OT: Question for Toronto people

[Ozmodiar]

Take-home prob < 5 / mth. You’re over already.

Ditch the car. … if you don’t have to drive to get to work. If you do, rent a little out of the way to subsidize car expenses.

(folks could be more specific with advice if they new what neighborhood the work is in. Downtown ? Yonge-eg? Etc.. )

You’ll have to be disciplined with spending. Things add up quickly in Toronto, especially if you have coworkers who like to go out for lunch or grab a pint after work.

don’t use options and bonus to budget.

 

[covfefe]

I feel there's some misinformation floating around here. You shouldn't have a problem finding a nice 1br in the downtown core for ~1600-1850:

508 Wellington St W, Toronto, ON M5V 1E3 - 1 Bedroom Apartment for Rent | PadMapper

 

[Pierre Dagenais]

Listen, I live in the GTA and I can tell you that you can definitely survive off a $70k salary in the GTA, but does that mean that I would recommend it? Probably not.

It's all about what sort of lifestyle you want to live. If you want to live frugally by renting a small apartment and taking public transit then you can definitely make it work. If you want to make enough to save money for a downpayment on a house one day, I think it'll be difficult to do so on a $70k salary.

Just my opinion.

 

[dinodebino]

As always, regardless where you live and work, its more a question of how much you spend rather than how much you earn. And I've worked in the GTA since 1977 after having lived and worked in Montreal since the early 1950s.

Early 50's??? You ARE Chester's direct descendent!

 

[Captain97]

65-75k is definitely enough to be comfortable in Toronto

Signed a 23 year old recent Uni graduate with student loans who is trying to climb the ropes at a Major Bank's head office.

 

[Captain97]

Listen, I live in the GTA and I can tell you that you can definitely survive off a $70k salary in the GTA, but does that mean that I would recommend it? Probably not.

It's all about what sort of lifestyle you want to live. If you want to live frugally by renting a small apartment and taking public transit then you can definitely make it work. If you want to make enough to save money for a downpayment on a house one day, I think it'll be difficult to do so on a $70k salary.

Just my opinion.

I think this hit the nail on the head.

Are you in your early 20's and expecting a sizeable pay raise in the near future? Or are you later in your career? Cause if your younger and this is a starting point I'd say not an issue cause 65-75k is definitely doable but if you want to save a good chunk of change then you have to live super tight.

I save about 5% of my gross near this income bracket, the only reason I'm good with that is my employer also contributes a flat 3% and matches 50% of my 5, bringing me to 10.5% of gross.

 

[Capz]

I've lived in toronto my whole life. The city is amazing and its a great place to live but i make just as much as u stated in the OP and i can live but its not ideal. A decent one bedroom to rent is 1500 in the city if you can find it. I love this city I really do but me and my gf are moving to Montreal in the winter so that should tell you everything. It's become insanely overpriced here. If you want to start a family here you can't it's just way too expensive to get a nice house. You could move 3 hours outside of the city for something affordable :p

 

[HBDay]

I've lived in toronto my whole life. The city is amazing and its a great place to live but i make just as much as u stated in the OP and i can live but its not ideal. A decent one bedroom to rent is 1500 in the city if you can find it. I love this city I really do but me and my gf are moving to Montreal in the winter so that should tell you everything. It's become insanely overpriced here. If you want to start a family here you can't it's just way too expensive to get a nice house. You could move 3 hours outside of the city for something affordable :p

Three hours out is where we are at. Barrie is a beautiful city and great place to live in my opinion but it's priced out as well now. If you go north the housing crunch comes from Toronto and cottage country squeezing to the middle, which leaves the last possible place north to buy affordable housing - Orillia.

Moving west of Toronto is even a worse story, there is nothing.

Don't know much about east of Toronto, maybe Belleville? Being as far as you'd have to go to find affordable?

 

[ottawa]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

Personally I would say no but like others have said, it depends on lifestyle...

I live in dt Toronto (King West - 10 mins from CN tower), I don't think that'll be enough when all said is done after rent ($1,800/mo) + higher car insurance cost, parking, going out, groceries, bills etc. I spend around 3,000-3,500/mo

North York will be cheaper, but I'm guessing like maybe $200/mo in rent cheaper + slightly bigger place?

 

[OldCraig71]

Just trying to do some math..
2k for rent
800 on car (pmts, insurance, gas)
400 food
500 cc debt
500 fees (internet..phone..electricity..etc)
1000 random leisure expenses

I guess 75k as a base salary would be okay, and I can hit my bonuses off targets.

On 75 k a year, your after tax income will be about $1000/week (4 grand per month) and with what you just described I think that you will be in tough to make it, you are already $1200 below what you need per month. I believe that you would need 100k/year based on what you have described unless you reduce your leisure money expenditures. I guess that with bonuses you might get there but even then, I don't really see you having much money left over.

 

[SOLR]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

I've been in Toronto for the past 10 years, go for 80+ if you can.

Stay in North York (I recommend East York for cheaper rents).

You are lucky in a way, great time to arrive as the rents are a bit lower.

 

[Censored Toad]

Just trying to do some math..
2k for rent
800 on car (pmts, insurance, gas)
400 food
500 cc debt
500 fees (internet..phone..electricity..etc)
1000 random leisure expenses

I guess 75k as a base salary would be okay, and I can hit my bonuses off targets.

Consider parking depending on if you commuting Kris. Can be expensive

 

[Capz]

Three hours out is where we are at. Barrie is a beautiful city and great place to live in my opinion but it's priced out as well now. If you go north the housing crunch comes from Toronto and cottage country squeezing to the middle, which leaves the last possible place north to buy affordable housing - Orillia.

Moving west of Toronto is even a worse story, there is nothing.

Don't know much about east of Toronto, maybe Belleville? Being as far as you'd have to go to find affordable?

i know nothing about the east as well. I just couldn't live that far outside of a major city. Barrie would be as far as i could go but like you said its pretty much the same price as Vaughan right now. I was even thinking about going to Europe for a while. I have lots of family out there just kind of sucks I can't buy where I loved for so long

 

[Roadhouse]

On 75 k a year, your after tax income will be about $1000/week (4 grand per month) and with what you just described I think that you will be in tough to make it, you are already $1200 below what you need per month. I believe that you would need 100k/year based on what you have described unless you reduce your leisure money expenditures. I guess that with bonuses you might get there but even then, I don't really see you having much money left over.

Very on point Sir. You're old and wise like good whiskey.

What about that 800 a month on all-inclusive car expenses @Kriss E? Did you get a killer deal on a reliable, used economical car?

I'm a quote unquote car guy, and I lived out of Angus (shout out to @HBDay who lived the worsening reality of Barrie from the early 2010's onwards) near Barrie for 5 years between 2011 and 2016. I was driving an '06 G35x sedan at the time, to the tune of about 26-28,000 km a year. I was in my late 20's, early 30's.

Insurance? Over 2K a year due to high risk of collision, GTA idiots drive up the price. Gas? Very expensive compared to non-GTA regions, I'll leave it there. Especially 91 or 94 octane. Payments? That's the part we don't know, I thought you worked at an Audi dealer for a while. No?

My payments were 384 a month on a 23K loan at the time, 4.99%. Add 200+ for insurance (I combined with home ins. so don't recall exactly), then 4 to 6 tanks of gas at $80 a pop. Well past the 800 mark... these times were "cheaper" too than now, if that makes sense. Such a reliable drivetrain as well, no repair other than exhaust rusting out after years in the salt. Now you throw a 2.0L 4-banger Audi engine in the budget? Mother****er you'll be paying up the nose WELL beyond that 800 mark, you have zilch idea how bad this can get... unless you hung out with the maintenance guys at Audi. Did you? And did you get that, or something other than an Audi??

 

[HelloBellyvo]

To move to Toronto from Montreal will be culture shock. I know, it happened to be. I still don't feel as comfortable as I should. There is no laissez faire attitude here. Those 2 girls a night...forget it. They'll smell you out if you don't have the bucks. Well, depending on your standards. It's an expensive city like New York without the amenities of New York. I suppose you could live here but it won't be a much fun as Montreal. Plus you'll have to deal with those Leaf fans and it won't be easy unless you pretend to be a Leaf fan if it helps w yr business.

 

[jackeymoon]

I've lived in toronto my whole life. The city is amazing and its a great place to live but i make just as much as u stated in the OP and i can live but its not ideal. A decent one bedroom to rent is 1500 in the city if you can find it. I love this city I really do but me and my gf are moving to Montreal in the winter so that should tell you everything. It's become insanely overpriced here. If you want to start a family here you can't it's just way too expensive to get a nice house. You could move 3 hours outside of the city for something affordable :p

I moved to Sudbury to escape the GTA bubble. Insane home prices.

 

[jackeymoon]

Consider parking depending on if you commuting Kris. Can be expensive

I wouldn't bother buying any car that's too pricey. Just get the cheapest insurance price possible

 

[SOLR]

I feel there's some misinformation floating around here. You shouldn't have a problem finding a nice 1br in the downtown core for ~1600-1850:

508 Wellington St W, Toronto, ON M5V 1E3 - 1 Bedroom Apartment for Rent | PadMapper

It's really new and it won't last. So maybe its the right occasion to get one.

 

[Ozmodiar]

Very on point Sir. You're old and wise like good whiskey.

What about that 800 a month on all-inclusive car expenses @Kriss E? Did you get a killer deal on a reliable, used economical car?

I'm a quote unquote car guy, and I lived out of Angus (shout out to @HBDay who lived the worsening reality of Barrie from the early 2010's onwards) near Barrie for 5 years between 2011 and 2016. I was driving an '06 G35x sedan at the time, to the tune of about 26-28,000 km a year. I was in my late 20's, early 30's.

Insurance? Over 2K a year due to high risk of collision, GTA idiots drive up the price. Gas? Very expensive compared to non-GTA regions, I'll leave it there. Especially 91 or 94 octane. Payments? That's the part we don't know, I thought you worked at an Audi dealer for a while. No?

My payments were 384 a month on a 23K loan at the time, 4.99%. Add 200+ for insurance (I combined with home ins. so don't recall exactly), then 4 to 6 tanks of gas at $80 a pop. Well past the 800 mark... these times were "cheaper" too than now, if that makes sense. Such a reliable drivetrain as well, no repair other than exhaust rusting out after years in the salt. Now you throw a 2.0L 4-banger Audi engine in the budget? Mother****er you'll be paying up the nose WELL beyond that 800 mark, you have zilch idea how bad this can get... unless you hung out with the maintenance guys at Audi. Did you? And did you get that, or something other than an Audi??

Yeah, I found the 800 low so changed it to 1000 when quickly adding the numbers.
(groceries a bit low too, IMO)

 

[Redux91]

You always did seem like youd be a great Leafs fan too, very similar traits!

 

[Roadhouse]

Yeah, I found the 800 low so changed it to 1000 when quickly adding the numbers.
(groceries a bit low too, IMO)

Kriss is probably twice my weight too. If I think 400 is too low, imagine some gym monster trying to feed his body.

400 would be astute, well planned Food Basics shopping with NO take-out whatsoever. Don't even think about a single restaurant sitting.

 

[HBDay]

Very on point Sir. You're old and wise like good whiskey.

What about that 800 a month on all-inclusive car expenses @Kriss E? Did you get a killer deal on a reliable, used economical car?

I'm a quote unquote car guy, and I lived out of Angus (shout out to @HBDay who lived the worsening reality of Barrie from the early 2010's onwards) near Barrie for 5 years between 2011 and 2016. I was driving an '06 G35x sedan at the time, to the tune of about 26-28,000 km a year. I was in my late 20's, early 30's.

Insurance? Over 2K a year due to high risk of collision, GTA idiots drive up the price. Gas? Very expensive compared to non-GTA regions, I'll leave it there. Especially 91 or 94 octane. Payments? That's the part we don't know, I thought you worked at an Audi dealer for a while. No?

My payments were 384 a month on a 23K loan at the time, 4.99%. Add 200+ for insurance (I combined with home ins. so don't recall exactly), then 4 to 6 tanks of gas at $80 a pop. Well past the 800 mark... these times were "cheaper" too than now, if that makes sense. Such a reliable drivetrain as well, no repair other than exhaust rusting out after years in the salt. Now you throw a 2.0L 4-banger Audi engine in the budget? Mother****er you'll be paying up the nose WELL beyond that 800 mark, you have zilch idea how bad this can get... unless you hung out with the maintenance guys at Audi. Did you? And did you get that, or something other than an Audi??

Haha thanks man. I lived in Barrie from 2008 - 2019. I actually stop gapped and rented in Angus for a year (last year), then made the pilgrimage north to purchase my second house at much more reasonable prices.

 

[kalessin]

Its completely doable living both in Toronto or North York at 65/75k, and living decently. It’s the most populous city in the country and people who make half of that make it work.

I don’t know enough about you (family planning, lifestyle, loans), but my cousin and family of 4 live 15 min walk from the CN Tower, have a $3500/m condo, 5 series BMW, vacation annually and they make a combined $140k. They aren’t rolling in it but they aren’t eating Mac and Cheese.

Factor in tax savings and it can work.

This didn't add up until you added the important factor that they came from a rich family. Funny how that gives you a leg up, lol.

I know people like that. A lot of people in downtown Toronto are in that situation. It's probably not relevant for the OP, but it did give me a laugh so ty

 

[Roadhouse]

Haha thanks man. I lived in Barrie from 2008 - 2019. I actually stop gapped and rented in Angus for a year (last year), then made the pilgrimage north to purchase my second house at much more reasonable prices.

Smart man.

I miss the roads up there. I truly do, we've got warped back roads here around Ottawa compared to anything that's East/West of the 400 and up "for a nice drive".

 

[PavelBrendl]

I lived in Toronto from December 2017-December 2018. Would never consider going back. Between 2016 and 2019, I lived in 4 different cities and Toronto was the only one I genuinely disliked.

I paid about $6-7000 less in taxes per year and still came out worse in the end.
Money aside, I had major cultural issues with Toronto. I found very little to like about the city, but that's all up to personal preference. Best way to find out is try it out for yourself. If in the end you don't like it, it might just give you a better appreciation for the things that are unique about Montreal.

If you do like it, then I think the higher cost of living is justified. There are places I'd pay a higher price to live in, Toronto just isn't one of them.