For many Indians, the land of opportunity is the land they’re going back to
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Posted on: 20-01-15 11:06:48
I was having a chat with a few freinds over the weekend on this topic.
We basically considered several factors. We started with 0 and gave -5 to each factor where India was ahead and +5 to each factor where Canada was ahead. We ended up with 0 (see below)
Social: Indian is ahead (-5 Points)
School: About the same
University: Canada is ahead (0 Points)
Jobs: India is ahead right now (V difficult for youth to find employment in Canada) (-5 Points)
Financial: India is ahead for people moving from Canada. If you are able to sell your property here and return with 200-300K then you will be much ahead in India as your property will be paid off (-10 Points) (If you live individually in each country without the consideration of how much cash you have to start with then Canada is better, but it didnt apply in our case)
Safety especially women and daughters : Canada is way ahead (-5 points)
Family around you(help in emergencies): India is ahead (-10 Points)
Environment pollution social equality: Canada is ahead (-5 points)
Working with the government, getting things done without hassle Canada is ahead (0 Points)
So if all things are equal one can live and enjoy anywhere.
The question for each of us is if environment, roadsm social equality a 10 instead of a 5 or is family around you a -10 instead of a -5.
It is for each one of us to do their math and reach their own conclusion.
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Live and Let Live
Property is way un affordable in India vs Canada.
What is not depicted till now is that 1cr flat in Gurgaon or a 2 cr flat in Mumbai is sold for 50% black which the Banks do not finance . Banks finance till 80% of the white price .... How do you get the balance 50 lacs to 1 cr and how much time does that take you is something you need to figure out if you have a white income....
It may take you a decade to get that 1cr in saving and well in that time the situation changes.
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Fido.
Quote:
Originally posted by febpreet
Let’s say, you can still buy $600k house with $100k downpayment mortgaged over 25 years. Fair enough! How would you think the situation be in case you lose your job? Where’s the cushion?
Why do you buy a $600K house if the nature of your work is insecure ... Buy a 325K freehold town home in stead ... You would still need to live in a place when you are jobless ( how do you afford the rent is the same q)
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Fido.
Quote:
Originally posted by Fido
Quote:
Originally posted by febpreet
Let’s say, you can still buy $600k house with $100k downpayment mortgaged over 25 years. Fair enough! How would you think the situation be in case you lose your job? Where’s the cushion?
Why do you buy a $600K house if the nature of your work is insecure ... Buy a 325K freehold town home in stead ... You would still need to live in a place when you are jobless ( how do you afford the rent is the same q)
I don’t want to buy a $600k house, but there are no viable options in the market.
Re. your question as to why not settle for a freehold townhouse, it’s for a simple reason to avoid a constant bickering and ego trips by Strata Management and Councils every other day, as well as to not live the life full of useless restrictions. Having said that, I am all for rules/regulations, but the unnecessary mismanagement is stressful. There are no ‘Non Strata’ freehold townhomes here in Metro Vancouver. I am living in one right now and these councils are a bunch of power trippers.
Yes, I would be happy to have a middle ground in terms of semi-detached homes or smaller lot homes. I don’t care about the size as long as it is independent and within my reach (already an extinct concept). However, I as well as you know better that developers these days are either building strata units (even freehold ones) or the $600k houses. Even if they build a smaller/midsize house, they will still sell it not under $580k.
Look around and visit some open houses, and you will get a clear picture. There may still exist some independent houses selling for less than $500k in GTA, but here in Metro Vancouver it’s mostly trash.
Quote:
Originally posted by Fido
Property is way un affordable in India vs Canada.
What is not depicted till now is that 1cr flat in Gurgaon or a 2 cr flat in Mumbai is sold for 50% black which the Banks do not finance . Banks finance till 80% of the white price .... How do you get the balance 50 lacs to 1 cr and how much time does that take you is something you need to figure out if you have a white income....
It may take you a decade to get that 1cr in saving and well in that time the situation changes.
Sorry, but I beg to differ. It's not about the affordability but the sheer concept of availability of mortgage. I have heard stories from my CGA Accountant friends how people cook up their T4 and salary slips to obtain mortgages for the houses they really can't afford here. Complete first hand information.
If tomorrow, you open up the floodgates of mortgages to the Indian middle class, you would also see its impact the same way as in Canada.
Getting mortgage easier doesn't mean you could still afford a house.
Life expectancy India - 66 Years , Canada - 81 years . Period.
Quote:
Originally posted by san-hugo
Life expectancy India - 66 Years , Canada - 81 years . Period.
+1
