Posted this in March after looking at how bad the rental market really was(and giving out my personal info for rental felt so dumb):
https://www.canadavisa.com/canada-i...hreads/newcomer-pr-mortgage-questions.791545/
Bought my home yesterday. I landed here earlier this month for context. I posted most of what I had planned in that thread and it worked just as I thought it would. Feel free to browse what I did. I also feel happy to receive DMs from other immigrants who read my posts and were able to buy their homes post-landing too.
Some realizations:
1. for all the crash talk, there are a LOT of people with millions of dollars in cash who take any investment opportunity they can - the market is highly likely to not crash(can do down, but won't crash) as these people can easily wait out 5 years of tough market. Non-investors would crack first.
2. you'll always be forced on "investment opportunities", "keeping low equity", "flipping", etc and other lifestyle bs. There's money to be made there for sure, but it is something that deeply damages the market for some many others that there's a moral decision that one needs to make.
3. buying cheap = peace of mind. RE investments are not everything - it is purely lazy, unintelligent money that screws up our own fellow residents who one day would want to be able to buy a home to start their families.
4. if you are buying in a market like Calgary, be prepared to lose $30k-60k in future if you move out of the city due to job loss or in-search of better opportunities.