Should I buy a house? (In Canada)...

[T84]

Hello all,

I moved to Canada about 5 months ago, and I'm currently renting a nice (But expensive) Condo, I was thinking maybe next year I should buy a place instead, as the property market/economy is pretty healthy over here and if I moved back to the UK, I can just rent it and have an asset to my name in 25 years time?

I can't really see any drawbacks, unless I move and can't rent the place out.

Just wondering if anyone has been in a similar situation and has advice.

[mcflurry]

Can you afford it if a worst case scenario happens?
For example, no tenant, costs of keeping it rises etc, house prices crash plus its a 9 hour flight so do you have a good agent?

(hopefully none of the above happen)

[louiebaby]

I would look into the laws related to foreign nationals, home ownership, and tax implications of earning an income when not in the country and not a citizen.

I have no idea of the answers to any of those questions. But I would want to know them before committing large amounts of capital to any venture.

[GavinPearson]

Which province / major city?

[T84]

Sorry not been back to this thread until now, Montreal in Quebec.

[T84]

mcflurry said:

Can you afford it if a worst case scenario happens?
For example, no tenant, costs of keeping it rises etc, house prices crash plus its a 9 hour flight so do you have a good agent?

(hopefully none of the above happen)

Hi, Don't know yet, this would be a plan if I'm still here after 2-3 years, give me some time to save up as well as getting a deposit.