Owning a house in Canada is not easy. Remember that owning and renting is just the same based on your circumstances. Market is unpredictable when selling a house. Most importantly, buying a house as a student is I think the bad decision that you will take.
Drey, napanood ko videos mo. Nandito narin kami sa Canada. Sa Marlborough kami nakatira. International student din. Its very helpful talaga mga na e share mo sa blog mo.
Hi I've been watching your vlog since last year. I think intention for buying the house is good. It's just that in every investment that ina acquire you should have at least 3 months buffer for monthly mortgage/expense except pa sa emergency/unexpected cost. Maybe na underestimate lang on this part siguro. Lastly, I think something that I can share is to not have another investment/business yet if hindi pa stable or may current system yung current. You should give maybe a year of operation ang business bago magopen ng another one 😊 more power to you and your wife sir!
Thank you 😊 I 100% agree sa pag kakaroon ng emergency fund. We're slowly building it back and hopefully matapos na ung basement para ma encash na yung fund sa lawyer hehehe.
I salute you for being open-minded sa mga criticisms na binabato sayo ng mga viewers! Yung iba kase jan nagmamatalino na defensive pa. Goodluck and Godbless jan sa Canada ❤❤❤❤
Very good investment decision, yayaman ka dito sa canada boss for sure dahil sa mindset at knowledge mo sa investment properties, not to mention your building equity on your property
galing actually. ang close minded lang ng mga nagccomment na mali decision nyo. mga wala namang alam sa process. pwede naman magtanong muna para malaman kesa mag nega agad.
This video is intended to inspire and share the process that we went through nung buimili kami ng bahay ni Dianne. By no means should you take this as financial advice as your personal circumstances may differ from ours. I hope you will find this video helpful! God bless sa mga financial decisions ninyo! Always remember to LIVE WITHIN YOUR MEANS :)
Quantitative: i think you forgot to factor in your down payment and initial cash outlay. Also, income and equity forecast set at best case scenario, which rarely happens at the 1st place. Qualitative: Daming factors not considered, esp if you have plan to have a kids in CA.
I just dont want to complicate things talking about opportunity loss for the DP as things will get ever more complicated if we factor in the forgone income of the 5%dp tied to the house. But simply multiply that by your expected return and add that to cost of owning a house. For quali, I made it simple and straight forward, basing everything on our personal circumstance po, if you plan yo have kids, your quali will be completely different than ours. If you have relatives in the same area or planning to come to Canada, that will also impact that. Thank you for bringing this up :) we'll keep those in mind for future ref.
I would say na somehow logical ang decision based on your computations. In a couple of years, baka tumaas na value ng property mababawi mo na interest.
Not included ang maintenance, hindi laging bago ang bahay. And look into renting another house that would cost less to you than renting your own house siguro.
Yea we forgot to include rep and maint. For now we are good having lower out of pocket cost than before. We will look into other options as we go along :) thank you po.
I just moved to Canada, and I salute u for fulfilling your dreams. We have the same mindset kasi, this is our plan too. Marami lang inggit from the bashers dont mind them…
And also boss, i know you gonna get your pr status for sure, kc being an accountant/CPA is a highly skilled jobs in canada which is in demand and also a very high paying job
Hopefully your basement will be done soon to start getting income. We’re kinda in the same situation. I am currently living in my investment property while my primary residence is being worked on. Can’t wait to have this rented out soon para magka income din!
Ingat lang sa kung kanino nyo ipapa-rent ung available rooms nyo. The law is more favorable to tenants dito sa Canada. Hindi mo sila basta mapapaalis pag hindi sila nakakabayad. By the way, yung basement ba na ipinapagawa nyo eh is in a process of being registered as a legal basement/secondary suite suitable for renters? Baka kase you’ll run into some legal issues with your city if it’s unregistered/not legal.
@@emeyjee opo hehehe. Lately puro financial decisions namin nasa YT namin and madaming sari saring comments. My job now is to read them thoroughly and mag internalize hehehe.
The way you explained it kabayan, I wouldn't say na implusive yung pagkakabili niyo ng bahay. Pero ang nagulat talaga ako, dun sa price ng property niyo. We're currently based here in Ontario and I don't think makakahanap kami ng ganyang bahay under 500k.
Drey, you're smart. You're financial literate. But kitang kita dito na bata ka pa. Madami ituturo sayo ang buhay na hindi mo nabasa sa any accounting book. Jan papasok ang pagiging street smart at high EQ. Good luck sayo. Learn it the hard way.
100% correct! My son is book smart and thinks he knows it all. LOL. I have proven to him many times that being street smart, using common sense, timing, listening from people older than me and everything I learned at University of Hard Knocks are worth more than gold. He would argue with me before but now he listens when it comes to finances. I've been through recessions but I survived unscathed and even made great money when the market bounced back up. I also teach my son car and house/yard maintenance in order to save tons of money.
That's awesome! This past couple of videos gave me a lot of insight, indeed. We'll do our best to incorporate them for our future decisions :) thank you so much 😊
Owning a house is better than renting but I suggest secured you immigration status first before that, be a Permanent Resident here in Canada then your good to go
Interesting way of thinking it seems you did not budget anything for repairs & maintenance particularly since you plan to have a lot of people living in it. Have you considered the risk of losing some or all of your tenants? You should have seen what Calgary was like 7 or 8 years ago when the oil & gas exploration industry was down. Property values plummeted rental vacancies increased. Real estate agents were giving away Caribbean vacations to entice buyers. The question is can you sustain such a downturn. Assuming you report your rental income you can deduct a portion of your mortgage interest property tax condo fees and other expenses needed to maintain the rented portion of your property. On the flip side when sell your house because it was rented out you will lose a pro rated portion of the capital gains tax exemption on the sale of a principal residence. It's a little more complex than most people think. Just the same good luck to you.
Eye openner comment! No, we didnt factor in the significant economic downturn that happened 8 yrs ago. But we did a stress test on our income if we can sustain the cost of owning a house without any kasama sa bahay, and worst comes to worst, makakain ng accommodation budget ang inalot namin for monthly savings for those periods. Nasa 5 to 10% nlng matira sa monthly income namin after deducting everything. As to taxes, yep, its not easy to explain but everything is well taken care of on that side of the equation. As to the repairs, that will be taken care of by our buffer po. (Prev vs current out of pocket) Thank you for sharing your insight po. That is something na kailangan ifactor in sa future decisions namin.
Good morning. I think the question is not whether to buy or rent. From your previous post, the question in people's mind is why did you have to go into extreme debt to the point that you used up all your emergency funds, ruined your credit score by over indebtedness, resorted to using high interest credit cards and be in the negative on your monthly finance. There's nothing wrong with choosing to buy instead of rent, in fact, most of the time - buying is advisable. But not to the extent that you will put at risk your financial standing. Let's not even go with risk=rewards thinking here. There are also factors to consider in using your home as a business. Did you check with you HOA or even your city for Zoning restrictions. Are you legally allowed to operate a business in a residential zone, like you townhouse. Will you be paying taxes on your rental incomes? Did you factore those in? You sound very book smart with you Qualitative and Quantitative analysis. I admire that. However, you allowed yourself to be in this situation unnecessarily. Slow down a bit. Learn from folks who have been there before.
Correct! They rushed and had a case of FOMO big time. They should have waited, most especially that their immigration status is still up in the air, not PR yet. Counting money that is not even in their hands yet is not a good plan. A lot of things went wrong in their situation. What if basement project goes over the budget? What if one of them gets laid off or gets sick? People get in trouble with their finances by overextending themselves. If I were them, I would rent for now and save money, buy when the housing market crashes, and it will. We are due for a housing market correction, recession or a downturn. Experts say by end of this year or next year, we will have a recession. There are many expenses in being a homeowner, including house maintenance/repairs, appliance replacements, property tax and home insurance that increase yearly, HOA, etc.A house can quickly become a money pit.
Hmmmm wala nmn problema kung bumili. Okay naman yung sinasabe mo ang feeling ko dito is dahil sa nangyari sa inyo kaya ganun. Tingin ko kasi dapat tinapos niyo muna yung sa house renovation bago kayo nag make move sa next step niyo. Regardless kung magkano nalang yung binabayad niyo per month. Ang point nila dito siguro is nag overspend kayo dahil sa unexpected expenses.
Yes there are so many undisclosed unexpected expenses sa previous video, aside from basement and furnishing the house po. Pag nag materialize na yung pinag kagasutsan, tsaka po namin siguro ipublic para di majinx hehe
@@DREYsCanadaVlog agree! Mas okay na move yun. Actually kung ang nangyari is nag disclose kayo sa yt nung na overcome niyo na yung situation niyo. I think mas positive feedback yung mangyayari. Opinion lang nmn po yun. Not a hater.
Ok yan kung student lang titira, pero kung pamilyado parang wala kna privacy, kung ako meron 30k invest ko nlang sa stocks, then gawa ka ng gain target kung kilan mo ibenta , meron stocks up to 100% ang gain sa isang taon so đoble na agad kita mo wala pang tax, basta marunong ka lang mag analyzed sa stocks kikita ka dyan.
@@robocop581 risk kung hindi mo aralin ang stocks, sector, kung anung date or buwan pweding tumaas at kilan ka pweding mag enter and exit, kc kung hayaan mo lang ung 30% gain mo sa isang buwan mababawi ulit yan, kaya wag mag focus sa isang sector, kc kahit sa mining companies meron yan silang rotation sa pag gain at pagbagsak
@@naughtydanna7003 Like I said, you clearly have no clue about leveraging. I own properties and stocks and the main difference is I can use 90% of the bank's money to purchase a property while in stocks I have to put up 100% of my own capital.
Is this the life I want to build in Canada? Living in a frathouse at my late adult years? Sharing a kitchen and common spaces with strangers? Giving access to my home and putting my wife's safety at risk? what if we got pregnant? all of that sacrifice and compromise just to show that "I made it here, I have a house and car now, I gamed the system."
I think you missed the point of why we did it po :) but anyway, of course that's not the life we wanted in the long run. But with current situation, if we can save doing this, why not? Check the rental situation po dito :) madami samin po nag rerent lang ng room. Again, as I said po sa video, depende po ito sa perpective nyo and goals ;)
What? We bought our house in Calgary for $107K 30 yrs ago and now it’s worth almost a million. When we sell, move to small house further away from Calgary, we can retire comfortably. I can prove you wrong with your analysis sir😜
May renters n b Kayo? Because this is assuming you have renters for all rooms. How’s the demand for room rent there? Do you do background checks for your renters?
Renters are family and friends lang po. Upstairs are occupied by us, my brother, and a friend. Downstairs is already committed to a relative who is coming really soon.. For background checking, at a later stage when we decide to rent this unit out to others, probably we will do a bg check po. But for now, not needed. :)
@@DREYsCanadaVlog thanks for the info! If you don’t have relatives kasi who are migrating near your city parang risky pa din kasi magparent out. The landlords have the right to choose their tenants b? The landlords don’t have a say if you want pinoys only? Is it 2 months upfront 1 month advance payment? also do you have to declare your rental income as taxable income?
You're right po, risky mag parenta, kasi you are not allowed to choose the nationality ng mag rent, but you can choose based on employment and other things for your security. Normally they do 1 month advance, 1 month deposit. Declare as rental income, yes you should po.
Pag may pera ka bumili ka ng bahay pero pag wala bat mo pipilitin sarili mo. Dito sa toronto.mahihirapan ka makakuha ng 300 something na bahay.. puro million na..ngayon mataas ang interest rate....
ang mura ng bahay na nabili nyo and ang daming rooms. lucky. i dont think magagawa namin yan sa bc agad. napaka mahal ng bahay dito. condo starts at 350k cad up 1br, luma pa building na di mo alam kung magiging marketable pa ba after a few years. 😢
Sir Drey, ask ko lang po, yung pinsan ko po at family niya gusto akong magtourist sakanila and pagtapos nun hanap na daw ako ng work doon. Citizen na rin sila dyan at may sariling bahay na rin po, may possibility po ba na makuha nila ako? Sana po masagot po. Ty
Yup. Sa situation p na to. Well spending more that what you have ma ooverdrawn talaga sya. And hopefully after all the charges from your cards. Ma gain niyo din pabalik thru room for rents. Which passive naman income dun.
Depends how you define "buying" po there are 2 ways to buy, buy in cash and buy thru loan. We did buy this house by securing a mortgage as we dont have cash to pay it upfront. :) hope that helps.
Mas ok padin mag Rent kase pag nag rent ka mapapayaman mo si landlord😂😂😂 imagine paying 1500$ a month for 25yrs yan eh kung hindi tumaas ang rent for sa 25yrs
Yes po, but at the end of the day, if you do it right, you might end up paying nothing sa tax. due to tax deductions na pwede mo iavail. This is a little bit complicated dahil madaming moving parts, but if you plan to minimize taxes I suggest talking to a tax consultant po. You can also reach out to me to help you plan your taxes ;)
Owning a home is good especially it is an investment and will appreciate overtime. But I will stick to renting for a while. Reasons why I chose to rent over buy. -We are not yet Canadian Citizen/PR. -We might decide to move to another City every 3-4 years. Or move to another country after 6-10 years. -We decided to buy 2 condo in PH instead and have it rented out. -There is a housing bubble in Canada which might burst soon, the cost of housing in Canada now is crazy expensive. -Property tax and maintenance are too expensive. -Mortgage repricing/ interest rates set by BOC is rising. It may rise as high as 45% by 2025 according to BOC Congrats sa property nyo. 😊
Thats a really good insight! Our ability to move from one city to another might be the biggest con compared sa flexibility ng rentinf. Thank you for taking time to share this.
Spot on! Good plans. No need to rush. Recession is on the horizon. Mortgage loan rates are too high and people are struggling to pay for their mortgage. Housing bubble will burst soon. Foreclosures have started happening.
Sir Drey galing galing nio at bumili na kau pinakamagandang ginawa.nio yan you're so smart dahil alam na alam.nio ung ginagawa nio like us b4 noon noon pa iniicip ko na din ang bumili ng bahay here in US nmn nag.compute din ako ng nag compute like you pero mas matalino ka kesa sa akin dahil kapag nag rrrent konti konting konti lang ung difference then at the end maibbbenta yan at free free kang kumilos at mag garden bravo ung decision dahil sa pagkuha ng.bahay lalu pa kung US AT CANADA aaaralin ntn mabuti pppano blah blah blah ganyan ganyan din ung ginawa nmn pag kkkaiba lang is mi business kaung.gggawin sa binili nio at kkkayanin din yan lalu pa tulad mo galing galing magcompute at.magplano pero sa.mahina ang loob huwag ng kkkuha pero sa tulad ntn 2 parehas na parehas tau b4 ung pera kung saan lang napppunta bili ng ganto bili ng ganyan now na mi binabayaran di ka ma ggguilty na di makabigay o tumulong na wala nmn pa ty kaya the best decision ung ginawa ntn at nakkktuwa din ung nangyari sa amin as in ganon din nmn ung salary nakapagawa pa ng bahay sa PINAS na 300sqm ang flooring at mi 5 bedroom at 5 cr 2 yrs ginawa un 2020 to 2022 natapos sa awa ng Dios mas umapaw pa ung pera ewan ko kung bakit di kami nagipit GOD IS GOOD ALL THE TIME subscriber mo ako at napakatalino nio sa moves na ginawa nio kayang kaya nio yan imagine mong maging below 1000 na lang ung ibbbayad nio happy happy pa no eviction talaga like us at nasa centro pa kami ng city here in US ung nakuha nmn bahay accessible sa lahat sa train,at sa buses how lucky we are decision & planning lang yan pagkuha ng bahay
@@DREYsCanadaVlogi mean sa top 5 di nmn ibig sabihin pang 5th ka sinusundan ko Sir Soc,Kuya Puto,Vamos Family,Sir Rice plus ikaw c Aldwin& Emma oks din un
Yes thats the biggest con. But right now we are comfortable kasi kapatid ko ung nasa isang room and later sa basement relatives lang din :) this may or may not work depende sa situation hehehe..
Hi edwin. Always watching your videos regarding to your stydent pathway pare and fortunately, napa enroll tuloy ako😂. Wi ter intake ako pre. May i ask pag ba nagpa biometrics kana it means nearly approval kana ba for my study permit? Hope you answer. Btw regards to diane.thanks
Hi Sir, very informative ng mga content mo. Ang galing. Kirk po ito, CPA din working here in Dubai since 2018 po. Planning to move na sa Canada na din po. Hingi po sana ako advice sayo kung ano yung best way para makapunta ako at makapagwork. Ang problema ko po kasi, hindi ako pwede mawalan ng work since may liability ako dito sa bank na need bayaran monthly. Pero decided po ako makalipat dyan.🥲
Find a job sa jobbank po, that way, pag land monsa Canada hindi po kayo ma tengga. Mejo competetive lang pero doable naman. Hanap lng ng employer na mag bigay ng LMIA
kami bumili din agad ng bahay.. after 8 years binenta na namin.. renting nalang kami ngayon ... sa experience namin... mas relax ang buhay namin ngayon.. th-cam.com/video/ETROzuOFffA/w-d-xo.htmlsi=M-KFxRpY_f65zbe3
![ทุกครั้งที่หลับตา (Lucid Dream) - AYLA's [ Official MV ]](http://i.ytimg.com/vi/4i1OBAQyv58/mqdefault.jpg)
Owning a house in Canada is not easy. Remember that owning and renting is just the same based on your circumstances. Market is unpredictable when selling a house. Most importantly, buying a house as a student is I think the bad decision that you will take.
Drey, napanood ko videos mo. Nandito narin kami sa Canada. Sa Marlborough kami nakatira. International student din. Its very helpful talaga mga na e share mo sa blog mo.
Hi I've been watching your vlog since last year. I think intention for buying the house is good. It's just that in every investment that ina acquire you should have at least 3 months buffer for monthly mortgage/expense except pa sa emergency/unexpected cost. Maybe na underestimate lang on this part siguro. Lastly, I think something that I can share is to not have another investment/business yet if hindi pa stable or may current system yung current. You should give maybe a year of operation ang business bago magopen ng another one 😊 more power to you and your wife sir!
Thank you 😊 I 100% agree sa pag kakaroon ng emergency fund. We're slowly building it back and hopefully matapos na ung basement para ma encash na yung fund sa lawyer hehehe.
You forgot to factor in bank interest of the mortgage
@@pinkandspice1691 kasama napo sa mortgage :) pero sana wag na tumaas hehehe.
,mgling n diskarte po..your businness minded is in another level boss. congratulations boss
I salute you for being open-minded sa mga criticisms na binabato sayo ng mga viewers! Yung iba kase jan nagmamatalino na defensive pa. Goodluck and Godbless jan sa Canada ❤❤❤❤
Thank you po. These past videos actually became an eye openner samin hehe
Very good investment decision, yayaman ka dito sa canada boss for sure dahil sa mindset at knowledge mo sa investment properties, not to mention your building equity on your property
CPA kasi sir😊😊😊
Hindi ako magaling sa math pero alam ko sa sarili ko na naimprove ko ang buhay ko dahil ganito ako mag isip or magcompute about my finances.
Yeaa! God bless po
galing actually. ang close minded lang ng mga nagccomment na mali decision nyo. mga wala namang alam sa process. pwede naman magtanong muna para malaman kesa mag nega agad.
As long as kaya mong bayaran ang mortgage and other monthly expenses then okay na maging homeowner...it does not have to be complicated.
Agree. :)
This video is intended to inspire and share the process that we went through nung buimili kami ng bahay ni Dianne. By no means should you take this as financial advice as your personal circumstances may differ from ours. I hope you will find this video helpful! God bless sa mga financial decisions ninyo!
Always remember to LIVE WITHIN YOUR MEANS :)
How ironic is that to live to live within your means. I admire your guts rather than a wimp.
Watching here from Saskatchewan, very informative vlogs, and I agree with all the reasons bakit kayo bumili🙂
Thank you po! 😇
Quantitative: i think you forgot to factor in your down payment and initial cash outlay. Also, income and equity forecast set at best case scenario, which rarely happens at the 1st place.
Qualitative: Daming factors not considered, esp if you have plan to have a kids in CA.
+ property tax
I just dont want to complicate things talking about opportunity loss for the DP as things will get ever more complicated if we factor in the forgone income of the 5%dp tied to the house. But simply multiply that by your expected return and add that to cost of owning a house.
For quali, I made it simple and straight forward, basing everything on our personal circumstance po, if you plan yo have kids, your quali will be completely different than ours. If you have relatives in the same area or planning to come to Canada, that will also impact that.
Thank you for bringing this up :) we'll keep those in mind for future ref.
Prop taxes was factored in napo sa other exp na $850 ;)
I would say na somehow logical ang decision based on your computations. In a couple of years, baka tumaas na value ng property mababawi mo na interest.
Im praying for that po 😃 sana mag linya linya ang stars on our favor hehehe 😀 God bless po
Good analysis and breakdown. Good luck with your climb up the Property Ladder. The first property is always the key, gotta get your feet wet
Thaaank youu! 😇
Not included ang maintenance, hindi laging bago ang bahay. And look into renting another house that would cost less to you than renting your own house siguro.
Yea we forgot to include rep and maint. For now we are good having lower out of pocket cost than before. We will look into other options as we go along :) thank you po.
You cant do this kung may pamilya ka. I cant share my house with other people lalo na kung may dalaga ako. Safety is my priority
I agree 100% :)
I just moved to Canada, and I salute u for fulfilling your dreams. We have the same mindset kasi, this is our plan too. Marami lang inggit from the bashers dont mind them…
Thank you po 🥰🥰🥰 God bless sa journey!!
Hi Drey, suggestion ko lang. Mag tabi ka ng savings mo para sa maintenance ng bahay every year atleast maybe minimum ok 2k.
Yes currently po 30% :) percentage kame mag budget na hehehe
very good lakay-Drey, you can manage your money very well.
Salamat po 🥰🥰 agyaman
Wow! Im happy for you😊 Good decision👏👏❤️
And also boss, i know you gonna get your pr status for sure, kc being an accountant/CPA is a highly skilled jobs in canada which is in demand and also a very high paying job
Hopefully your basement will be done soon to start getting income. We’re kinda in the same situation. I am currently living in my investment property while my primary residence is being worked on. Can’t wait to have this rented out soon para magka income din!
Fingers crossed 😊 hehehe
Ingat lang sa kung kanino nyo ipapa-rent ung available rooms nyo. The law is more favorable to tenants dito sa Canada. Hindi mo sila basta mapapaalis pag hindi sila nakakabayad.
By the way, yung basement ba na ipinapagawa nyo eh is in a process of being registered as a legal basement/secondary suite suitable for renters? Baka kase you’ll run into some legal issues with your city if it’s unregistered/not legal.
Hello po yes family and friends lang po :)
All permits are in place po for a bedroom, but not as secondary suite dahil wala pong separate entrance.
That’s good to know para iwas na rin sa sakit ng ulo if ever.
@@emeyjee opo hehehe. Lately puro financial decisions namin nasa YT namin and madaming sari saring comments. My job now is to read them thoroughly and mag internalize hehehe.
The way you explained it kabayan, I wouldn't say na implusive yung pagkakabili niyo ng bahay. Pero ang nagulat talaga ako, dun sa price ng property niyo. We're currently based here in Ontario and I don't think makakahanap kami ng ganyang bahay under 500k.
Drey, you're smart. You're financial literate. But kitang kita dito na bata ka pa. Madami ituturo sayo ang buhay na hindi mo nabasa sa any accounting book. Jan papasok ang pagiging street smart at high EQ. Good luck sayo. Learn it the hard way.
Appreciate the feedback po :) will do.
100% correct! My son is book smart and thinks he knows it all. LOL. I have proven to him many times that being street smart, using common sense, timing, listening from people older than me and everything I learned at University of Hard Knocks are worth more than gold. He would argue with me before but now he listens when it comes to finances. I've been through recessions but I survived unscathed and even made great money when the market bounced back up. I also teach my son car and house/yard maintenance in order to save tons of money.
That's awesome! This past couple of videos gave me a lot of insight, indeed. We'll do our best to incorporate them for our future decisions :) thank you so much 😊
Your comment nailed it. Mashadong 'rookie' moves. Good luck sayo, hope you can sleep well at night.
Owning a house is better than renting but I suggest secured you immigration status first before that, be a Permanent Resident here in Canada then your good to go
Agree :) to minimize the risk :)
Interesting way of thinking it seems you did not budget anything for repairs & maintenance particularly since you plan to have a lot of people living in it. Have you considered the risk of losing some or all of your tenants? You should have seen what Calgary was like 7 or 8 years ago when the oil & gas exploration industry was down. Property values plummeted rental vacancies increased. Real estate agents were giving away Caribbean vacations to entice buyers. The question is can you sustain such a downturn. Assuming you report your rental income you can deduct a portion of your mortgage interest property tax condo fees and other expenses needed to maintain the rented portion of your property. On the flip side when sell your house because it was rented out you will lose a pro rated portion of the capital gains tax exemption on the sale of a principal residence. It's a little more complex than most people think. Just the same good luck to you.
Eye openner comment! No, we didnt factor in the significant economic downturn that happened 8 yrs ago. But we did a stress test on our income if we can sustain the cost of owning a house without any kasama sa bahay, and worst comes to worst, makakain ng accommodation budget ang inalot namin for monthly savings for those periods. Nasa 5 to 10% nlng matira sa monthly income namin after deducting everything.
As to taxes, yep, its not easy to explain but everything is well taken care of on that side of the equation.
As to the repairs, that will be taken care of by our buffer po. (Prev vs current out of pocket)
Thank you for sharing your insight po. That is something na kailangan ifactor in sa future decisions namin.
Very true. Walang historical information. Yun basis of being aggressive is the demand of rental market due to influx of I.S.
Good morning. I think the question is not whether to buy or rent. From your previous post, the question in people's mind is why did you have to go into extreme debt to the point that you used up all your emergency funds, ruined your credit score by over indebtedness, resorted to using high interest credit cards and be in the negative on your monthly finance. There's nothing wrong with choosing to buy instead of rent, in fact, most of the time - buying is advisable. But not to the extent that you will put at risk your financial standing. Let's not even go with risk=rewards thinking here. There are also factors to consider in using your home as a business. Did you check with you HOA or even your city for Zoning restrictions. Are you legally allowed to operate a business in a residential zone, like you townhouse. Will you be paying taxes on your rental incomes? Did you factore those in? You sound very book smart with you Qualitative and Quantitative analysis. I admire that. However, you allowed yourself to be in this situation unnecessarily. Slow down a bit. Learn from folks who have been there before.
Good point. We'll keep this in mind :)
We'll upload the reason for that as well :)
Correct! They rushed and had a case of FOMO big time. They should have waited, most especially that their immigration status is still up in the air, not PR yet. Counting money that is not even in their hands yet is not a good plan. A lot of things went wrong in their situation. What if basement project goes over the budget? What if one of them gets laid off or gets sick? People get in trouble with their finances by overextending themselves. If I were them, I would rent for now and save money, buy when the housing market crashes, and it will. We are due for a housing market correction, recession or a downturn. Experts say by end of this year or next year, we will have a recession. There are many expenses in being a homeowner, including house maintenance/repairs, appliance replacements, property tax and home insurance that increase yearly, HOA, etc.A house can quickly become a money pit.
Risks are everywhere whatever decision we do, there will always be a risk of something going south. Thanks for the input, we'll keep that in mind :)
All I can say I good luck.
Nice! Very informative vlog 😊 thank you!
Glad it was helpful!
Inggit is REAL!! It's your money, you can do whatever you want. You don't owe them explanation
😇😇
Hmmmm wala nmn problema kung bumili. Okay naman yung sinasabe mo ang feeling ko dito is dahil sa nangyari sa inyo kaya ganun. Tingin ko kasi dapat tinapos niyo muna yung sa house renovation bago kayo nag make move sa next step niyo. Regardless kung magkano nalang yung binabayad niyo per month. Ang point nila dito siguro is nag overspend kayo dahil sa unexpected expenses.
Yes there are so many undisclosed unexpected expenses sa previous video, aside from basement and furnishing the house po. Pag nag materialize na yung pinag kagasutsan, tsaka po namin siguro ipublic para di majinx hehe
@@DREYsCanadaVlog agree! Mas okay na move yun. Actually kung ang nangyari is nag disclose kayo sa yt nung na overcome niyo na yung situation niyo. I think mas positive feedback yung mangyayari. Opinion lang nmn po yun. Not a hater.
@@SerranoPau yeaz po, there are things we need to withheld from the public view for the meantime. Thanks for sharing your insights po.
@@DREYsCanadaVlog yup. Kasi na disclose kasi yung maximizing credit limit, banks limit and your’s brother’s tuition fee. Medyo red flag sya.
@@SerranoPau yes po hehehe but that's what actually happened hehehe
Hmmm, that's nice!
Informative!💖💖
Thanks! 😊
Ok yan kung student lang titira, pero kung pamilyado parang wala kna privacy, kung ako meron 30k invest ko nlang sa stocks, then gawa ka ng gain target kung kilan mo ibenta , meron stocks up to 100% ang gain sa isang taon so đoble na agad kita mo wala pang tax, basta marunong ka lang mag analyzed sa stocks kikita ka dyan.
You obviously don't know the benefits of leveraging which you can't get from stocks unless you trade with margin which is extremely risky
@@robocop581 risk kung hindi mo aralin ang stocks, sector, kung anung date or buwan pweding tumaas at kilan ka pweding mag enter and exit, kc kung hayaan mo lang ung 30% gain mo sa isang buwan mababawi ulit yan, kaya wag mag focus sa isang sector, kc kahit sa mining companies meron yan silang rotation sa pag gain at pagbagsak
@@naughtydanna7003 Like I said, you clearly have no clue about leveraging. I own properties and stocks and the main difference is I can use 90% of the bank's money to purchase a property while in stocks I have to put up 100% of my own capital.
edi sana kung totoo yan sinasabi mo milyonaryo ka na sa Canada🤣🤣
Swerte ser, nakalock in na ngrelatively mababa na interest rate. Nagtaas mortgage rates recently eh.
O nga po eh sana bumaba narin parang maging affordable na ang pag bili.
Wise decision❤
tama, wise decision, you gave me an idea to own a house, kaya lang mahal dito sa ttoronto
Yung lang hehe mahal daw jan sa toronto :)
Is this the life I want to build in Canada? Living in a frathouse at my late adult years? Sharing a kitchen and common spaces with strangers? Giving access to my home and putting my wife's safety at risk? what if we got pregnant? all of that sacrifice and compromise just to show that "I made it here, I have a house and car now, I gamed the system."
I think you missed the point of why we did it po :) but anyway, of course that's not the life we wanted in the long run. But with current situation, if we can save doing this, why not? Check the rental situation po dito :) madami samin po nag rerent lang ng room. Again, as I said po sa video, depende po ito sa perpective nyo and goals ;)
A house s not an investment, its a liability
Depends how you look at it po. :)
What? We bought our house in Calgary for $107K 30 yrs ago and now it’s worth almost a million. When we sell, move to small house further away from Calgary, we can retire comfortably. I can prove you wrong with your analysis sir😜
smart move sir drey..what about if student pa lang and hndi p pgwp pde din po b bmili ng haws? thanks.
Pwrde po pero 20% down yata hehehe
Hi Sir Drey, is it worth it to go there as visit-visa, then search for a job? Andami kong napapanood about it! Can u share your thoughts on it?
May renters n b Kayo? Because this is assuming you have renters for all rooms. How’s the demand for room rent there? Do you do background checks for your renters?
Renters are family and friends lang po. Upstairs are occupied by us, my brother, and a friend. Downstairs is already committed to a relative who is coming really soon..
For background checking, at a later stage when we decide to rent this unit out to others, probably we will do a bg check po. But for now, not needed. :)
@@DREYsCanadaVlog thanks for the info! If you don’t have relatives kasi who are migrating near your city parang risky pa din kasi magparent out. The landlords have the right to choose their tenants b? The landlords don’t have a say if you want pinoys only? Is it 2 months upfront 1 month advance payment? also do you have to declare your rental income as taxable income?
You're right po, risky mag parenta, kasi you are not allowed to choose the nationality ng mag rent, but you can choose based on employment and other things for your security. Normally they do 1 month advance, 1 month deposit.
Declare as rental income, yes you should po.
Pag may pera ka bumili ka ng bahay pero pag wala bat mo pipilitin sarili mo. Dito sa toronto.mahihirapan ka makakuha ng 300 something na bahay.. puro million na..ngayon mataas ang interest rate....
100% agree, dont push too much :)
Hi! Ginagawa nyo pa po SOP writing? How do I reach out? Thank you po.
Yes po. Edwin@dreyscanadaportal.com po
@@DREYsCanadaVlogthanks po! Will drop you an email soon. Still waiting for my LOA po.
So now kahit hnd pa PR sir pwede na pala kumuha ng bahay? Bago pa kc ako dto sa Calgary
Saan kayo sa Calgary sir.. sa Calgary din kami south east
ang mura ng bahay na nabili nyo and ang daming rooms. lucky. i dont think magagawa namin yan sa bc agad. napaka mahal ng bahay dito. condo starts at 350k cad up 1br, luma pa building na di mo alam kung magiging marketable pa ba after a few years. 😢
We just got really lucky po sa timing hehe
New subscriber here, smooth vlog bro!
Sir Drey, ask ko lang po, yung pinsan ko po at family niya gusto akong magtourist sakanila and pagtapos nun hanap na daw ako ng work doon. Citizen na rin sila dyan at may sariling bahay na rin po, may possibility po ba na makuha nila ako? Sana po masagot po. Ty
Yes po possible po thru visit visa
Malapit lng ba dyan Bow valley sir?kasi naghahanap ung fren ko mrentahan this coming August 28 family of 3 cla mag 5yrs old bata.
1 train ride po. Kaya lang naka commit napo ung basement hehe.
..360,000 magkano PA interest sir?
Sabi niyo wag mag overspend. I think yun yung nagyari dito.
Maybe yes maybe not, depende po sa perspective nyo :)
Yup. Sa situation p na to. Well spending more that what you have ma ooverdrawn talaga sya. And hopefully after all the charges from your cards. Ma gain niyo din pabalik thru room for rents. Which passive naman income dun.
After ng basement reno we will get the proceeeds from the lawyer po so that should pay off the cc debt immediately
After ng basement reno we will get the proceeeds from the lawyer po so that should pay off the cc debt immediately
Wala naman problema sa pag bili ng bahay ...pwede naman mag 3 or 4 jobs..
Not recommended to do 3 or 4 jobs just to get a house.
Smart!
Di kayo bumili... its mortgage... buying is cash upfront
Depends how you define "buying" po there are 2 ways to buy, buy in cash and buy thru loan. We did buy this house by securing a mortgage as we dont have cash to pay it upfront. :) hope that helps.
boss panalo k s desisyon m s dami ng naghahanap ng rental s calgary pataas ng pataas rent
Mas ok padin mag Rent kase pag nag rent ka mapapayaman mo si landlord😂😂😂 imagine paying 1500$ a month for 25yrs yan eh kung hindi tumaas ang rent for sa 25yrs
Good Video Brod, I do have a question regarding your rental business, you did account for taxes correct? Thanks and keep up the good work.
Yes po, but at the end of the day, if you do it right, you might end up paying nothing sa tax. due to tax deductions na pwede mo iavail. This is a little bit complicated dahil madaming moving parts, but if you plan to minimize taxes I suggest talking to a tax consultant po. You can also reach out to me to help you plan your taxes ;)
Kuya kaya bang byaran Ng tuition fee kapag nag aral v ako jn mkakaipon ba ako kahit nag aaral ako
If may OWP ka yes kaya. If solo mahirap
Paki sagot namn po kuya para may alam nmn ako pag pnta ko jan
Owning a home is good especially it is an investment and will appreciate overtime. But I will stick to renting for a while.
Reasons why I chose to rent over buy.
-We are not yet Canadian Citizen/PR.
-We might decide to move to another City every 3-4 years. Or move to another country after 6-10 years.
-We decided to buy 2 condo in PH instead and have it rented out.
-There is a housing bubble in Canada which might burst soon, the cost of housing in Canada now is crazy expensive.
-Property tax and maintenance are too expensive.
-Mortgage repricing/ interest rates set by BOC is rising. It may rise as high as 45% by 2025 according to BOC
Congrats sa property nyo. 😊
Thats a really good insight! Our ability to move from one city to another might be the biggest con compared sa flexibility ng rentinf. Thank you for taking time to share this.
Spot on! Good plans. No need to rush. Recession is on the horizon. Mortgage loan rates are too high and people are struggling to pay for their mortgage. Housing bubble will burst soon. Foreclosures have started happening.
Canada Housing Bubble is popping very soon. 🏡
Last was I think around
2008-ish.
@@alodias.4743 the 07-08 crisis. Such a scary time for everyone.
@@alodias.4743 yes, it was in 2008, same in US. we are due for a housing pop.
how many years po yung mortgage nyo? :)
25 yrs po :D
kua dreys pde malaman about po dun sa hiring ng job position for cleaner po salamat. godbless
kuya nak register nako po last week po pde nyo b ako i conneect po sa immigration consultant nyo po?
We replied po sa email can you check spam folder po?
@@DREYsCanadaVlog hello po kuya wla po? :( ikawb mismo nag email po or consultant po?
Pangalatok po ba kayo sir? ☺️
Hindi po hehehe elyu.
@@DREYsCanadaVlog kala ko po pangalatok din hehehe
Do you want to hear my insights sir? I can give you one for 500 USD.
Please give me your insight after watching ;)
Would love to hear it.
Sir Drey galing galing nio at bumili na kau pinakamagandang ginawa.nio yan you're so smart dahil alam na alam.nio ung ginagawa nio like us b4 noon noon pa iniicip ko na din ang bumili ng bahay here in US nmn nag.compute din ako ng nag compute like you pero mas matalino ka kesa sa akin dahil kapag nag rrrent konti konting konti lang ung difference then at the end maibbbenta yan at free free kang kumilos at mag garden bravo ung decision dahil sa pagkuha ng.bahay lalu pa kung US AT CANADA aaaralin ntn mabuti pppano blah blah blah ganyan ganyan din ung ginawa nmn pag kkkaiba lang is mi business kaung.gggawin sa binili nio at kkkayanin din yan lalu pa tulad mo galing galing magcompute at.magplano pero sa.mahina ang loob huwag ng kkkuha pero sa tulad ntn 2 parehas na parehas tau b4 ung pera kung saan lang napppunta bili ng ganto bili ng ganyan now na mi binabayaran di ka ma ggguilty na di makabigay o tumulong na wala nmn pa ty kaya the best decision ung ginawa ntn at nakkktuwa din ung nangyari sa amin as in ganon din nmn ung salary nakapagawa pa ng bahay sa PINAS na 300sqm ang flooring at mi 5 bedroom at 5 cr 2 yrs ginawa un 2020 to 2022 natapos sa awa ng Dios mas umapaw pa ung pera ewan ko kung bakit di kami nagipit GOD IS GOOD ALL THE TIME subscriber mo ako at napakatalino nio sa moves na ginawa nio kayang kaya nio yan imagine mong maging below 1000 na lang ung ibbbayad nio happy happy pa no eviction talaga like us at nasa centro pa kami ng city here in US ung nakuha nmn bahay accessible sa lahat sa train,at sa buses how lucky we are decision & planning lang yan pagkuha ng bahay
@@DREYsCanadaVlogsir Drey paki shout out mo nmn ako sa lahat ng blogger the best ka ang dami kong pinapanood na Blogger sa Canada top 5 ka
@@DREYsCanadaVlogi mean sa top 5 di nmn ibig sabihin pang 5th ka sinusundan ko Sir Soc,Kuya Puto,Vamos Family,Sir Rice plus ikaw c Aldwin& Emma oks din un
You’re sacrifing privacy when renting your basement and/or rooms.
Yes thats the biggest con. But right now we are comfortable kasi kapatid ko ung nasa isang room and later sa basement relatives lang din :) this may or may not work depende sa situation hehehe..
bro overextended and overspent then vlogs about how he thinks he beats the system... smh
:)
Hi edwin. Always watching your videos regarding to your stydent pathway pare and fortunately, napa enroll tuloy ako😂. Wi ter intake ako pre. May i ask pag ba nagpa biometrics kana it means nearly approval kana ba for my study permit? Hope you answer. Btw regards to diane.thanks
Thank youuu!!. Not yet, bio request is standard within 24 to 48 hrs. God bless sa application!
Hi Sir, very informative ng mga content mo. Ang galing. Kirk po ito, CPA din working here in Dubai since 2018 po. Planning to move na sa Canada na din po. Hingi po sana ako advice sayo kung ano yung best way para makapunta ako at makapagwork. Ang problema ko po kasi, hindi ako pwede mawalan ng work since may liability ako dito sa bank na need bayaran monthly. Pero decided po ako makalipat dyan.🥲
Find a job sa jobbank po, that way, pag land monsa Canada hindi po kayo ma tengga. Mejo competetive lang pero doable naman. Hanap lng ng employer na mag bigay ng LMIA
kami bumili din agad ng bahay.. after 8 years binenta na namin.. renting nalang kami ngayon ... sa experience namin... mas relax ang buhay namin ngayon.. th-cam.com/video/ETROzuOFffA/w-d-xo.htmlsi=M-KFxRpY_f65zbe3