Quote:
Originally Posted by NKC ONE
Thanks 4444. Very insightful analysis on my current situation.
Down payment isn't a problem for me. I don't have any local credit to show for anyways so I'm ready for a 40% DP when the time comes. Maybe even 50% because I seriously hate owing banks regardless of the interest rate. Why not just buy cash? Heatscore bro. I would hate for them to just find a way to tax my wealth all of a sudden.
I'm never in a rush to buy as I already have and will continue to have property in HK. I'm not house horny. I'm just a little dream house horny right now. I couldn't care less about owning a house. Just that after building my first house in HK, I feel its the best way for me to love it. There's really no way I can buy a new place (no matter how nice) and have it perfectly fit for me and my family. If someone is willing to build my dream house and charge me monthly to live in it, I'd give them a year's rent advance (but based on the rental yields of Vancouver lol)
I don't look to make money with my primary residence just because that's not how I look at it. I wanna buy it as cheap as I can and if it increases in value, great. But if I plan to live there for a long time, I'll just be paying an increased property tax with nothing in return.
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Aside from friends who live on the west coast of North America minus the SF bay area everyone I know who left Vancouver wants to come back, especially if they moved to Asia or the east coast. Just can't beat the hometown feel even with its shitty job market. I'm sure you and 4444 would not have left as well if Vancouver had better industries and career growth opportunities.
The issues you face is:
Job = might be difficult short term but your HK business will support you.
Timing = you want to come back before children turns 2 which is around two years
Mitigating real estate costs
IMO I echo 4444's advice, I would wait in HK for at least a year or two, building up USD waiting for the US to raise interest rates. Even if Canada follow suit or not, it will cause a correction in Canada. The opportunities you get when people are desperate to sell anything or get repossessed (cars, homes etc) will be very lucrative and worthwhile to wait. The downside however, is that if you come back to Canada during a correction, it will be impossible to get a loan thus I mentioned building up cash.
However, since emotions (and wife nagging) usually overcomes rationality, if you want to leave HK fast, just rent for a couple of years while preparing for a correction. All signs point to a rate increase by 2015 in the US but if that does not happen in 2 years, then might as well buy and build, life is too short to time markets.
Im curious though, how huskies bear HK summers?