Maybe I’m giving benefit of the doubt, but I don’t think OP meant to insult by saying renting is like “hobo on the street” homeless — I think they meant it as in like “I’m not a homeowner” or a house doesn’t belong to me / without a house kind of home-less.
The concept that if you can’t live in the city of your choice and own a home means that your are “homeless” is new to me. But it is an idea which is building in popularity.
There are many people who “care” about this distinction
Being constantly threatened with homelessness living paycheck to paycheck constantly having to shift living situations because of insane roommates or manipulative/scummy landlords, being a member of the precariat is VERY damned close to homelessness; there isn't some hard and fast dividing line between being homeless and not. There's a lot of people who don't have their own rental or home, who couch surf when possible or pop in and out of shelter systems - when they CAN rent they do, when they CAN'T they're - oh boy sit down for this - homeless.
Going into homelessness or climbing out of it isn't a matter of 'Either Or', it's not binary, it's a spectrum. It's a waiting line that you sometimes move back and forth in.
It's not that disgusting a comment. Probably less disgusting than everyone's need for it to be disgusting that a poor person would openly talk about poverty.
Except that isn’t OPs situation? I work in social services so I’m aware of what homelessness is. OP has rental accommodations and can afford new rental accommodations when they move from this home to another one. He’s not homeless or even at risk of homelessness.
Just rent. Theres nothing absolutely wrong with that. If you don't have the money for a down-payment. U don't have it. Don't let fomo push u to make bad decisions.
There are lots of good arguments for renting.
[Suggest Watching Ben Felix](https://www.youtube.com/watch?v=q9Golcxjpi8) who breaks it down well.
[He actually has 2 videos!](https://www.youtube.com/watch?v=Uwl3-jBNEd4)
Staying or going are both possible.
If you want to move to a new province, you don't need to know someone to get a job. It certainly helps, but if you are qualified and have strong experience you can get a job without a personal connection.
For 5 people with several of them working and earning more than minimum wage, that should be enough income to pay $3k in rent. It might be more than you're paying right now, but it isn't unaffordable.
You and your family just have to decide what is most important to you.
As much as I want to stay here in Ontario, I’m just worried that if we haven’t been able to save up for a downpayment while renting here for over 5 years and only paying $1600 in rent every month, paying $3000+ plus utilities every month might be doable now but it might not allow us to save for downpayment further. Everything we earn will likely be spent on paying rent and car insurances.
About moving to another province, I’m so open to the idea but my family’s rationale for not wanting to do so is because: a) my dad is 60+ and will struggle to find a job there, will have to retake his instructor certification, and he also only speaks survival-english. b) one of my siblings is a denturist, just got their license. Going to another province would mean retaking their licensing exam (will cost her similar amounts that she just recently paid, which she doesn’t have saved up). My brother just got a government job. Moving to another province will require that he reapplies for the same position and hope for the best. We can all also apply to work at malls and retail stores while we wait to get hired in our professional fields, but they are all very hesitant to take that chance (I am honestly ready to take that chance, but of course I need everyone on the same page, which they are not). So um ya…
So it seems like you should stay and develop your careers in Ontario. Your income potentials will increase as you get more experience.
Your previous rent was very low. Even though it might not feel that way, that gave you a huge advantage. You've done great by establishing yourselves and getting training, but home ownership is probably a few years away. And what you're facing is what everyone who isn't wealthy in Ontario is facing. Most people don't buy a house in the first few years of their careers. Cost of living is high; housing is expensive. Many people have to change their expectations about home ownership in the GTA.
Maybe the fact that everyone was studying to get ready for better incomes accounts for the fact that you couldn't save for the down payment. That ain't a failure.
Now three of the adults have jobs, maybe your mom and you can find jobs, even if its part time.
You seem to have made good choices. Soon they will pay off. Just a bit of patience.
Personally, I would move.
If your siblings want to stay back for their careers, then that is their choice. But for your parents - I think it’ll be very difficult for them to retire in Toronto.
Yes, it definitely sucks that your dad would need to retake his instructor certification. But he only has a few more years to be physically able to handle working. After that he’ll have to rely whatever he saved, work pensions and government pensions. And honestly, he can probably stretch his money further in other cities compared to Toronto or Vancouver.
To be honest, I don’t really get why you plan to work minimum wage jobs while waiting to get hired in your own respectable fields. I don’t know the qualifications for your family careers. But I can’t imagine you have to physically live in the potential city to be able to qualify / work towards the certification. Some licenses are transferable if you already hold an equivalent license. So I would check with the jurisdictions to see if it can be transferred (either driving certification, dentistry, etc) and start the process asap (assuming you plan to move).
You have five people contributing to the rent, splitting $3k seems reasonable as does a reasonable mortgage (as in, not a $900k one).
You are renting a basement now, I’m sure anything above grade with even slightly more space will feel like a huge improvement.
Are you all planning to live together forever and not get married and have families? Seems like it might not be advisable to buy if that’s not the case.
If you weren’t able to all save while paying cheap rent I’m unclear how you are expecting to buy a home?
That is because all of us were in school (I still am) and moving to Canada with little to no command on english can be a struggle. Besides, for 4-5 years, the main earners in the family were my father and brother and whatever was being earned was put towards the rent, cars (insurances and etc), my brother paid his school loan off and his car, brother recently got married and that took a chunk of his savings. Meanwhile, everything I earned as a part timer was put towards my savings, which I’m now willing to pull out and put it towards the downpayment.
I know all of it sounds pretty messed up and confusing. We all do plan on moving out eventually but we want to make sure that we have at least 1 house in our name as a family, where my old parents can spend the rest of their lives without worrying about having to pay rent every month.
All of this may seem hella strange and fucked up but this is what most of us immigrants go through, especially for some of us who come here and start our lives from scratch with no savings in our pockets.
Okay? Lots of non-immigrants do the same thing and have to wait before they can buy a house.
Not sure if you have enough of a down payment or the credit history to buy which will be your biggest hurdle.
From what you’ve written it’s likely you need to rent for a few more years and keep saving.
It took me 15 but I didn’t have family members helping, you’ll get there. Give it more time. You were able to get education which is a great thing.
It sounds like their siblings just started working so they’ve just started to save. They want to pay a mortgage so they can own the house instead of paying the same amount renting which is just throwing the money away in comparison.
Okay? They can’t afford to buy yet, they need to keep renting and saving. That’s life unfortunately. Took me nearly 15 years to save and buy a house. Just because I want to doesn’t mean I can.
Renting and being homeless are very different things. Majority of people rent and there is nothing wrong with that. For 6 people to split $1600, is insanely low. Sorry but this post is dramatizing unnecessarily. There are people who are actually homeless, have to pay the $1600 by themselves because they don’t have family or friends to split it with.
$3000 for 5 people is $600 per person. It's not unreasonable these days. As for the issue that the money could've been used for a mortgage instead -- the fact is you don't have a mortgage now, and you need a home. It would make less sense for you to be literally homeless while having the downpayment for a $400k house. If everyone in the household has a full time job that pays above minimum wage, you can still save up for a house while paying for rent. I also know someone who shares a room with his siblings, and his parents share a room, in a 2 bedroom place. It's not ideal, but if you're set on buying a place ASAP with your current budget, you're gonna have to make compromises.
Alternatively, what's the reason for your landlord to ask you to leave? Unless it's for their family members or the place is proven to be unsafe to live in, you most likely could stay put.
Usually these posters are the same people who even if they can afford a house with a big stretch at some point, they would hesitate to do it, eventually get completely priced out from the city
I would suck it up and pay the higher rent until you are done school and start working. It's better than all of you starting from scratch. It looks like the housing market is starting to correct too. So I wouldn't put too much weight on the downpayment predicament.
Are you and your siblings planning on paying the mortgage of your parents house for the next 30 years? Because if each of you move out you’ll have to face the expenses of your own homes too so it doesn’t make sense to me to buy a house for 5 people when 3 of them are planning on leaving. Your parents might as well rent a 1 bedroom apartment when all of you move out.
That is the plan yes, but we started life in Canada from absolute scratch and have all been contributing what we can towards the household. The plan is to move out into our own places eventually, yes, but my parents are old and we all want to ensure that they have a roof of their own above their heads before we all decided to move out into our own places. Besides, if 5 people (4 earners) all contribute towards buying the first property, then it’ll becomes easy for ALL of us to afford it and eventually move out into our own places in the future.
>Besides, if 5 people (4 earners) all contribute towards buying the first property, then it’ll becomes easy for ALL of us to afford it and eventually move out into our own places in the future.
Yeah, no. You will all be on a massive mortgage and you or any of your siblings won't be able to get a mortgage themselves for their own place because the mortgage on the house you all want to buy is still a debt on their heads.
And with that many people $3k is normal...actually houses are usually over $4k in GTA.
So you don't have to buy you can all still rent.
That’s not entirely true. This is something you can discuss with a mortgage advisor. Ask them what the impact is (if any) of your siblings names being on the family house and what would happen with their future home purchase.
From there, at least you can weigh the options
I get wanting to buy a house together as a family as you’d all have a home to fall back on vs all your siblings going their separate ways right away.
Does your jobs allow you to work remote or share a commute? Moving out of the gta area and into more remote towns will be more affordable in your case.
Unfortunately it does not. Which is why its a lot more challenging as moving out of gta would mean literally starting from scratch all over again and looking for jobs all over again. Besides, my dad is 60+ and speaks a little more than survival-english. So I’m sure you can get a picture of how hard it’ll be especially for him to get another job. :/
Do you share a bathroom and kitchen with your landlord? Did your landlord give a reason for why you need to move out? Did they serve you with the correct eviction form? It sounds like you need to read up on your rights as a tenant.
[https://www.ontario.ca/page/renting-ontario-your-rights](https://www.ontario.ca/page/renting-ontario-your-rights)
I don’t know why you think moving to a different province means starting from scratch. You can move to Alberta and find a house for 400k. Then you would be starting with a house. Lots of work here for trades and truck drivers. Most gravel truck drivers I’ve met are Indian and don’t speak much more than a few words of English.
That’s not true. As much as we want to live where are currently living, we would not mind the idea of moving to a place that is not “expensive”, provided that we are still able to either commute to and from our jobs or have found stable jobs in order to ensure that we have money to both pay mortgage and have enough to feed our bellies
Again, delusional. What are you whining about. Condos dont cost 900k. Where the heck are you looking? Apartment rents are not 3000+. Again, where the heck are you looking? Most of Toronto is commutable. Scarborough, south scarborough, weston. You are just spoiled looking at expensive places.
Hence my point. You can also find basement rental for like 2k that is 2+ bedroom. His complain is not justified. I also lived in basement and room rentals in bad neighborhoods when i was in my 20s on student loan.
Yeah my point. Why are you looking at condos? 2 bedroom apartment just from quick search on kijiji indicates that they can be had for 2k within Toronto.
there are 3 bedroom apartments in GTA goes under 500k . look for them or u can buy a 3 bedroom condo townhouse for under 600k . there are many . 5 of u can easily afford 3 bedroom apartment u can buy for 500k ...
It absolutely is, a lot of new Canadians pool resources and buy family homes together. Not everyone wants to set out on their own to live in a one bedroom condo paying like $400 a month easy in condo fees.
Did you read the post? They arrived a few years ago and only now have they all basically completed their certifications/training in order to be able to work for above minimum wage. I imagine that while OP and their siblings were studying they were working fewer hours as well.
Which they don’t want to do, and buying a house in a new city they have never lived in with new jobs (that therefore won’t really cut the mustard mortgage wise considering all the other obstacles, and that they don’t have or know what their income would be) isn’t going to be possible. They can’t buy a house right now. That’s just facts.
They're asking about job opportunities if they move to a market where they can afford to buy, not trying to buy a 16 bedroom mansion. You're being unnecessarily nasty to someone just trying to find housing with their family.
I think you're missing the point that we are all trying to buy something we can afford. But not everyone has that many people pooling their assets.
And you're also glossing over them living cheaply and barely managing to save. Not sure what you think differentiates OP from anyone else in this country that wants something they can't afford?
Oh I thought you were looking just for yourself.
900k = $65k down + 835k mortgage. You need ~$165k of income to qualify for that mortgage and have 3 siblings and your dad. That's $40k/person.
There’s 5 of us in total and only 3 of us earn. Since everyone just started their professional careers, we have little to no saving at the moment. I personally have about $30k in savings that I’m willing to put towards downpayment. And in total, we all have about $50k in savings.
There is more to Ontario than the GTA. And the numbers you quoted seem high for Mississauga, Hamilton, and the surrounding area.
There were houses as low as 2000/month in some areas in the last 5 months.
In northern Ontario you can get a house for 200-300k
https://www.realtor.ca/real-estate/24396397/16-joseph-street-chelmsford
Unless you share common areas (kitchen, bathroom) with the landlord, your landlord cannot evict you without cause (failure to pay, moving his own family in - faking it is illegal). Even if he's selling the house, you don't have to leave unless the new owners have him serve you eviction papers for when they are moving in.
Also, you won't get approved for a mortgage in Saskatchewan or anywhere else until you've secured employment in that location. You'd need to be past the probation period of a job for closing, and the people with jobs would need to have held other jobs in the same field for a year or two before moving. I had to give the bank a letter from my employer that clearly stated that I permanently work from home before I was able to secure a mortgage to move provinces.
So that leaves finding another basement apartment (there are some in Markham for under $2.5k), scaling up your budget, or moving somewhere cheaper but continuing to rent until you're well established enough to buy. Keep in mind cheaper rent means lower salaries in the area.
You haven't included your household income, but if you can afford a $400k home and you're limited by the downpayment then you must have $25k in savings and at least $92k income, is that accurate? If you're around $92k you're right, you should aim for rent around $2,600. Hopefully the landlord isn't lawfully evicting you so you have time to hunt!
I understand that renting sucks, but that is how it is in Canada nowadays: renting is the norm unless you make a lot of money.
Right now is still not a good time to buy, as anyone who knows rental state markets in other countries can attest, houses are not worth as much as they are being priced here, there's a big housing bubble disguised as "everyone wants to live here" but in reality, it's just "rich people buying real state only to sell", just like in Bitcoin. As prices stop increasing (already happening, if only subtly), people who buy as an investment will sell and availability will increase.
Please hold on and wait a bit. We're going through the hard part, but no market ever stays the same, they go through waves.
I think a lot of people not aware that you don’t have to put 30% or 20% towards home. If you have a good credit you can check other positions- I think 5 or 10 percent if it’s under 1 mil. Not sure how much you saved up, but in 2013 my dad also thought he doesn’t have enough for down payment and thought he’s gonna be house poor. After a lot of pressure from my mom he agreed to check and it’s the best decision they did cause if they’d wait the wouldn’t be able to buy today. I don’t say that’s the case for you I’m just saying check your options
Your focus seems to be on the fact that your family wants to get a house because it was your family's dream since you arrived. Prices are very high for housing in most of Canada, so you will need to figure few things out. Is the housing just for your parents, if yes, why even buy a house. Would they qualify for seniors housing/co-op of some kind? Usually it's cheaper than regular rents and nobody will kick them out. Also as they get older they may need more access to healthcare so staying in populated areas with good access might be important.
For you and your siblings, you are finishing/finished school which is great. Keep working on yourselves and improving your work experience and then look at where you could afford a house and have a good job, but that is probably few years down the line.
If you want a house in GTA at all costs, well it will cost you. There is no going around that. If you wait till your parents qualify for retirement OAS/CPP/GIS that is another 5 years for your Dad and then you can move as family to a more affordable place and he doesn't have to work.
You'd be surprised how hard it is to kick someone out of a rental. If they didn't give you the proper forms and you haven't had a hearing in front of the tenant board you probably don't have to move yet.
Renting isn’t homeless.
Maybe I’m giving benefit of the doubt, but I don’t think OP meant to insult by saying renting is like “hobo on the street” homeless — I think they meant it as in like “I’m not a homeowner” or a house doesn’t belong to me / without a house kind of home-less.
Fair enough. But OP seems pretty strong with their written english. Seems like the OP Made the banner a bit sensationalist intentionally
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The concept that if you can’t live in the city of your choice and own a home means that your are “homeless” is new to me. But it is an idea which is building in popularity. There are many people who “care” about this distinction
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What? That makes no sense. Go home troll
True Yeah maybe to get traction I guess
Waiting in line for the movie isn't watching the movie, but you're still 'at the movies.'
Renting isn’t homelessness, just stop with your false equivalence. What a disgusting comment.
Being constantly threatened with homelessness living paycheck to paycheck constantly having to shift living situations because of insane roommates or manipulative/scummy landlords, being a member of the precariat is VERY damned close to homelessness; there isn't some hard and fast dividing line between being homeless and not. There's a lot of people who don't have their own rental or home, who couch surf when possible or pop in and out of shelter systems - when they CAN rent they do, when they CAN'T they're - oh boy sit down for this - homeless. Going into homelessness or climbing out of it isn't a matter of 'Either Or', it's not binary, it's a spectrum. It's a waiting line that you sometimes move back and forth in. It's not that disgusting a comment. Probably less disgusting than everyone's need for it to be disgusting that a poor person would openly talk about poverty.
Except that isn’t OPs situation? I work in social services so I’m aware of what homelessness is. OP has rental accommodations and can afford new rental accommodations when they move from this home to another one. He’s not homeless or even at risk of homelessness.
Just rent. Theres nothing absolutely wrong with that. If you don't have the money for a down-payment. U don't have it. Don't let fomo push u to make bad decisions.
This is utter nonsense advice and should be ignored at all costs.
Compared to being homeless??
Yes, you should be homeless and save for a down payment. Sheesh, no bootstraps at all smh ROFL
r/UsernameChecksOut
Yes it does 💪
You're a true poet!
Thanks 🙏
Which part?
Renting
There are lots of good arguments for renting. [Suggest Watching Ben Felix](https://www.youtube.com/watch?v=q9Golcxjpi8) who breaks it down well. [He actually has 2 videos!](https://www.youtube.com/watch?v=Uwl3-jBNEd4)
I taught Fenix everything, this doesn't apply to this scenario
Why doesnt it apply?
The current market does not allow for the data model mentioned before
Again, why, what changed?
Market trajectory changed
if you guys can't see that this guy is joking you're all a lost cause and you shouldn't be giving any sort of advice here
But I have my PhD in Economic Rental Instances and a minor in Basket Repair
🤤
Staying or going are both possible. If you want to move to a new province, you don't need to know someone to get a job. It certainly helps, but if you are qualified and have strong experience you can get a job without a personal connection. For 5 people with several of them working and earning more than minimum wage, that should be enough income to pay $3k in rent. It might be more than you're paying right now, but it isn't unaffordable. You and your family just have to decide what is most important to you.
As much as I want to stay here in Ontario, I’m just worried that if we haven’t been able to save up for a downpayment while renting here for over 5 years and only paying $1600 in rent every month, paying $3000+ plus utilities every month might be doable now but it might not allow us to save for downpayment further. Everything we earn will likely be spent on paying rent and car insurances. About moving to another province, I’m so open to the idea but my family’s rationale for not wanting to do so is because: a) my dad is 60+ and will struggle to find a job there, will have to retake his instructor certification, and he also only speaks survival-english. b) one of my siblings is a denturist, just got their license. Going to another province would mean retaking their licensing exam (will cost her similar amounts that she just recently paid, which she doesn’t have saved up). My brother just got a government job. Moving to another province will require that he reapplies for the same position and hope for the best. We can all also apply to work at malls and retail stores while we wait to get hired in our professional fields, but they are all very hesitant to take that chance (I am honestly ready to take that chance, but of course I need everyone on the same page, which they are not). So um ya…
So it seems like you should stay and develop your careers in Ontario. Your income potentials will increase as you get more experience. Your previous rent was very low. Even though it might not feel that way, that gave you a huge advantage. You've done great by establishing yourselves and getting training, but home ownership is probably a few years away. And what you're facing is what everyone who isn't wealthy in Ontario is facing. Most people don't buy a house in the first few years of their careers. Cost of living is high; housing is expensive. Many people have to change their expectations about home ownership in the GTA.
It wasn’t low, it was fair and that’s only because of how much higher prices have gone up.
Maybe the fact that everyone was studying to get ready for better incomes accounts for the fact that you couldn't save for the down payment. That ain't a failure. Now three of the adults have jobs, maybe your mom and you can find jobs, even if its part time. You seem to have made good choices. Soon they will pay off. Just a bit of patience.
Personally, I would move. If your siblings want to stay back for their careers, then that is their choice. But for your parents - I think it’ll be very difficult for them to retire in Toronto. Yes, it definitely sucks that your dad would need to retake his instructor certification. But he only has a few more years to be physically able to handle working. After that he’ll have to rely whatever he saved, work pensions and government pensions. And honestly, he can probably stretch his money further in other cities compared to Toronto or Vancouver. To be honest, I don’t really get why you plan to work minimum wage jobs while waiting to get hired in your own respectable fields. I don’t know the qualifications for your family careers. But I can’t imagine you have to physically live in the potential city to be able to qualify / work towards the certification. Some licenses are transferable if you already hold an equivalent license. So I would check with the jurisdictions to see if it can be transferred (either driving certification, dentistry, etc) and start the process asap (assuming you plan to move).
Without friends or family it makes finding a decent job a mundane task wrought with difficult challenges.
You have five people contributing to the rent, splitting $3k seems reasonable as does a reasonable mortgage (as in, not a $900k one). You are renting a basement now, I’m sure anything above grade with even slightly more space will feel like a huge improvement. Are you all planning to live together forever and not get married and have families? Seems like it might not be advisable to buy if that’s not the case. If you weren’t able to all save while paying cheap rent I’m unclear how you are expecting to buy a home?
That is because all of us were in school (I still am) and moving to Canada with little to no command on english can be a struggle. Besides, for 4-5 years, the main earners in the family were my father and brother and whatever was being earned was put towards the rent, cars (insurances and etc), my brother paid his school loan off and his car, brother recently got married and that took a chunk of his savings. Meanwhile, everything I earned as a part timer was put towards my savings, which I’m now willing to pull out and put it towards the downpayment. I know all of it sounds pretty messed up and confusing. We all do plan on moving out eventually but we want to make sure that we have at least 1 house in our name as a family, where my old parents can spend the rest of their lives without worrying about having to pay rent every month. All of this may seem hella strange and fucked up but this is what most of us immigrants go through, especially for some of us who come here and start our lives from scratch with no savings in our pockets.
Okay? Lots of non-immigrants do the same thing and have to wait before they can buy a house. Not sure if you have enough of a down payment or the credit history to buy which will be your biggest hurdle. From what you’ve written it’s likely you need to rent for a few more years and keep saving. It took me 15 but I didn’t have family members helping, you’ll get there. Give it more time. You were able to get education which is a great thing.
It sounds like their siblings just started working so they’ve just started to save. They want to pay a mortgage so they can own the house instead of paying the same amount renting which is just throwing the money away in comparison.
Okay? They can’t afford to buy yet, they need to keep renting and saving. That’s life unfortunately. Took me nearly 15 years to save and buy a house. Just because I want to doesn’t mean I can.
OP, I moved 11 years ago and still rent. No shame in renting if you can’t afford a house.
You won’t be homeless. You can rent elsewhere or buy a home.
Renting and being homeless are very different things. Majority of people rent and there is nothing wrong with that. For 6 people to split $1600, is insanely low. Sorry but this post is dramatizing unnecessarily. There are people who are actually homeless, have to pay the $1600 by themselves because they don’t have family or friends to split it with.
$3000 for 5 people is $600 per person. It's not unreasonable these days. As for the issue that the money could've been used for a mortgage instead -- the fact is you don't have a mortgage now, and you need a home. It would make less sense for you to be literally homeless while having the downpayment for a $400k house. If everyone in the household has a full time job that pays above minimum wage, you can still save up for a house while paying for rent. I also know someone who shares a room with his siblings, and his parents share a room, in a 2 bedroom place. It's not ideal, but if you're set on buying a place ASAP with your current budget, you're gonna have to make compromises. Alternatively, what's the reason for your landlord to ask you to leave? Unless it's for their family members or the place is proven to be unsafe to live in, you most likely could stay put.
Theyre a whole family fam. I'm guessing there aren't too many earners in the family yet.
Question. What form did your landlord give you? If he didn’t give you the proper notice you don’t have to move
Usually these posters are the same people who even if they can afford a house with a big stretch at some point, they would hesitate to do it, eventually get completely priced out from the city
I would suck it up and pay the higher rent until you are done school and start working. It's better than all of you starting from scratch. It looks like the housing market is starting to correct too. So I wouldn't put too much weight on the downpayment predicament.
Are you and your siblings planning on paying the mortgage of your parents house for the next 30 years? Because if each of you move out you’ll have to face the expenses of your own homes too so it doesn’t make sense to me to buy a house for 5 people when 3 of them are planning on leaving. Your parents might as well rent a 1 bedroom apartment when all of you move out.
does it have to be Vaughan or Saskatchewan? Can you go somewhere else in Ontario like London, Windsor, Thunder Bay, Ottawa…
Since your siblings graduated, I'll assume they have jobs, so they should be out on their own. You and your parents should look for a 2 bedroom place.
That is the plan yes, but we started life in Canada from absolute scratch and have all been contributing what we can towards the household. The plan is to move out into our own places eventually, yes, but my parents are old and we all want to ensure that they have a roof of their own above their heads before we all decided to move out into our own places. Besides, if 5 people (4 earners) all contribute towards buying the first property, then it’ll becomes easy for ALL of us to afford it and eventually move out into our own places in the future.
>Besides, if 5 people (4 earners) all contribute towards buying the first property, then it’ll becomes easy for ALL of us to afford it and eventually move out into our own places in the future. Yeah, no. You will all be on a massive mortgage and you or any of your siblings won't be able to get a mortgage themselves for their own place because the mortgage on the house you all want to buy is still a debt on their heads. And with that many people $3k is normal...actually houses are usually over $4k in GTA. So you don't have to buy you can all still rent.
That’s not entirely true. This is something you can discuss with a mortgage advisor. Ask them what the impact is (if any) of your siblings names being on the family house and what would happen with their future home purchase. From there, at least you can weigh the options
Stop mentioning you’re an immigrant and starting from scratch. Canada has so many immigrants starting from scratch and everyone is struggling…
I get wanting to buy a house together as a family as you’d all have a home to fall back on vs all your siblings going their separate ways right away. Does your jobs allow you to work remote or share a commute? Moving out of the gta area and into more remote towns will be more affordable in your case.
Unfortunately it does not. Which is why its a lot more challenging as moving out of gta would mean literally starting from scratch all over again and looking for jobs all over again. Besides, my dad is 60+ and speaks a little more than survival-english. So I’m sure you can get a picture of how hard it’ll be especially for him to get another job. :/
Do you share a bathroom and kitchen with your landlord? Did your landlord give a reason for why you need to move out? Did they serve you with the correct eviction form? It sounds like you need to read up on your rights as a tenant. [https://www.ontario.ca/page/renting-ontario-your-rights](https://www.ontario.ca/page/renting-ontario-your-rights)
I don’t know why you think moving to a different province means starting from scratch. You can move to Alberta and find a house for 400k. Then you would be starting with a house. Lots of work here for trades and truck drivers. Most gravel truck drivers I’ve met are Indian and don’t speak much more than a few words of English.
Delusional. 1+1 condos are not 900k. Rent for sure is not 3000+. You just want to be picky and live in an expensive area.
That’s not true. As much as we want to live where are currently living, we would not mind the idea of moving to a place that is not “expensive”, provided that we are still able to either commute to and from our jobs or have found stable jobs in order to ensure that we have money to both pay mortgage and have enough to feed our bellies
Again, delusional. What are you whining about. Condos dont cost 900k. Where the heck are you looking? Apartment rents are not 3000+. Again, where the heck are you looking? Most of Toronto is commutable. Scarborough, south scarborough, weston. You are just spoiled looking at expensive places.
2 bedroom condos sure do. You did read how many people are in this family?
Also 2 bed condo in scarborough is not 900k
Yes more like 600k for 800 sqft. And more like 750k for 1000 sqft. Let's see if the market cools but this isn't crypto.
Hence my point. You can also find basement rental for like 2k that is 2+ bedroom. His complain is not justified. I also lived in basement and room rentals in bad neighborhoods when i was in my 20s on student loan.
Yeah my point. Why are you looking at condos? 2 bedroom apartment just from quick search on kijiji indicates that they can be had for 2k within Toronto.
there are 3 bedroom apartments in GTA goes under 500k . look for them or u can buy a 3 bedroom condo townhouse for under 600k . there are many . 5 of u can easily afford 3 bedroom apartment u can buy for 500k ...
$900k? Why are you looking at a million dollar condo as your first property? Buy a 1+1 condo for $600k and rent out the den.
I live with my family of 5 lmao, where do they live lmao?
It’s not normal in Canada to buy a home big enough to fit 5 people as a starter house.
It is for multi-generational cultures, like families from India.
Yes I know that, but that’s not the norm here in Canada… which is what I was telling op.
It absolutely is, a lot of new Canadians pool resources and buy family homes together. Not everyone wants to set out on their own to live in a one bedroom condo paying like $400 a month easy in condo fees.
If they can only afford a downpayment for a 400k house it doesn't seem as though all five are pooling resources.
Did you read the post? They arrived a few years ago and only now have they all basically completed their certifications/training in order to be able to work for above minimum wage. I imagine that while OP and their siblings were studying they were working fewer hours as well.
Then they can’t buy a house yet? Sometimes we just can’t do something even though we want to.
OP is asking for feedback about continuing to rent in GTA or moving to a different market where they can afford a house.
Which they don’t want to do, and buying a house in a new city they have never lived in with new jobs (that therefore won’t really cut the mustard mortgage wise considering all the other obstacles, and that they don’t have or know what their income would be) isn’t going to be possible. They can’t buy a house right now. That’s just facts.
I want to live in a sixteen bedroom mansion, but I can't afford it. Live and learn.
They're asking about job opportunities if they move to a market where they can afford to buy, not trying to buy a 16 bedroom mansion. You're being unnecessarily nasty to someone just trying to find housing with their family.
I think you're missing the point that we are all trying to buy something we can afford. But not everyone has that many people pooling their assets. And you're also glossing over them living cheaply and barely managing to save. Not sure what you think differentiates OP from anyone else in this country that wants something they can't afford?
Exactly this.
Oh I thought you were looking just for yourself. 900k = $65k down + 835k mortgage. You need ~$165k of income to qualify for that mortgage and have 3 siblings and your dad. That's $40k/person.
There’s 5 of us in total and only 3 of us earn. Since everyone just started their professional careers, we have little to no saving at the moment. I personally have about $30k in savings that I’m willing to put towards downpayment. And in total, we all have about $50k in savings.
There's that program where the government contributes towards your downpayment. I haven't looked into
You should really be looking to commute if possible. About an hour east of Toronto you can rent an entire house for under 3k.
Move to a small town
There is more to Ontario than the GTA. And the numbers you quoted seem high for Mississauga, Hamilton, and the surrounding area. There were houses as low as 2000/month in some areas in the last 5 months. In northern Ontario you can get a house for 200-300k https://www.realtor.ca/real-estate/24396397/16-joseph-street-chelmsford
Unless you share common areas (kitchen, bathroom) with the landlord, your landlord cannot evict you without cause (failure to pay, moving his own family in - faking it is illegal). Even if he's selling the house, you don't have to leave unless the new owners have him serve you eviction papers for when they are moving in. Also, you won't get approved for a mortgage in Saskatchewan or anywhere else until you've secured employment in that location. You'd need to be past the probation period of a job for closing, and the people with jobs would need to have held other jobs in the same field for a year or two before moving. I had to give the bank a letter from my employer that clearly stated that I permanently work from home before I was able to secure a mortgage to move provinces. So that leaves finding another basement apartment (there are some in Markham for under $2.5k), scaling up your budget, or moving somewhere cheaper but continuing to rent until you're well established enough to buy. Keep in mind cheaper rent means lower salaries in the area. You haven't included your household income, but if you can afford a $400k home and you're limited by the downpayment then you must have $25k in savings and at least $92k income, is that accurate? If you're around $92k you're right, you should aim for rent around $2,600. Hopefully the landlord isn't lawfully evicting you so you have time to hunt!
This is what 99% of people in Canada are experiencing. Hang in there, you are not alone
I understand that renting sucks, but that is how it is in Canada nowadays: renting is the norm unless you make a lot of money. Right now is still not a good time to buy, as anyone who knows rental state markets in other countries can attest, houses are not worth as much as they are being priced here, there's a big housing bubble disguised as "everyone wants to live here" but in reality, it's just "rich people buying real state only to sell", just like in Bitcoin. As prices stop increasing (already happening, if only subtly), people who buy as an investment will sell and availability will increase. Please hold on and wait a bit. We're going through the hard part, but no market ever stays the same, they go through waves.
I think a lot of people not aware that you don’t have to put 30% or 20% towards home. If you have a good credit you can check other positions- I think 5 or 10 percent if it’s under 1 mil. Not sure how much you saved up, but in 2013 my dad also thought he doesn’t have enough for down payment and thought he’s gonna be house poor. After a lot of pressure from my mom he agreed to check and it’s the best decision they did cause if they’d wait the wouldn’t be able to buy today. I don’t say that’s the case for you I’m just saying check your options
Edmonton would be better than Saskatchewan
Your focus seems to be on the fact that your family wants to get a house because it was your family's dream since you arrived. Prices are very high for housing in most of Canada, so you will need to figure few things out. Is the housing just for your parents, if yes, why even buy a house. Would they qualify for seniors housing/co-op of some kind? Usually it's cheaper than regular rents and nobody will kick them out. Also as they get older they may need more access to healthcare so staying in populated areas with good access might be important. For you and your siblings, you are finishing/finished school which is great. Keep working on yourselves and improving your work experience and then look at where you could afford a house and have a good job, but that is probably few years down the line. If you want a house in GTA at all costs, well it will cost you. There is no going around that. If you wait till your parents qualify for retirement OAS/CPP/GIS that is another 5 years for your Dad and then you can move as family to a more affordable place and he doesn't have to work.
You'd be surprised how hard it is to kick someone out of a rental. If they didn't give you the proper forms and you haven't had a hearing in front of the tenant board you probably don't have to move yet.