How OFWs Can Use Jobs in Canada to Buy a House in the Philippines
For many overseas Filipino workers (OFWs), the ultimate dream is to own a beautiful home in the Philippines for themselves and their families. Working in Canada can be a powerful way to make this dream a reality faster. With higher salaries and more opportunities to save, OFWs in Canada can accelerate their path to buying a house back home. Here’s how:
Earn More with In-Demand Jobs in Canada
Canada welcomes skilled Filipino workers to fill important gaps in its labor market. Many jobs in high demand for OFWs offer excellent salaries compared to similar roles in the Philippines:
- Healthcare: Nurses, personal support workers, medical technologists
- Skilled Trades: Electricians, welders, mechanics, construction workers
- Technology: Programmers, web developers, data analysts
- Service Industry: Cooks, bakers, butchers, cleaners
On average, these jobs pay 3-5x more in Canada than in the Philippines. That extra income makes a huge difference in how quickly you can save for your dream home.
Save Quickly for Your House Down Payment
To buy a house in the Philippines, you’ll typically need a down payment of at least 20% of the purchase price. The higher your down payment, the lower your mortgage payments will be.
Working in Canada allows you to put away a large portion of your paycheck towards your down payment savings. For example, an OFW earning CAD $3,000 per month could reasonably save $1,500 or more, which is around PHP 60,000! At that rate, you could save PHP 720,000 in just one year – enough for a 20% down payment on a PHP 3.6M house.
To maximize your savings, consider:
- Sharing an apartment or living in an area with lower rent
- Cooking your own meals instead of eating out
- Cutting unnecessary spending like shopping or subscriptions
- Automatically transferring a set amount from each paycheck to a Philippine savings account
- Putting some of your savings in a Philippine investment account to earn more interest
With a clear goal and strong saving habits, your Canadian income can quickly add up to a life-changing down payment on your dream house in the Philippines.
Choose the Right Housing Loan
When you’ve saved enough for a down payment, it’s time to shop for a housing loan in the Philippines. To get the best deal:
- Check your eligibility with multiple banks
- Compare interest rates, terms, and fees
- Consider Pag-IBIG loans for lower rates and longer fixed terms
- Read all the fine print and calculate the total cost
- Choose a loan that fits comfortably in your budget
With your Canadian income and savings, you’ll be well-positioned to qualify for an affordable housing loan and make your home-ownership dreams come true!
Conclusion
Working in Canada is a smart strategy for OFWs who want to buy a house in the Philippines as soon as possible. The combination of higher salaries and lower living costs allows you to save significant amounts in a short time. Stay focused on your goals, and your Canadian earnings can unlock the door to your very own home sweet home in the Philippines!
