We bought a house..... in Canada!

Wow! We didn't really see this one coming, but after about 15 months of renting our condo (townhouse equivalent I think to the Aussies) the unit next door came up for sale. O'Hara and I had talked about buying on and off. We'd think about buying, then something would happen that would make us think we'd be home sooner rather than later. Then that would sort itself out and we'd start thinking again. Being an expat is like being on a roller-coaster of emotions. I'm slowly getting used to it!

Excuse the scrubbiness, but us drinking champas in our new house. I promptly smashed the bottom of the light.

The housing market in Canada (in Kamloops at least) is cheaper than it is in Australia. Vancouver is ranked one of the most unaffordable cities in the world, but I think part of that is to do with wages and I'm sure Sydney is up there as well. There is also often talk here about a housing bubble bursting because the interest rates are so low, but that seems to be a risk here and at home. The deciding factor for us was when we worked out we were paying about $200 a month more in rent than what a mortgage + property taxes + strata fees would be for exactly the same place.

So we did it! The whole process was fairly simple. We don't have Permanent Residency (or the application submitted) so we had to have a 20% deposit. We were able to use our contributed NRSPs. These are kinda the equivalent to super except we don't get a tax break because they aren't "registered". We may end up getting registered "RRSPs" now, because we shouldn't need to draw on the cash before we leave (famous last words no doubt...).

With a 20% deposit it meant we didn't have to pay mortgage insurance BUT we did end up having to pay Property Transfer Tax. If we had PR we wouldn't have had to pay this as we are first time home buyers. That was a fun little surprise as O'Hara was signing the paperwork 2 days before possession. Please, we actually need another $3,600... Luckily we had a good lawyer that told us we needed to pay it (after everyone else told us we didn't), otherwise we would have been pinged come tax time. Thank you Fulton & Company.

We went with a variable interest rate which may have been a bit risky, but we're only paying 2.6% at the moment so there's no complaining here. Now we just need to get a couch so we don't have to sit on dining chairs when we're at home! Unfortunately we just booked a trip to the UK, and I bought the new iPhone so it may take a while. I clearly have the right priorities.

The best way to move! To an empty lounge room with a view (now full of sh*t)

We have three things that were super exciting. 1) Our bed faces the other way so we have a much nicer view. 2) The condo was literally one across from our rental, so we just passed everything across the balcony. In Canada appliances come with the house even if you're buying, so Teresa we did not move the fridge this way! 3) The old Man Cave (they left the sign of rules - they're gone) is now a Sophisticave. It's the game room where we can hang out and drink scotch from the bar that's now there. Much better.

It's not creepy guys!

Visitors are welcome! You can stay in our shrine room for the non-existant child! You're welcome!

Credit Cards in Canada *shudder*

In Australia I've had 4 difference credit cards, all except one I was kinda obsessed with. So overall, my credit card experience in Australia has been positive. I honestly have no idea how people in Canada keep track of their finances. So far I have failed pretty badly. Online banking here predates the dinosaurs which I think is my biggest issue. Without immediate information I'm hopeless. So Gen Y.

It took us around 3 months to get a Canadian credit card, and when we did it had to be 100% prepaid (but don't worry, we still pay interest if we don't meet our payments!!). My feelings towards my current credit card gives me rage. Elevated blood pressure, sweats, goosebumps, banging my head on the wall (literally) type of rage.

My anger reached it's maximum (I hope), after the Labour Day weekend. I went to fill up the car only to have the credit card declined. This happens often with our shitty $1500 prepaid limit so I wasn't too concerned. However, when I logged into our account it said I had $0 available limit, and I actually owed $2000? WTF, $500 over my limit. Fantastic. I obviously panicked a bit and paid the $2k cursing about how that had happened. Important note: when you pay off more than your credit card limit, with TD it still tells you your "available limit" is $1500*. The * doesn't help. So I have no idea how much is on my card until 3 business days later when it's itemised. Yay! The next day I log on again to make sure everything is ok.... low and behold my credit card went down to -$4000 over the weekend. Yep, $2500 more than our limit. I'm crazy by this stage, only to be greeted the next day with our card showing I had over paid by $1300. Joy.

Seriously it's 2012, TD you need to catch the F up! Who would have thought Australian banking would be superior. At anything.

In Canada EVERYTHING is based around your credit history... in Canada. They can't use the internet so history from anywhere else is redundant. Providers will also use this as blackmail when you have a dispute over a bill. Fantastic!

Canada, pretty sure you didn't go into full recession in 2008 because you have a resource based economy. Just like Australia. Not because you have these stupid rules. Also from what I've heard, the States is similar for credit. Everyone knows how good their economy is....

If anyone plans to move to Canada (and as much as I hate the credit scenario with a passion - I would recommend it):

• DON'T apply for a credit card right away. Get some money in your account and wait a few months. Then do it online, not at the bank!
• DON'T apply for more than one card if you get declined. That just damages your credit rating further (true story).
• DO ask a bunch of different places when trying to get a car loan. We went to 4 different Toyota dealers and only one said we wouldn't have to pay in full. You'd think they'd want your money, but some people are just lazy.
• DON'T rely on online banking to track finances (with TD anyway)
• Pay bills on time (this seems like it's obvious, but in Australia because we have a half decent interest rate earning interest>paying bills early - I think)

Update: Our credit card has now started blocking our credit card everytime it gets to zero - like having to call customer service and be on hold for 30 minutes to get it unblocked. Then we get charged for overdrawing it. Fantastic, I think I preferred it when they just let it run up to -$4000.

Update round 2: At least we aren't in the US. My old BOSS who lives in NYC only just got a credit card after 18months.... It totally explains why their economy is going so well......

Update round 3: OHH EMMMM GEEEE O'Hara finally got an unsecured credit card! Miracle! It's through Presidents Choice (which is like a home brand of one of the supermarkets). So excited! Byyyeeeee TD!

Do you like our sweet coin table? It's awesome!