OFW Dream: Owning a Home in the Philippines Faster by Working in Canada
For many overseas Filipino workers (OFWs), the ultimate aspiration is to own a beautiful home in the Philippines for themselves and their loved ones. Working abroad in Canada can be an effective way to turn this dream into reality more quickly. With higher salaries compared to the Philippines and more opportunities to save money, OFWs in Canada can accelerate their timeline for purchasing their dream house back home. Here’s how working in Canada can help you buy your ideal home in the Philippines faster:
Earn Significantly Higher Wages with In-Demand Jobs for Filipinos in Canada
Canada has a strong demand for skilled Filipino workers to help fill critical gaps in its labor market. Many of the jobs most in-demand for OFWs provide substantially higher compensation compared to similar positions in the Philippines:
- Healthcare Sector: Nurses, personal support workers, medical technologists, and other healthcare professionals are needed across Canada and earn competitive salaries. For example, the average salary for a registered nurse in Canada is around CAD $75,000 per year, which is approximately PHP 3,000,000.
- Skilled Trades: There are abundant opportunities for skilled Filipino tradespeople like electricians, welders, mechanics, and construction workers in Canada’s booming construction and manufacturing industries. Electricians in Canada earn a median annual wage of CAD $62,000 (PHP 2,480,000), while construction workers average CAD $48,000 (PHP 1,920,000).
- Technology Industry: Canada’s growing tech sector has a high demand for talented Filipino programmers, web developers, software engineers, data analysts and more. Tech salaries in Canada are among the highest in the world, with software developers earning an average of CAD $100,000 (PHP 4,000,000) per year.
- Service Industry: There are plentiful job opportunities for hard-working Filipinos in Canada’s service sector, including cooks, bakers, butchers, cleaners, and other roles. A chef in Canada earns an average salary of CAD $49,000 (PHP 1,960,000) annually.
On average, in-demand jobs for OFWs tend to pay around 3-5 times more in Canada than similar positions in the Philippines. This significant boost in income can make a huge difference in how quickly you are able to save up for a down payment on your dream home in the Philippines.
Save Up for Your House Down Payment Faster with Higher Canadian Income
When purchasing a home in the Philippines, banks and lenders typically require a down payment of at least 20% of the total purchase price of the property. The larger your down payment, the lower your monthly mortgage payments will be over the life of the loan.
Working in Canada empowers OFWs to reserve a more substantial portion of each paycheck to put towards saving for their down payment. For instance, consider an OFW earning CAD $3,000 per month in Canada. Based on average living expenses, they could reasonably expect to save around CAD $1,500 monthly, which is equivalent to approximately PHP 60,000. At that savings rate, an OFW could accumulate PHP 720,000 in just a single year of working in Canada. That’s enough for a 20% down payment on a PHP 3.6M house in the Philippines.
To make the most of your hard-earned Canadian income and save as much as possible for your dream home down payment, consider implementing these tips:
- Share a rental apartment with roommates or choose to live in a city/town with lower average rent prices
- Prepare your own meals at home rather than frequently eating out at restaurants
- Reduce discretionary spending on non-essential items and services like shopping, entertainment subscriptions, etc.
- Set up an automatic recurring transfer of a fixed portion of your paycheck to a savings account in the Philippines
- Consider allocating some of your Canadian savings into a Philippine investment account to earn a higher rate of return
By staying laser-focused on your home-ownership goals and committed to robust saving habits, your Canadian earnings can quickly add up to a substantial, life-changing down payment on your dream house in the Philippines.
Qualify for the Best Home Mortgage with Your Strong Canadian Income and Savings
Once you’ve saved up a healthy down payment, the next step is to shop around for the right home loan in the Philippines. Thanks to your stable Canadian income and sizable down payment savings, you’ll be well-positioned to qualify for an affordable housing loan that fits comfortably within your budget.
Follow these tips to secure the most favorable mortgage terms:
- Check your home loan eligibility and options with multiple Philippine banks and lending institutions
- Carefully compare interest rates, loan tenures, fees, and other key terms between different lenders
- Look into accessing the Pag-IBIG housing loan program, which offers lower rates and longer fixed terms to OFWs
- Review the fine print closely and calculate the total long-run cost of each loan option
- Select the home loan that provides the best overall value and whose payments fit manageably in your budget
With your strong financial profile powered by your Canadian income and savings, you’ll be in an excellent position to turn the key and step into your very own home sweet home in the Philippines!
Make Your Philippine Home Ownership Dreams a Reality by Working in Canada
For OFWs who are determined to buy their dream home in the Philippines as soon as possible, working in Canada offers a strategic way to accelerate your path to home-ownership. By combining the power of higher Canadian salaries with a lower cost of living, you can save up a sizable down payment in a relatively short period of time.
Stay laser-focused on your home-ownership goals, diligently implement healthy financial habits, and your hard-earned Canadian income can unlock the door to the beautiful Philippine home of your dreams faster than you may have ever thought possible!
Ready to Start Your Canadian Journey to Philippine Home-Ownership?
Are you an OFW who dreams of owning your ideal home in the Philippines? Working in Canada could help you achieve your home-ownership goals months or even years faster.
Download our free guide to learn the step-by-step process of finding a job and relocating to Canada as an OFW. With higher income, lower expenses, and the right financial habits, your Canadian earnings could have you unlocking the door to your very own home in the Philippines before you know it!
