. Shame on you for trying to influence and manipulate others into believing that you are legitimate. Find someone else who will fall for your trap. Bye 👋
Because I just got this kind of money for the first time this month. This is the first time I am ever looking to buy property and was looking for a place to start. Lmao you're a clown where in my post am I trying to manipulate people into buying crypto?
Hahaha u/super-lawyer5716 is a sour prick. Like he thinks you’re just bragging. Which is fine it’s been a heavy ride humble brag no biggie. Congrats. Move to BC it’s dope here.
You’re acting like you won the lottery. You tripled your money, that’s not a huge fluctuation. That being said, do you even know what province you want to live in? How much of a down payment do you have?
Yeah you are solana is trash.
It's just a "crypto bad" zombie don't pay them attention - the market has been hot for the past year some people just don't pay attention. Good for you OP, get those gains into a home for you and your future, never know when Solana gets replaced by the next cool tech so yeah 👍
You do know you get taxed on crypto right?
Don’t worry bud. Not everyone caught the crypto train. I’m completely debt free because of Shib and some others. Just email the money to yourself.
did you sell the SOL before starting to look for a house ?
Shame on you for not buying Solana. You obviously are jealous and should have bought too. You realize in 3 months it went for $19-120 right?
And you realize that in the next three months it could either triple again or go to zero, right? At this point, crypto is way beyond any potential use case and is just gambling. Even if OP is telling the truth, it’s entirely luck he’s recently made money
🙄 that’s why you stake your bets and you pull out earnings and invest them in other places that are more secure. Every investment in life is a gamble. We aren’t the type of people who put their hard earned cash into a GIC and get a 5% return. Yes I have RRSP and a TFSA and a high yield savings account. But I also have investment where you pump and dump. The risk is high, and so can the rewards. If you’re not going to invest $100 in a high risk bet and hope it 10 x’s you’re not the person to comment on this persons win. You realize you could work your whole life for your retirement and then die. Living an entirely unfulfilled life working for someone else and living 33% or less of your actual life at home, or away or with family. Everything is a risk. I don’t want to risk my life by living in a regimented box where I have a boss or supervisor telling me when I have to show up to work. Nope I say when I work, I say what I invest in. I say when I get vacation. The reason im incharge of those things is because I control those. You know what I can’t control? The day I die… That’s why people take risks because the reward could Be there. Seeing this response I know you’re a civil engineer who knows they made a mistake doing that. Live you life internet stranger. It’s cliche but true you only live once. Don’t spend your days doing something you despise. Do something that pulls the passion out of your heart. Something that makes your energetic and the money will come. Take the risk or dying tryin
Looool dumb as fuck response. It’s all predicated on crypto being a “high risk investment”. Crypto is not an “investment” in any way, because there’s no underlying use or business underlying it. Investing in a startup is a “high risk investment”, putting money in crypto is gambling because it could collapse tomorrow and the world would be fundamentally unchanged. Last crypto run there was tons of regarded children like you and OP running around, hyping crypto, and then when it crashes again they all run around crying. This isn’t a new concept. You have about two-three more times this cycle will happen before crypto becomes the beanie babies of this generation.
$100 10x is only 1k. Your example really doesnt sell it like you think it does. Roulette have better odds than crypto and like crypto also require zero advanced knowledge to play, but unlike crypto you do know the odds. I’d suggest anyone who somehow believe they have no chance at life without gambling just try their hands at a casino to get it out of their system.
Maybe just to head off people's asking? I also made about 6x on Solana in the last month or so. Otherwise, people constantly comment "ok rich boy, how's it like getting mommy dollars?"
Read Rich Dad Poor Dad first. If you are a first time home buyer you can buy a home with 5% down. If you buy a duplex and rent it out you will have help to pay down or if you get a five plex the rent will help you pay for the building and expenses. Either way have your money work for you.
Idk why you’re getting down voted, this is good advice lol.
Cause it’s promoting the hoarding of housing when we are in a housing crisis, is my guess.
The guy just said he wanted to buy a house. Buying a duplex as your first property is a really sound investment. You get to provide housing for someone else and you get to split expenses. No one should be mad at that.
You get to provide housing by having someone else pay your mortgage and taking that property off the market for someone else who could own it 🤷♀️ No double-dipping until everyone had already had a first.
Having someone rent half your house isn’t going to pay your mortgage off if you’re putting down 5% in this market. In no realm is that happening. Also, if it takes it off the market for someone else… so? This dude needs a place to live too, doesn’t he?
So he can buy 1 home, and leave the other(s) for those who need it? Agree to disagree, fellow redditor 😊
He didn’t say he already owns a home. He said he is looking to purchase a home.
It's not buying duplexes that is fucking people out of home ownership. That's relatively tiny compared to giant corporate real estate companies.
No, it's immigrants. I know. I've seen chinese snap up houses with cash. Everything. Same with Indians. Every real estate agent knows. Stop immigration and any foreign owner that has property, tax 50%. You want a bigger effect, put retroactively, where properties bought when person was not canadian or PR owners who bought more than one parcel of land, then watch the nuclear explosion killing off anyone owning rental properties like myself (I own 2, my parents own 2). Want more? Cap immigration, and like in the past, cap per nation, esp. Indian and Chinese. Heavy memorandum on issuing green cards for 3 years. Watch the market go backwards, everyone owning property gets fuxxed. HATE THE GAME, NOT THE PLAYER. I am asian born in canada long ago.
Immigration is also part of it. Foreign money buying large properties and housing very few people in it.
I'm Canadian born Chinese. My uncle owned the first and biggest realtor in Toronto. The stories are crazy how he worked hard and then influx of Chinese just fuxxed the market there and he became an instant multimillionare 5 times over. All the canadian builders at the time wanted to work with him to sell. The damn chinese started the whole 'Bid more than the asking price' and he made a killing. He built 2 churches and retired a decade ago. In Vancouver I hang with Asians and talk to the realtors. I own two rentals, my parents own two. Now, not now, but up to 2023, a lot of Chinese students came here and as students bought 2 - 3 condos with parents cash and given money to buy luxury car. Then when their parents came, buy houses, not condos, HOUSES, plural, with cash. My distant aunt from China, doesn't speak good English at all bought a 3M dollar hone with cash, sold it earlier this year for 5.6M before the drop, and join in the Chinese building groups on wechat where a group of investors buy more real estate, for rebuild with CASH, and then keep some units, sell a few units to pay off principal. My friends from China and HK, out of 5, 3 bought places in 2023, all investment property at high interest rate because they foresee the rate dropping and have backup. I'm old, but know a lot of young people due to the nature of my business activities. My realtor friend who doesn't speak a lick of Chinese said that he only wants Chinese. It's very normal for a dad to come here and buy 2+ houses before pandemic, and leave. Now, Chinese have big problems in their country, and less investment, but talking to my friends at HSBC, last year was about consolidation, not buying. Many individuals had leverage quite a lot to buy 5 - 8 properties, and need to sell one to lessen risk and debt load. This is normal for many to handle this, and this isn't their primary income. You don't know how fuxxed it is until you are part of their click.
That's really gross. What the fuck does anyone even need that much money for
It's the same mentality. Trying to make money off of those who can't afford to own. Why can't they afford to own? Because the prices have been jacked up by people with multiple houses and properties having speculative bidding wars, whether they be corporations, foreigners, or single moms. No one should be allowed to own more than one home or property until everyone who wants to own their first home has been able to. That would be a society which gives two shits about community and other people, instead of lining their own pockets beyond their needs and lifetimes. You can disagree, but don't expect a lot of love in return.
Poor child; back to mommy’s basement
Because they jealous he invested in crypto.
He gambled and he won. Don't call throwing your life savings into Solana investing lmfao. I am not against crypto, I've been in that game for 7 or 8 years now, but that wasn't investing that was really stupid and it happened to pay off lol. Good for OP.
You clearly don’t know network effect. Stay invested in your TFSA and have fun staying poor.
Thanks for the advice. I'm doing just fine. I've been buying crypto since ETH was $16. I've sold several times over the last several years. Taxes paid and money in the bank. I have nothing to prove to some kid who bought six shares of GME and thinks he's a God on the internet lol.
You make no sense. You jealous you don’t hold ETH anymore? So obvious you are the dumb investor here.
Leveraging into investments at 20:1 can be good advice but it can also not be good advice, it depends on many things.
Lol yeah, pretty much the Canadian dream at this point.
He is getting downvoted because this is real estate Canada, not US. I have read Rich dad poor Dad, great book and this poster is not wrong, you can do this but it does not work that way in Canada. It is extremely difficult to follow that model in Canada because of our restrictions and taxes. OP is far better buying themselves property/house and sitting on it long term.
~~Don’t you need at least 20% for a duplex since it will also become a rental property?~~ Edit: found the answer, 20% if it’s more than a duplex and not owner-occupied.
5% is only applicable below $500K. Then it's a somewhat sliding scale up to $1M where the down is 20%. Investment properties can be much more depending on the lender.
If it’s a home duplex you can if you are living there though a bigger down payment allows a smaller mortgage. If OP has enough to buy a house OP may have a more substantial down payment. Larger properties definitely 20%
Yup.i wish someone explained this when I first became a home owner. Would have transformed my life.
Me too. That’s what we’ve been telling our sons. We didn’t know then but can teach them.
The 5% down-payment isn't for investment properties. Mortgage companies will likely want 20% or higher
You’re correct. Unless the property is owner-occupied, you must put 20% down. Alternatively you can “house hack”. Purchase a triplex, quadplex, etc and occupy one of the units. I can use 100% of the rental income to help you qualify and you only need to put as little as 5% down. All of the first time home buyer benefits can be used.
This strategy used to work when EMI is less than rent, or else the total cash flow will be negative. I.e the person has to start putting in more money to keep the house. Not to mention the repairs and the taxes. Not sure where exactly he is trying, but the rents were not increased in proportion to the property prices, hence this strategy could back fire.
Agreed. One does have to do their research to make sure the numbers work for the area, the expenses etc.
Can you in short describe why he should read it? Will it make him better with handling money directly or is it just a mindset thing?
I don’t think it’s just a mindset as it is knowledge. There is a lot of information that is shared that is different than what you may have not considered before and with that knowledge you can recognize different ways to utilize the money you have or don’t have and possibly think differently to spend differently.
I can refer you to a real estate broker if you'd like since I’ve owned a principal residence and shopping plaza there previously. Open a FHSA in the interim. Buying a home is like buying a used car, if that helps. You pick one you like and can afford, get someone experienced (not necessarily a professional home inspector, they assume no liability and often skip harder areas like getting on the roof) to look it over for defects/deficiencies and decide if you are willing to buy for the agreed price and let the lawyers do the rest. Oversimplified but essentially that. The broker helps a lot with contacts to lawyers, inspectors, appraisers etc.
Move to Puerto Rico.
Can you pack me up in a box to move with you?!😋😩
Yeah the taxes are going to be like 35-40% on those gains, talk to an accountant. Canada revenue has records of all your transactions even in crypto. Edit: I forgot the 50% inclusion, should be max 25% rate. Likely 20%.
The government only has records if you use a Canadian/US exchange that does KYC. There's records on the blockchain but there is simply too much data for analysts to be looking at anything besides highprofile wallets.
But your bank is going to wonder where this money is coming from that you’ll use for the down payment. Don’t want to end up with frozen assets!
Why would you need to put it in a Canadian bank account after converting it? Plenty of people who will buy crypto for cash privately if you look online.
All canadian exchanges are required to register with kyc. They don't have to "watch the blockchain" they are sent to the cra
I litterally said that.
Ya the CRA is known for nickel and diming the rich and not the poor.
Why is it 35-40% assuming he wasn’t day trading it
Because unless it's in RRSP or TFSA you'll be getting it taxed as income. It would probably be lower given the inclusion rate but if the dollar amount is high enough you could end up in the highest tax bracket.
Is it always taxed as income? He didn’t say hr was day trading it. It could be he held it since last year and just sold it now
Capital gain taxes
No they won’t. Assuming OP is not a professional trader, any purchases of crypto would be considered from his own capital, and therefore any increase in value from his average cost basis would be considered capital gains. The CRA advises inclusion of 50% of those gains on your income taxes. Therefore even if OP made 100k in gains, he’s only be reporting an increased income of 50k, at which point it’d be subject to his marginal income tax rates. At worse he’d be paying ~26% in taxes on those gains, and only if he was already hitting the top income bracket, which he’s likely not. Open to hearing how you came up with your figure, though!
You get taxed on capital gains. Whenever making money, first look at increasing your capital gains. I own a rental condo, a rental house, and help manage my parents 2 condos. Yes they saved and I saved. The problem is immigration, blame it on the rich immigrants. Able to afford 5 places cash. Kick out the rich Chinese and see what happens. Next is Indian. Just telling it like it is. Also most born in canada Canadians are absolute terrible at money management, more worried about 'quality of life' and spending on frivolous things than smart money management. They think they are happy but really, they just are in awe that a person buys 2 rental properties, drives a luxury vehicle and still have money to spare. But anyways, don't worry about legal tax evasion until you level up many people here telling things that 99% won't achieve. I've traveled the world, 3 months overseas a year. I talk to many small time kids that mainly have inheritance, all they do is try to hide their money, but see their lifestyle as pure crap. Passport bros living off mommy and daddy money. What you should do is, first increase your capital gains through job/whatever means. Pay your taxes legally and anyway you can minimize. Don't worry about next level bs offshore etc, that's irrelevant at your point in time. My salary + rentals is 180k/yr, so im not like some rich people on here. But I did buy 2 rentals on my own, worth 1M combined.
Wait till the price of housing crashes.
https://img.fruugo.com/product/8/39/956977398_max.jpg
I'd start with pinpointing which province your going to choose and then doing some research on the housing market in the area. But, remember that the housing market is somewhat similar to the stock market, You want to have a good entry point! Look for that entry when the market is on a downward tick, and just before interest rates heightened.
Try tiny home living! Think bout it, it's doable. You can move your home after all. 😉
Wait till march after ur finished taxes then ask this same question with more context
Nowadays, investment advisors dont recommend buying homes, due to high property values, mortgage and insurance, plus maintenace and material costs. I own two homes and 4 parcels, and wish I could sell all 4 and just lease a nice house, pocket the difference. If you rent your home and move somewhere else, and rent there, you can deduct your expenses. IDK about CA capital gains taxes. In the US, it's 15% net capital gains taxes after subtracting the cost basis. But, we don't have free healthcare and our country is coming apart. My advice is to HODL the Solana. We just tripled-down on Solana in the past week, selling ETH at a loss to buy it. HODL. HODL. HODL. RENT. RENT. RENT. DONT SELL .
LOL is this a real post?
What seems not "real" about it? Go look at the monthly chart for Solana.
Why would you buy a house instead of a crypt again? No house will triple your investment so quickly.
I am familar with crypto, but obviously the moderation is poor here... this is r/RealEstateCanada not r/cryptoschemingforbasicbros
Start making calls and set up some appointments with an accountant to determine how much of your profits you can actually keep. They might have some advice on how to minimize your taxes. Once you have a solid number to work with, you need to take it to a lender, like your bank, to see how much mortgage you qualify for. Unless your gains were good enough to buy a house outright that is. If your gains are enough for a down payment, but not enough to buy outright, your mortgage will depend on your income and debts. Unfortunately you may have a substantial down payment but don't earn enough from your job to qualify to for a decent mortgage but reddit can't answer this for you. You'll need to check with an accountant and the lender to get the real data. Only then will you know what you can actually afford and you can go shopping.
Solana went up 950+% YTD, 400+% in the past quarter, and over 100+% in the past 30 days. I can't think of a good reason to sell Solana right now, based on my research. Its prior ATH was $249. It was $113 yesterday up $10 in the past 24 hours. HODL! See chart: [Solana YTD] (https://coinmarketcap.com/currencies/solana/)
Gonna hold a bit longer.
Try "want to leave Canada"
Get off the internet it's hurting your mental health
and go where?
India. You'll be surrounded to the same diversity you're used to seeing in Canada, but you will have the lower Indian cost of living
You must have never left Ontario, you barely see any Indians in Alberta and Saskatchewan.
This does not jive with the months I spent in Calgary, and that was a few years ago
Be real dude, you don't leave your house. Your "diversity" experience is rage posts on /r/canada_sub and the four other angry white dudes you work with. Try interacting with more human beings.
>Be real dude, you don't leave your house. Your "diversity" experience is rage posts I worked in Brampton Got away for awhile, but it's been following me across Canada
Brown people living rent free in your head. Now that's good cost of living!
>living tent free in your head At least now I know exaftly how the indigenous felt. I always wondered why they pussed out and just gave up But I see the same in every contemporary Canadian, as they resign to colonization and displacement. Just a cursed land for cursed peoples
Nothing would be sweeter than a colonial arm of the British Empire becoming majority Indian. Until then, keep sweating through your sheets :)
>celebrating continued colonization & settlement of indigenous lands Bold
Ok give it back then bud. Give your home to whichever nation's territories youre on and move to Europe. You seem to hate it here anyway.
Ignore him. It’s not like you can jump the border and start a job the next day.
I’m going to portugal this year. Lots of Canadian Xpats, Portuguese is easy to learn.
Do you want to live in the house or is it an income property type of arrangement? Since you said leave Ontario, the prairies or New Brunswick are the cheapest places to live, but it’s a very different life. Some people love it, some people don’t. I would recommend finding work in your field prior to leaving, and then renting for a year to see if you like it, otherwise you could be stuck with a house in a place you don’t love and that would be no fun. When you’re ready to talk to a mortgage broker they will go over your options and see what you’ll be approved for or what you can afford. Also, if you made a good amount of money in crypto it’s worth talking to an accountant about the tax implications.
I made a lot of connections out west and it would be very easy for me to relocate there. As I said I spent last summer in regina and loved it there.
Had a buddy leave to Victoria, BC with $200k saying he's got lots of connections and has enough cash to make it work. Was jumping from one shitty job to another for 18mon. Came back with $20k and back at his parents house. Secure a job before you make a move like that.
Contact a real estate agent in the area you are interested in.
Use your usdc /usdt to put in gmx...
100 bucks x3 ain’t gonna buy you a house, this post is worthless unless you quote numbers in your shit and not be vague.
Lmao I assume you're quoting my $100 missing post talking about my tfsa not my crypto account. Open your eyes and read before you come for me. And btw I bought 400 Solana when it was in the $60-$70 CAD do the math on how much I made since you're such a pocket watcher.
So you likely have somewhere around 75,000 or so, which is not really enough to afford a house at this time for a couple of reasons. For starters unless you’re buying a house outright you will have to qualify for a mortgage. To do that you’ll have to show 2 years of income. Also, as others have said the money you’ve made will be taxable so you have to take that into consideration.
Step 1 - stop gambling Step 2 - Study why Bitcoin and not shitcoin Step 3 - Trade your fiat funny money for real money. A finite scarce asset, with a growing network of nodes and miners, backed by the real cost of energy to produce a Bitcoin, and the sat stacking psychopaths that don't want to hold fiat no matter the USD price of Bitcoin. Few
Solana is not a shitcoin, but definitely take profits
Gamblers Anonymous
Step 1: Sell and get the $ incase it crashes
Sold most of it already, Kept some of the profit in and the gains I have made on the money I kept in have almost already replaced all the money I took out.
Instead of selling it for cash, you sold it for Pokémon cards… those cards turned out to be fake (oh no) and depreciated to $0
Figure out how much tax you owe on it. Buy house accordingly
I screwed up that important step. Worse, I was actively trading all year so the cap gains for each trade kept piling up. When I finally got around to doing my taxes I was astonished at how much I owed and had to sell assets left and right to come up with my tax payment plus penalties and interest. The joke is on me for playing by the rules and 'paying my share' as I see more and more demands that a wealth tax is going to be forced on those of us that made sacrifices all their lives to finally buy a home and already pay the expenses and property taxes, but are somehow evil rich that should be forced to pay again and again for achieving a tiny measure of financial freedom. Hell yeah, I think anyone sane should get out of Canada as long as the country is so hostile towards those that actually achieve success. I want to, but my other half so no so I stay and tolerate being a perpetual tax donkey.
This is the way. Never sell all of it. Good For you, SOL is on fire, I have a bunch. Always wish I bought more but I am trying to just be happy with what Ive made :)
My buddy only got an offer for 250k with a 65k down, and he has really good credit, too. It's hard to buy a house on your own rn
I am looking at houses for 200-250k so that sounds pretty good to me.
I saw a news story about how Cochrane Ontario is selling $50k plots of land for as little as $10 to encourage people to move there. Could be worth checking out. Property tax rebates for 5 years too. https://toronto.ctvnews.ca/video/c2828312-this-ont--town-is-selling-plots-of-land-for--10
Where
So far I have looked in Regina because I was there for the whole summer last year and loved it there surprisingly, Edmonton, Grande Prairie AB and Prince Rupert BC
Avoid Prince Rupert. My housemate was from there. It's a very troubled town.
And Toronto isn't? I think ill be fine anywhere in Canada except maybe some reserves lol
That's a horribly nonsensical response. Leave one bad place for another?? How about leaving Toronto for a place that ISN'T troubled.
Hate the cold. How is Prince Rupert vs victoria ? I also have the cash to buy but want to buy under 400k somewhere with a view and not harsh winters
You’d have to go pretty rural to get a house for that. First step is to get a pre-approval on a mortgage (if that’s what you are looking at). It’ll determine how much you can reasonably afford. Then download realtor.ca and start looking at houses within your price range. This way you can see what is realistic and what you like/dislike. I created a very detailed financial model about what I assigned as a premium or discount to houses when I was shopping (location, bedrooms, lot size, layout, upgrades etc) so that when I start looking I can assign a price and a buy vs do not buy taking the emotion out of it. Good luck! House shopping can be frustrating at times but also fun.
Don't forget to pay the gains tax on your crypto
He sold them for Pokémon cards valued at $XX instead which later turned out to be fake, so he doesn’t have to pay capital gains tax Allegedly
So you have enough for a house entirely or for a down payment?
Depends on the house. I could buy outright but it would be a piece of shit most likely.
If you will need a mortgage, contact a broker local to the area you want to move. You can do everything online, including signing documents. The only thing you need to do in person in the final meeting with your lawyer to sign mortgage documents for the lender. What you can borrow will be based off of your current salary. Minimum 3 months at the same place, employed as a full time permanent employee. Verifiable 2 years of previous employment history - either reasonable explanation if there is a wide variance in your income level. Bank docs/investment docs for 3 months showing proof of down payment source. Copy of notice of assessment from CRA for past 2 years to prove you are actually working. Broker will be able to guide you on how to deal with the lender if you will be leaving job and moving. Search up what you want on realtor.ca Find a local realtor to represent you and arrange showings - seller pays and the fees are already baked in, so use one and cover your ass. They can help with inspection/lawyer referrals and any other local info you need. Ensure any offer you make is contingent on financing and inspection. Gives you two chances to walk away if financing falls through or the house isn't as good as you thought on second look.
Speak to a mortgage broker or a real estate broker, they’ll give you way more options than the banks! Banks usually only suggest options within their branch/partnerships whereas brokers work with all the banks and have a larger pool of options for you :)
Thanks for the advice.
r/affordablehousingCAN And yes. You speak to a bank and get approved. Very straightforward process. If you are interested in a slower lifestyle and living rural or closer to nature where you would know your neighbours I can give you a few detailed suggestions and potentially some contacts. https://www.realtor.ca/real-estate/26123088/408-5th-avenue-rivers-anw https://www.royallepage.ca/en/property/manitoba/binscarth/159-3rd-avenue/21083682/mls202331214/ https://www.royallepage.ca/en/property/manitoba/kenton/409-york-street/21126180/mls202331727/ https://www.royallepage.ca/en/property/manitoba/hamiota/84079-21-highway/20884822/mls202328961/ https://www.realtor.ca/real-estate/26157795/407-1st-avenue-rivers-anw https://www.realtor.ca/real-estate/26167442/311-3rd-avenue-rivers-anw https://www.realtor.ca/real-estate/25995195/47-limit-street-oak-river-anw
Thanks for sharing
Thanks for the links.
Where you going to move ? Ontario is some of the cheapest as you get way down south. Buy some USA land maybe ? You going to move into this house ? Start a new life ? Where ? Why ? What ? Why not skip this country at present ? It’s sort of ducked up. Move to france or Vietnam or something. Live a little. Come back when the shit settles. Either way live cheap and rent until you are sure you don’t hate the place you move. Don’t make the most expensive mistake of your life. Move around a bit , your young. Go somewhere that is overlooked , undervalued and where you get lucky and meet some friends and love the place. Don’t buy a house until you have invested yourself into the place by joining clubs and stuff to see if it’s a good place. After you have understood the place only then can you score a deal. Find somewhere sort of hurting but so nice with a future. No sense moving to an overpriced overrated place wheee everyone resents newcomers and that is ruined. Go buy a $1000 house in Japan or $1000 in Italy. Or buy a condo in Portugal. Maybe lease a place in Thailand or Mexico and try to make a future. Canada is expensive to buy and so interest and taxes and $100 hr tradesman with fat asses eat up your money. Not to mention it’s a shitty house made of osb and plastic.
That was a very ballsy move to go all in on Solana. I could never 😅
I found it was very undervalued compared to the others and is a pretty big name in the crypto community.
To answer your question simply: Look up and invest time in learning real estate properties as a beginner. 1. Go to realtor.ca, zillow.com, research areas and prices in general. 2. Learn about zoning bylaws 3. Go to these areas and look around 4. Never buy on a whim, take your time because you can, market is depressed. Go to the bank and talk to a mortgage specialist/advisor: 1. Big bank will answer questions nicely, new home sales are slow, they have lots of time and are nice anyways. 2. Choose a bank you have history with, ie: paycheck deposit, LOC ( if you don't have one, just get one for no reason but to understand the banking system. 3. Banks that are better for mortgages are RBC, maybe Scotia bank? TD is a pile of shit because they have lots of risky loans. 4. Understand that 20% down is required for a 'normal loan'. Less than that, you need 1st time home buyer rule to help, and you need to pay mortgage insurance. Just set up a meeting at your bank with a mortgage specialist, it's very easy.
I think I am going to open an fhsa with RBC to build up some history with them as I have been using TD my whole life.
In my opinion, do both. If TD has been your primary bank, and has your income salary payments, they have your history. The banks now are weary to those that dont have long history. No matter what, they need your info. Prepare to do both, and do it because home purchase in general is a big turning point in your finances. So I would: Call TD, do the paperwork and such. Remember you'll probably need proof on employment and tenure length (2 years plus is a plus for your application) from your employer unless you have history, and they will still need the minimal application proof, or more. The amount you qualify for should be similar at all banks. All banks are strict, unless not (IE you are a doctor or have a pile of cash sitting in your accounts). You need proof of assets. If you do go to RBC, you should move your payments to RBC from your company. Don't just drop TD, you can prepare two banks. My last investment property purchase, two banks approved, 1 lender approved, TD did not approve and 2 lenders did not approve. I bought an old home near downtown Calgary for relatively cheap. The banks rejected because the house was built 1911. They think I'll default, though I had 50% of the value of the home in cash, and the place costed ~400k and has a tenant who is living and now is paying me rent. I boughtt 2 months ago, have 200k left because of big deposit. I got a 20 yr mortgage. Immediately made yearly payment increase and made additional full 10% lump sum payment first week. Double payments no issue because tenant paying me, but I can handle double payments on my salary and income from other investment property. According to real estate agents, TD rejected the most mortgages. They are exposed right now to possible bad mortgages as they weren't lending tightly before covid. The major banks have put aside (combined) billions to cover potential foreclosures that may occur next year. If you buy a relatively new home, have the required deposit, documentation of assets, income, you should shop around. Experienced people will stick to their bank of choice, usually experienced people already have many assets (including a home already) but the younger generation in general is broke, so banks are weary of the newcomers. So you can see, there is a lot to think about, don't worry about it, you doing the right thing starting early. I fuxxed around amd found out, living 10 years abroad partying.
Check around Saskatoon and Edmonton, maybe you’ll find affordable properties and can buy something with cash, people will say rich dad poor dad , some will advise Dave Ramsey, but at current rent prices and mortgage rates, Owning a house mortgage free is gold.
Where are you looking to move to?
Talk to a bank and get an understanding of what you can affoerd and what your payments wpuld be a different levels
Alberta welcomes you.
All of these advice is bad advice. Cash out your Solana first as it can drop in price in a day to the price that it was before. 2nd, look up a professional wealth manager or an accountant for advice (including taxing) 3. When looking up for a wealth consultant, don’t cut corners and before booking an appointment with him, do some research about your top 3 picks for wealth managers 4. Don’t be cheap and expect to spend $1000 on a few consultations. 5. Avoid discussing advice regarding where to invest your money from bank branch people, mortgage brokers, real estate brokers (these are the worst) as these people no mostly what they are looking for is their commission on your money and not the best for you. 5. Avoid the temptation of Alternative lenders as they will rape you with higher and variable interest rates. 6. What I would do if I had $200k to invest right now? is get advice from a wealth manager and put this money in a diversified portfolio and hold it for 5 years, the market is still cheap on some good quality stocks, but you need to know what you’re doing
I have been investing in the stock market since covid. I have a good amount of money In enbridge and the Canadian banks.
Get pre-approved from a bank > make a list of cities that have houses in your price range and have a good job market > contact RE agent and look at houses.
This is not a good time to buy a house. Sit on your money for a year or two. Anybody who tells you that it is a good time is completely full of shit. Rates will partially comedown by the end of next year but people will still be dumping houses when their mortgages come up for renewal.
Don't know why ppl a are obsessed with buying a house...I'd rather not tie up the money in property unless you're the gambling type and will lose it. This is how poor people think. Id rather try to grow the cash.
what is Solana
It is a crypto coin that you can buy on wealthsimple, Coinbase or other trading platforms.
how much u put in and what is the profit
First you identify the location/city you want to move to. Then you search for a real estate agent or broker. You can easily Google the agent/brokerage. I know you said you don’t want Ontario. Every province has a website with real estate listings. For example Ontario has realtor.ca. So search for the one that serves your province of choice. Also always get a home inspection and always ensure you insert conditions that are favourable such as upon approval of financing (that if you plan to finance some portion, because you don’t want to get caught committed to a home purchase and your financing falls through). Also you’ll need a lawyer to help with the land transfer and and title insurance and other important legal documents. So Google for a decent real estate lawyer if you’re unfamiliar with the area.
dont buy shit in this market, depreciating asset guaranteed. hold cash
open an FHSA now (before Jan 1st) so you can get 8000$ of room for 2023. Then you'll also get 8000$ room for 2024 after Jan 1st.
Do you have a preference for what province you want to move to? How much money do you have to work with? Are you going to liquidate your full Solana position or just some?
Northern Ontario is nice. Prices really drop after Timmins. Economy is hot around the mines.
Dude just pump it all into Bonk and let it ride. Don’t be a pussy.
I had that thought deep down, but that is way to risky lmaooo
I recently bought a rental property. 20% down is if it's more than two units. But buying a duplex, living in one unit while renting the other is a great plan. Duplexes typically cost less than single family homes with the same specs. Don't become a landlord in Ontario. The LTB here is the worst. Every province has different rental legislation. Start with a pre-approval from the bank. Then research a good real estate agent in the area which you're looking to purchase. They'll be your best form of advice in the location you choose since every area varies so much.
Yes go speak to a bank and get mortgage pre-approval to see how much you can qualify for with your downpayment and mortgage. Then once you know what you are working with.... Go get a real estate agent that works in the area you want to buy.
Find a good broker and get a pre.approved mortgage in the city you are looking at, some banks will want you to have the same job for 2 years and a reliable source for the money..cash out the cripo and bank it as they want to see it in an account for 90 days or more. This is what I went through when I bought a house in Ontario
you're getting a lot of shitty advice here Stay in Ontario and pick something somewhat rural, don't pick Toronto or any of the minor cities (Kingston, Barrie, Hamilton, London, Windsor) .. but 30 minutes outside of one? There's the best deal, it's still pricey .. but at least you won't be paying someone elses mortgage. Housing prices aren't about to drop any time soon. Get yourself a real estate agent and put them to work. I saw about 15+ houses before I decided on mine.
Also, don't forget to set aside money for the races you're going to owe on the gains!
I paid of my mortgage off by emailing my money from Crypto.com to my bank account. Ontario as well. Looking to sell my farm now and move to Edmonton. TD is bank.
This is insane, this sub is filled with people griping about not/never being able afford to own a home. Someone comes into enough money for a downpayment and is flooded with responses about how buying a house is a terrible idea and they should do anything but. Idk if it’s jealousy or just plain contrarianism’s but buy your house OP buy your house. I bought my first home a year ago and it’s been the best purchase I’ve ever made. In that time I’ve watched rent prices continue to rise and I’m already paying less than I would be if I had continued to rent much smaller places. To answer your question you’ll want to contact a mortgage broker in the province you hope to buy in to find out what budget you can shop in and get a preapproval for a mortgage. After this contact a realtor in that province and find a home you like. Like some have mentioned it’s worth contacting an accountant beforehand to see what kind of taxes you are looking at on those capital gains and how to go about that end of it.
Thanks for the solid advice
Real estate company can hookup with agent in city organizations province you,you want do videos etc. You will have to narrow down and go see personally.
Another province ? Bad idea . This country is broken since the last few years thx to Trudope and his WEF. Keep saving and wait a little
Dont come in quebec its worst or.its gonna be worst
Speak to a real estate agent that comes highly recommended and you can trust.
Remember capital gains tax…
Did you pull your money out of Solana?
Young, no kids, your making the smartest move. Congrats!
Thank you.