Hi Navjot, amazing information. I came to Canada in 2021 on an LMIA work permit and have gotten my PR in 2023 January. I did all the paperwork for my family and I from your videos and e-books without any agent. My files always moved very smoothly and quickly. I got my PR in 4.5 months of making the application. I used your document formats for work experience and financial statements. I thank you while heartedly. Now, I am taking your guidance for buying my first home which I target to buy in 1 year. You are amazing. May God Bless You and Simran. You will succeed in everything you do because you help others succeed. - Naveen
Now I see a slight undertone of change in your stance ie. "buy at any levels if you u can afford" to "use this price decline to your benefit". And I totally agree with you, it's always better to time the market to generate that extra alpha than to just piggy back the trend.
One thing at 26:09, you say that rent will make us lose 132,000 in equity over 5 years, whereas, you didn't mention that we will be paying 121,080 in interests to the bank and approximately 20,000 in property taxes which is almost 140,000 (unrecoverable costs) ... so in both cases rent or purchase you lose the unrecoverable costs. The only gain is the increase in equity and that really is a gamble because in Kitchener there are people who bought homes in 2017 and got recent bank appraisals at the same price (No equity gain at all) This makes home buying only feasible if you are going to stay in the house for 5+ years. I have started to think may be its just better to invest the money in ETFs and buy out at full payment in 2027? What are your thoughts on this? Need sincere advice.
It’s impossible that someone didn’t make money if they bought in 2017 :) It was just a very poor buy!! But I do agree with you on what you said. However time in the market will always win! It has done that for many many many years now :) Do watch the video on renting vs buying where I discuss this in detail… you will like that I am sure 😀
Hi Navjot, Correct me If I am wrong, From 25th October 2022, Ontario has increased its non-resident speculation tax (NRST) from 20% to 25%, and now I can't think about buying house on work-permit
Hi Navjot, I am bank employee and thinking of availing staff rates on first time home mortgage. Wish to check if there are cons of not going with a mortgage agent, as compared to reaching to my bank directly? Thanks for your attention
Can you please make a video with the calculation GST ? Because if people buy a house on presale condition so they can get the information that way too and also what happens if people do like GST include in the mortgage and give it to seller upfront. TIA
1) when does the appraisal for lender come in? In compliance stage? what if appraisal comes lower than what buyer has blurt out to pay ? Is it a good idea to put appraisal condition too? 2) what if you lose your job before you close ? are you still liable to get that house and subjected to law suit if you dont ??
- usually closer to closing. Appraisal is very unlikely at the initial stages. Besides, in some cases, a traditional appraisal is not required when you are doing
I sir as the truck driver is self employed but he is paying taxes .Then, can we consider three months in the trucking job as the requirement to buy the first house
Very good and detailed information.. May I know why dint you add the details of CMHC first time home buyer incentive which govt will help Increasing your down payment by shared equity? I feel at this point it’s very important to help people who’s affordability in toss because of interest rate hikes..
Hey Nav, let's say I have full time job (onsite or hybrid) in Montreal and I want to buy n settle in Calgary, I heard bank, while pre approval process, would ask letter from employer a no objection letter, in my case, won't be possible as my job requires me to be in Montreal, so I wont be able to buy home anywhere apart from Montreal? Pls provide your thoughts
Hello, Navjot, I regularly follow both channels. Both are awesome and informative for us. I am based in Germany. I am planning to buy a Condo. The building where the condo is located is 50 Years old Building (22 Store Building), but in prime location. Would you advise buying this type of old building in general? Thank you in advance for your guidance!!
Hi Nav! Have been following you from your other channel. Great work. I recently opened my real estate and immigration law practice. Let me know if I can be of any help anytime, won’t disappoint you or your clients. :)
![Stromae, Pomme - “Ma Meilleure Ennemie” (from Arcane Season 2) [Official Visualizer]](http://i.ytimg.com/vi/1F3OGIFnW1k/mqdefault.jpg)
I don’t have a plan to buy home but I watched this video for educational purposes.
You are amazing man, we can see your efforts. Appreciate it
Thank you 😊
I so love home procedure videos. Looking at houses is my therapy. Love the transparency. Badly needed it. Thank you.
Thank you 😊
Hi Navjot, amazing information. I came to Canada in 2021 on an LMIA work permit and have gotten my PR in 2023 January. I did all the paperwork for my family and I from your videos and e-books without any agent. My files always moved very smoothly and quickly. I got my PR in 4.5 months of making the application. I used your document formats for work experience and financial statements. I thank you while heartedly.
Now, I am taking your guidance for buying my first home which I target to buy in 1 year.
You are amazing. May God Bless You and Simran. You will succeed in everything you do because you help others succeed. - Naveen
Now I see a slight undertone of change in your stance ie. "buy at any levels if you u can afford" to "use this price decline to your benefit". And I totally agree with you, it's always better to time the market to generate that extra alpha than to just piggy back the trend.
Keep up with the good work 👍👍 Good Info for the first time home buyer
Genuinely the content is real informative..All the best
Thank you 😊
😮Thanks Nav for sharing great content!! You are Da best!!
Thank you 😊
Nav, thank you for step by step explanation.
One thing at 26:09, you say that rent will make us lose 132,000 in equity over 5 years, whereas, you didn't mention that we will be paying 121,080 in interests to the bank and approximately 20,000 in property taxes which is almost 140,000 (unrecoverable costs) ... so in both cases rent or purchase you lose the unrecoverable costs. The only gain is the increase in equity and that really is a gamble because in Kitchener there are people who bought homes in 2017 and got recent bank appraisals at the same price (No equity gain at all) This makes home buying only feasible if you are going to stay in the house for 5+ years. I have started to think may be its just better to invest the money in ETFs and buy out at full payment in 2027? What are your thoughts on this? Need sincere advice.
It’s impossible that someone didn’t make money if they bought in 2017 :)
It was just a very poor buy!!
But I do agree with you on what you said. However time in the market will always win! It has done that for many many many years now :)
Do watch the video on renting vs buying where I discuss this in detail… you will like that I am sure 😀
@@growwithnav thank you so much for referring to that video. Ive made up my mind now.
Appreciate your time and efforts here.
👍👍
You are so good brother 🙌
Thanks for sharing this information 👍🏻
👏👏👏
Great information Nav 👍
👏👏
🔥🔥
probably if I buy a house, I would prefer you.
Seems like the Money tools (Rule of 35) link has changed. It would be good if we can update the link in the description.
Hi Navjot, Correct me If I am wrong, From 25th October 2022, Ontario has increased its non-resident speculation tax (NRST) from 20% to 25%, and now I can't think about buying house on work-permit
Hi Navjot, I am bank employee and thinking of availing staff rates on first time home mortgage. Wish to check if there are cons of not going with a mortgage agent, as compared to reaching to my bank directly? Thanks for your attention
Can you please make a video with the calculation GST ? Because if people buy a house on presale condition so they can get the information that way too and also what happens if people do like GST include in the mortgage and give it to seller upfront. TIA
1) when does the appraisal for lender come in? In compliance stage? what if appraisal comes lower than what buyer has blurt out to pay ? Is it a good idea to put appraisal condition too?
2) what if you lose your job before you close ? are you still liable to get that house and subjected to law suit if you dont ??
- usually closer to closing. Appraisal is very unlikely at the initial stages. Besides, in some cases, a traditional appraisal is not required when you are doing
I sir as the truck driver is self employed but he is paying taxes .Then, can we consider three months in the trucking job as the requirement to buy the first house
Very good and detailed information..
May I know why dint you add the details of CMHC first time home buyer incentive which govt will help Increasing your down payment by shared equity?
I feel at this point it’s very important to help people who’s affordability in toss because of interest rate hikes..
It’s so difficult to quality!
But will be making a video on this soon
If I want to buy first house on Work permit in Saskatchewan do I need to pay NRST ?
Hey Nav, let's say I have full time job (onsite or hybrid) in Montreal and I want to buy n settle in Calgary, I heard bank, while pre approval process, would ask letter from employer a no objection letter, in my case, won't be possible as my job requires me to be in Montreal, so I wont be able to buy home anywhere apart from Montreal? Pls provide your thoughts
That is correct. There are options if you can do 20% down… but you can’t buy with less than 20% down unless you have the letter from employer.
I went to bank in nova scotia when i was on work permit...they told me to put 20% down payment + 15% foreign buyer tax = 35% on hand
Banks can be wrong :)
It won’t be the first time 😃
Hello, Navjot,
I regularly follow both channels. Both are awesome and informative for us. I am based in Germany. I am planning to buy a Condo. The building where the condo is located is 50 Years old Building (22 Store Building), but in prime location. Would you advise buying this type of old building in general?
Thank you in advance for your guidance!!
Are you buying in Germany. If yes, I don’t understand the RE there enough to advise you
@@growwithnav No problem Navjot. :) My question was in general. Like in Canada you will advice to buy a Condo of 50 years old.
Should we have a lawyer involved when buying a preconstruction condo?
You should… to get the contract checked
Rule of 35 excel page does not open
Can we buy a home with a contract job with fixed ending date i.e. if lender will be apprehensive about the time the contract ends?
It’s very difficult. There are multiple factors involved - so make sure to get professional guidance.
Hi Nav! Have been following you from your other channel. Great work.
I recently opened my real estate and immigration law practice. Let me know if I can be of any help anytime, won’t disappoint you or your clients. :)
👏👏
If I'll make 10K/MONTH on STUDY PERMIT would you take me on your PODCAST?