# Renting or buying?



## TomJonesDad (Jun 21, 2010)

I'd be interested to hear peoples experience of this on moving to Canada.

My wife is really against renting as she sees it as dead money. I agree with her to an extent but we only have enough money to buy a 2 bed flat outright, which I am not really that happy to do with a small child (will be 2 when we plan to move). We would need a mortgage to buy something more substantial, and that requires a job, so it's a bit of a catch 22. 

I'm happy to rent initially to: 
a) see if we have chosen the right area to live in.
b) see where I get a job.

Rentals seem to be for 12 months (or are there shorter term contracts around) so how easy is it to get out of a rental contract early if required?
We are looking at Toronto although not sure exactly where until our recce.
Any recommendations from people who've "been there, done that" most welcome.


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## Auld Yin (Mar 10, 2009)

TomJonesDad said:


> I'd be interested to hear peoples experience of this on moving to Canada.
> 
> My wife is really against renting as she sees it as dead money. I agree with her to an extent but we only have enough money to buy a 2 bed flat outright, which I am not really that happy to do with a small child (will be 2 when we plan to move). We would need a mortgage to buy something more substantial, and that requires a job, so it's a bit of a catch 22.
> 
> ...


Your thoughts are more realistic than those of your wife. It makes much more sense to rent until you've decided where to work and the proximity to your home. The other consideration in favour of renting is 'what if you don't like it here'? It's much easier to return without the encumbrance of owning property.
Rental agreements are usually for 12 months and getting out of the contract may be penalized unless you're able to sub-let.
Toronto (the GTA) occupies a huge swath of land so any job you land may be a considerable distance from where your home is located. It would be much easier and less expensive to move closer to work if you're renting.


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## baalat (Apr 16, 2009)

also you would need a credit score to get a good deal for that mortgage
that could take 6-18 months


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## TomJonesDad (Jun 21, 2010)

As Auld Yin said I don't think my wife is being too realistic about the situation.
Could all be irrelevant now though as my occupation has just been removed and no idea if anything got processed before 26th. 



Could be time for Plan B whatever that may be...


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## JGK (Dec 12, 2009)

TBF, I wouldn't look upon renting (initially) as "wasted money". For a start, you'll have no, or a v. poor, credit rating. Also if you do manage to get a mortgage and buy a place then find out it's the wrong area for you, selling will cost you 5 - 7% of the sale price, an expensive way to find out.

Better to rent for a while then decide.


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## crist001 (Nov 12, 2010)

*I like this forum*

Expat life can be a little lonely at times - imagine a room where like-minded people are discussing the issues that affect you. There are some helpful people in our forums who think nothing of giving the benefit of their years of expat experience to a newbie, or suggesting ways you might make life overseas a little more interesting - come in, make yourself comfortable and chat to your heart's content


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## crist001 (Nov 12, 2010)

The EN forum world is your oyster - talk about what pushed your buttons today. Or, spread a little light in the expat community with your witty observations on life. It's entirely up to you


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## crist001 (Nov 12, 2010)

When you want to access the forums we can help you with your initial login/registration and we also answer your questions in the forums.You are here to help.That's why i like this forum.


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## crist001 (Nov 12, 2010)

I was looking to go to Melbourne, VIC. The assessment from Victoria is estimated to take around 8 weeks I believe. But then, if I understand correctly, you have to submit another application to DICA. How long is the processing by DICA supposed to take?
Its too good.


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## crist001 (Nov 12, 2010)

my suggestion, if you have the 120 points, apply for the visa ASAP. come april end and things will change and u never know where you loose points. Once applied for the visa, you can apply for ss, when u do manage getting sponsorship, all you have to do is inform the DIAC that you have ss now and that ur application has to be converted from 175 to 176.


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