Hi Biomed,
I still dont understand what "CS" stands for...could you please explain.
Is it some currency?
thanks

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Deal With Reality or Reality Will Deal With You

OOOPS I am sorry it is C$ ( Canadian Dollar).
Thanks and regards.
Biomed

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"Change before you have to" : Jack Welch

Faisal said: You can save a lot of Money in ME.......Five years in a good job can provide you an option to retire for your life and go back home (although such jobs are rare).

I would agree with most of Faisal's observations about Middle east except the one above.

Just 2 days back I was thinking about a friend who is a landed immigrant of Canada since April 2002 and is planning to relocate to Canada in June 2004 . The reason for their late entry is to save some more cash. The couple earns approx AED156,000 or 58,000 tax free CAD. Since their company provides accomodation, car and gasoline they save approx AED 48000 or 17,900 CAD in one full year.

Let's say, that they save to buy a home in GTA, and buy a home after their landing. They would now pay approx. 25% extra for an average home as the prices have increased by approx. 25% in the last year 2-3 years.

A good 0-5 years old, starter home for a young family of four; townhome/semi-detached costs anywhere between 250,000-300,000 CAD. If they had migrated in 2002 they would have gained an equity worth CAD 62500 on a 250,000 home or AED 167,000. Compared to their saving of only AED 48,000.

In other words they lost an opportunity to get richer by more than 100,000 AED + Canadian work experince+ young kids adaptabilty etc etc.

Another point, in 2002 the rate of exchange of AED to CAD was 2.275 compared to 2.677 at this moment. Thus even more saving needed.

Is it worth waiting?

In my opinion parents in age group of 30-40 should make a faster move and gain Canadian experience much sooner and do not wait in hope of assumed savings.

I can agree with over 45 age group Gulf residents and understand that their savings in the Middle East can help them to retire in India comfortably as some might find it difficult to adapt to Canada in comparison to the younger generation or their kids who come here to get Canadian citizenship, followed with subsidised University education and a good job anywhere in the world.

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

Thanks to all for the responses.

Faisal, your response is pretty comprehensive and informative.

Amit, you are right that instead of waiting one should move at the earliest.It does have its advantages.But don't you think that it is a better idea to walk into uncertanity with more financial reserves, because after all the exchange rate and property rates will always keep fluctuating.

Also can you advise how much time it takes to build a reasonable Canadian Credit history.For example you take a car loan (on a new Corolla) a month after landing and start repaying it- how many months later can it to be accounted for as safe credit history, for any other loans that you may want ( May be for a house purchase loan of 150,000 CAD.)

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Those who want to make their dreams come true dont sleep

True said Amit Kalia. I too was observing silently all these changes in the last two years....
But I would ask you and myself these questions:
Are the property prices going to be the same as they are now? Aren't they a weak bubble which can explode anytime? (it might be gradual instead of a sudden drop) I believe they are at its peak now in GTA. The interest rates are histroically low in Ontario. How long are they going to be historically low. How many people will be able to hold on to their houses after the rates go up? Economics and History teaches us that the major factors of the economy move in a sine wave. Are we at the peak already since some time? Its just a question in my mind, and not a theory, and I can be wrong too.
Regarding the Canadian Conversion factor, I dont understand how long the canadians can hold on to this high conversion rate against the US Dollar. But did the Canadian Dollar go up or the Us Dollar went down? and how long is the US dollar remain at such a low value? The Canadian Market has been hit badly due to the low US Dollar as the canadian exports became expensive for the International Competitive market.
These questions raise a serios suspicion in my mind about the property and CAD value. Perhaps someone on the forum could guide me if and where I am wrong. I need help!

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Deal With Reality or Reality Will Deal With You

I would advise new immigrants to get store cards e.g. Walmart, Sears, Bay in addition to regular credit cards and start paying via cards. It can take anything upto 12 months before this can help in establishing a good credit history.

The low interest rates and steady monthly increase in home prices does not at all seem like a bubble and the housing market should be staying strong for some time.

Some more differences between M.E. and Canada in my opinion:

1. Health Care: The close proximity to India and quality of Indian private health care system is far better than the subsidised health care of Canada.
2. Property: Yes you can buy a property in UAE and some other Gulf countries these days. But will you trust the system?
3. Education: Gulf cannot match the subsidised superior quality education system and more than subsidised University education.
4. Food: Enough choice of desi food in Canada and Midle East, so no differences.
5. Nanny: Who cannot forget the help of a maid servant in the Middle East? It is hard to afford a full time help in Canada. Depending upon your family net earnings some people do get weekly help/maid that costs anything from 80-100 CAD for a good 4-5 hours of house cleaning.
6. Gasoline: Is cheap in both the countries however Insurance rates are really worst in Canada.
7. Home: Canada gives you a feeling of a home, even if you have lost a job you are in your own country. In Middle East your job is everything, you loose it , you go back with your family. So you stay in the same job at the same or slightly better terms year after year. And when you are 60 you go back to your country any way as you cannot live there without a work permit. How strange?

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

No way even right now here they are doing (Dubai Govt.EMAAR properties) lot of freehold property stuff ,with studio flats starting at USD 60,000 but the laws are pretty screwed as is ownership and resale.

Further no one knows this place.Rules change on a whim.It is unpredictable as are the rules and regulations.

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Those who want to make their dreams come true dont sleep