I Make $100K+ in Toronto.. Here’s How I Feel about Buying, Renting, or Saving for a Condo/Apartment
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- Опубликовано: 24 июл 2024
- In this video, I get into my personal journey of navigating Toronto's housing market on a 100K+ salary. As a longtime renter in the city, I share insights into the challenges of renting, including the skyrocketing rental prices and the uncertainties it brings. Saving money in Toronto isn't easy, especially when a significant portion of your income goes towards rent. I discuss the struggles of saving for a down payment while balancing living expenses. Additionally, I explore the feasibility of buying a condo in Toronto, breaking down the costs and considerations involved. Near the end, I provide actionable investment strategies that have helped me save over the years in Toronto. Whether you're renting, saving, or considering buying, I hope this video offers valuable insights into navigating Toronto's housing market.
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🕒 TIMELINE
0:00 INTRO
1:42 RENTING
3:53 SAVING
6:06 BUYING
8:20 INVESTMENT STRATEGIES
10:14 CONCLUSION
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Thank you, Frank, for your personally referenced, insightful look into the financial stresses to which many renters can relate. Skyrocketing rental costs during the past decade have made living alone in a one bedroom apartment a luxury situation. Congratulations on achieving your $100K+ income goal, especially in light of recently being laid off during the pandemic, and wishing you much continued success as you set new professional and financial goals. 👍
It's crazy hey! Living on your own in Toronto is now somehow become the new 'luxury/standard' whatever you want to call it. It' beyond my control - but I do control my actions, so hoping to keep on it. Thanks as always for the kind comments.
Thanks for that dose of reality and speaking on a subject not many are willing to speak about, especially when it involves exposing how much they earn. I was just asking myself the same questions you discussed in your video and it's frustrating to make that kinda of money and still feel limited to some extent.
No worries, happy to have made the video, while being transparent with money/reality of living here.. Taxes eat a lot of it too lol.
Thank you, Frank, for your personally referenced, insightful look into the financial stresses to which many renters can relate😊😊😊😊😊
My pleasure! Glad it was relatable. Thanks for watching as well, all the best :)
@@FrankHuynh Sir, why do you do SEO for your video?
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You're preaching to the choir. I'm in Mississauga making 90k but I come from a rural area where the cost of living has been far less (detached houses at $210 k, big ones at $350 k) and helped me save a lot. My gf is from the GTA and I've convinced her to leave. Everyone here is obsessed with real estate and tolerates super long commutes and I'm very jealous of my coworkers who can live with their parents. It's a very un-meritocratic situation when they can save $20k/year more.
What I would say regarding renting vs buying is that rental prices are temporary but buying a place locks you into those payments for decades. I don't think the Canadian economy can survive on these housing costs for very long so I'm content renting and investing. USD and stocks are the place to be imo. Good luck. Congrats on the salary!
Thanks! I totally hear you. Sounds like your current experience is similar to mine - it's pretty wild out here hey. All the best and thanks for watching + commenting, Mark.
Toronto is a place people move to for work, which means people may leave to go home, this makes real estate a bit more volatile. IN THE WEST, vancouver people come here to stay or retire, so real estate doesn't drop much even in a recession.
In vancouver a 600 Sq ft condo averages 700k, if you drive 30 minutes out to other cities a 600 Sq ft 1 br is 500k to 600k. A detached house in vancouver averages $2.3m. They banned foreign buyers for over a year now and with high interest rates and low sale completions, price still going up ....
there was a listing for a downtown vancouver listing for a parking spot for 300k ,the good news it comes with a 120sq storaged cage with that 100sq parking spot .
A new subscriber! Love your channel and I find you very honest and direct!
Thanks for subbing! Really appreciate it. Glad you find them honest and direct.
Congrats Frank! I’m also a calgary returnee back to toronto; was shocked with toronto housing prices when i moved back compared to when i first left to go out west
Thanks so much! And welcome back to Toronto. Yup the prices are wild hey.
Thanks for the insights Frank!! Great vid!
Thanks for your insightful vids too on real estate Callum!
I'm a former Torontonian (also lived out west for a few years as well, Winnipeg was my home for a bit) and appreciate your insights. It's nice to see what's going on at home. I've recently moved to Detroit which is a much different (but much cheaper) lifestyle and have been able to secure my own single family house for less than half of what a 1 bedroom condo costs in Toronto... LOL.
Thanks for this content! I appreciate it
Damn sounds like you moved around Canada like me too. Thanks for watching Dani !
I too believe that being single, one can save a ton on a 100K salary. But once you have a spouse, expenses rise up by 2.5x to 3x.
Fantastic video! Love the transparency - I recently also hit the 100K mark and while it still *feels* like a milestone - the reality is that I still don’t feel “middle class” - the cost of living is SO high now a days that we really need to redefine and reconceptualize our class system - the reality is that 60K in Toronto in 2024 is like what 20K was in Toronto in 2010 lol
Thanks so much! and congrats on the 100K mark too - you must've worked hard for it as well. It does seem like the 'middle class' bare has increased. Hopefully we'll all figure it out lol. Cheers
Sadly it feels like $60k is the new $30k. $100k is the new $60k. If only tax brackets were adjusted to reflect this
$100K is absolutely the new $60K, I might even say the new $50K relative to how expensive everything else is. Even more sad is that only 15% of the working population make over 100k, so people just find ways to live by.
Great video! 100k can go quick. Nice reminder to live within your means.
Thanks man! It's pretty wild - and agree, living within/below your means is so important.
Actually need to live below your means to save up for deposit
Great info man, thanks for sharing more about how housing prices are stupid high
You should make a video to see how little you can spend in a week while still doing things around Toronto
Thanks Nick! That’s a good video idea - I feel like I’d have to stay home most the week 😂
Walks, pickup basketball, googling free events, packing lunch, potluck party, all that
thanks for your honesty and tips! my partner and i are 26 looking to rent long-term, and for the first time in our lives we're feeling that dread of "holy shit! how does everyone DO and AFFORD THIS?" it's not like we're scraping by but i have no idea how normal people are able to accumulate [even modest] wealth without having to penny pinch for literal decades or work themselves to the bone
No worries! I had similar thoughts as well. Many factors go into it, but ya its pretty wild hey. Best of luck to you and your partner with the rental search. Thanks for watching too
Great video, and i love your sense of humor lol
Thanks 🙏 Glad you enjoyed!
Nice video. I'm in a similar situation financially also aiming for a 500K condo, and feel I should give you a heads up. Had an accountant run the numbers for me recently and when you factor in the stress test (which your numbers don't consider in the video), the actual mortgage you can get is closer to 350K, so with the 100K down you'd still be short ~50K + closing costs. So you actually need closer to 120K annual to get a large enough mortgage with 100K down to go in on a 500K condo.
Nice! Although both are knowledgeable in finance. Id recommend speaking to a mortgage broker, instead of an accountant to run your numbers.
Congratulations frank 🎉🎉🎉
Thanks so much Stephen! Much appreciated :)
Congrats man! 🎉
Thanks man, thx for watching as well!
Subscribed u right away when u spoke about the reality of people not making 100k but owning a condo in dt ! Myself making 100k and used to be living in prime dt didnt understand how some people afford the housing, most live on debt abd credit cards to afford that lifestyle and some live the condos boight by their parents as gifts. Also, understood how many people stay rich is because they have a guided education on letting them know what would make the more money.
welcome - glad you subscribed!
Congrats on 100K = to 40K now. That is what you're really getting! Especially here in Toronto! I was recently looking for a replacement car and everything has more than doubled then trying to buy it just 10 years ago.
good luck on the car hunt!
Nice video, Frank. That basement filled with mice was truly traumatizing.
Much appreciated! haha it was my 2nd year in school living in that basement.
Always good to see your videos, keep it up! 🙋♂️
Btw, are you currently seeking video editors or a thumbnail designer to enhance viewers, retention, or CTR?
If yes, May I send you a previous work sample?
I'll have to pass, but thanks
More than enough for me… Every month I save approximately 4000 plus I don’t have any debt, student loan and have a credit score of 750+. I just buy things i only need and live within my means.
thats awesome, sounds like you're doing well financially! thx for watching too
@@FrankHuynh Thanks. I took a personal finance elective during my masters which led me to create a financial and retirement plan for myself. It helps me to stay on top of my finances.
Let me guess either you still live with your parents OR you're making higher than 150k per year? It's easy to save in either of those scenarios.
@@ScruffyWarlord and who stops you from living with your parents?
You can do that until you get a wife and a few kids
Hey! Just watched your video. It’s a great one. I just turned 25, with a base salary of $55,000, and a side hustle of coaching that I get about $150 a week on. I’m living in a basement apartment with roomates, and I’m able to save about $1500 a month or so. I solo backpacked for about 3 months a year ago, so I started from scratch last July. I’m Debt-free, and about $20,000 in my tfsa. I’m not really sure what I want to do with the money, but I find the most challenging part is always feeling behind. (I know I’m ahead of lots of people, but some people have $50,000+ more saved). A video about how to destress from life, and stress less about money while also still being diligent with savings would be great!
nice debt free is awesome, keep it up
Most people forget that a dollar saved is a lot more than a dollar earned. 100k is super easy to blow in Toronto, especially if you are living alone. Also, 500k condo? that's just one room with kitchen and bathroom all in the same space. If I got along with my parents, I would try to live with them and save every penny, invest it, and wait for housing correction.. which will come eventually. Worst thing would be to be spending and then having no money for the down payment to buy a good property at a discount.
Mostly agree - a dollar saved can be a lot more than a dollar earned. And yes, you do save quite a bit when living at home (if feasible)
Key is saving. $100k plus salary… congrats, it’s great , a milestone, but don’t forget the added responsibility and tax. Saving is the key to get u set in long term. Not sure when u bought, any condo after 2019 chances are u won’t see any significant appreciation
@@Cckk756 Thanks! Gotta prepare for the long term!
There is no house correction coming while Canada is a top immigration destination. They are going to keep coming and coming
Ok, Benjamin Franklin
Thanks for sharing. 🎉
Np - Thanks for taking time to watch as well!
Great video! It sucks how everything is priced. I always say, imo if you went to college/university, your first job should be paying you enough to move out of your parents house and live comfortably. Ik that's obvious not the case but it's a huge problem.
Thank you!
Aside from the monthly mortgage, you also have to pay in Toronto the most expensive condo dues in the country of about $1 psf and is guaranteed to go up every two to three years
classic supply and demand out here!
@@FrankHuynh Condo dues in Vancouver on average are lower
100k in canada is renting territory in toronto ,me and my wife make $500k and we can barely affordable a $3 million home here in vancouver
pretty crazy!
@@FrankHuynh i should edit 500k after tax is only 300k ish
@@XiaoxiaoYuyu-ug3gy How the F are you blowing it? $300k annually and not enough? 😂
Maybe you should look into something in the range of 1 million. I’m sure it won’t be too uncomfortable 🤦
Heh. I have a situation of interesting timing. I was a retail store manager living within my means because I had a very good deal on an apartment. My landlord wanted to raise rent way beyond guidelines (but below average rent)... Two weeks later I happened to get a very rare work promotion with a nice pay bump.... But it comes with not only having to move to higher rent than my increase, it is a higher risk of layoff too (my prior position was no risk, but affordability and sanity became an issue).
oh wow what did u end up deciding - im confident you may the right choice.
Great Video and insight. I used to live in Toronto and moved to Ottawa (It is much cheaper). I am curious how (or when) the interest changes will change the housing market. Have you opened up a FHSA yet? also, Subscribed.
Thanks Russell! I know a few people out in Ottawa - How do you like it out there since moving? and of course!
@@FrankHuynh I can't complain about Ottawa, it is a lot smaller compared to Toronto which has it's benefits and drawbacks for sure.
Keep in mind fix rate for mortgage is tie to bond rate, not BOC over night rate. Our bond rate is tied to US bond rate and US has lot of debts .....
The first mistake many people make is finishing university with massive debt. I'm sorry, but MANY people don't NEED to go to a school that means living on res. If you live in Toronto you have 3 excellent major universities to choose from, do a program there and live at home during. Ya, it 'sucks' that you aren't getting the 'university experience', but hey, if you want to afford a place to live later. By living at home your costs are tuition, which certainly isn't small, but that can be covered by getting a summer job. LOTS of people complaining they couldn't find summer jobs, I call BS. I think what's happened is people didn't get the summer jobs they wanted, so they just claim there are non and don't work. I worked by butt off every summer to ensure I covered tuition and other costs during the school year. On top of this, I saved by money from the first job I ever took, rarely spending on frivolous things. My downpayment contained dollars I received from my first pay cheque ever.
The result is I left university without any school debt, and bought my first house at 25. Granted, the situation today is worse than when I bought a house, but it's still doable if you work really hard with that as a goal. No wasteful gap year crap for me. Many will state these sacrifices aren't ones they are willing to make, that one should 'live their life', and that's a choice you make. For me? I sacrificed during my earlier years alot, the result? My house has gone up 3X and I live a very comfortable life with 'frivolous' activities when I want them.
I think the biggest thing is, while you are young don’t give in to the temptation of buying a nice place.
I live in Toronto and I pay $1300 in rent including a parking spot.
I live in a fairly old building in an apartment above a business, and I have a roommate (in a 2 bedroom apartment).
(I’d be paying 1170 without parking).
It was so tempting to look into places where I’d be paying $1500 a month to live with a roommate in a nice condo, or $2000+ to live on my own. And with every pay increase it’s tempting to move.
Once I either can afford to buy something, or clear $200k, I will move. But for now, I’m spending about 30% of my POST TAX income on rent.
Here’s the thing, when you don’t know any better, you can tolerate living in a less nice place. You can tolerate a roommate, no matter how much you want your privacy.
Once you move up into something nicer, you’ll never spend less money on rent again. So start as low as you can and build up as slowly as you can make yourself.
@@martinshoosterman nice sounds affordable!
Unfortunately 100k ain't much anymore. 150-170k is the new equivalent of that coveted "six figure salary"
it def can feel like that, especially with how things got inflated rapidly
What do you all think - Is 100K enough in Toronto? Let me know your thoughts!
For a single adult it is good.
@@Justsayingthat 😼
Yes it is enough for the average person. You just gotta take finance 101 and manage your money. Don't quit work and ask for a raise every year. If you have a kid, your partner should work after maternity. Otherwise you will be miserable.
If you put down less than 20% you also need to pay for insurance, which is a significant additional added cost. This is why many try to get to 20% down payment so they don't have to incur insurance cost
Do you technically need 20% down or is that just the ideal amount? I thought you could put a minimum of just 5% down.
Good question - not a financial expert (take this as a grain of salt)
So yes you can put a min 5% down on the first 500k, but you'll need much more than 100K salary income in order for borrowers to lend out the remaining purchase price (as of today). Lenders typically have a maximum TDS ratio that they're willing to accept, often around 40-44%.
TLDR: for a 100K salary, they likely won't allow u only putting only a 5% down on a 500k (hypothetical scenario)
Big deal!! It can't afford much if anything. You may not even get a mortgage. Don't forget condo fees are insane too.
wild!
Great Video! At one point Toronto used to be affordable. A 1 bedroom is supposed to around $1100 & 2 bedroom around $1400. But Landlords are taking advantage of charging more!
Thanks! I wish that was the cost for todays market.
@FrankHuynh That's the actual cost it would, if they weren't ripping people off.
LOL you do know a mortgage for a 1 bedroom plus maintenance fee and property tax is around 3-4k a month. The land lords you are hating on are currently losing 1-2k every month for you to live there...
Here is my take, assuming you're a single person living in the GTA:
lol it does sort of feels like that
Should also note that a "regular" salaried job at the median salary (let's say between $75k and $100k) is not longer a viable path toward home ownership. Increasingly, homes can only be afforded by business owners, those with rich parents or generational wealth, or those who lucked out with stocks.
wild hey
Some people do a 5% down and pay mortgage insurance, sign a 30 year term to mjnjmize monthly payments. Its possible.
Some People making under 80k can afford a down because they save, leverage rsp for tax savings / hbp and pour it all into that 100k down, then stretch the mortgage out 30 years to minimize monthly payments. It really sucks because they will be in debt for most of the remaining years oftheir lives. If lucky property will appreciate, but its gonna be rough unless they build a good career.
I remember being 24 and having saved enough for a down, things where cheaper a decade ago... i cant imagine how hard it is these days.....
$100k is not a ceiling, its just a mental barrier, now that you got $100k, you will hit $110, $130 and eventually $180k. Believe in yourself and be confident in showing what value you bring to your employer.
with respects - although I appreciate the comment and you mean well, I do feel you may be partly missing the intention of the video.
I get you. People are willing to pay more for less. This drives up demand and price. Can and should are different things and people are going with can over should. People will charge what the market will bear.
Which website did you use to enter that info?
think it was called ontario tax calculator - you'll likely find it
Messed up that one paycheque is going to rent 😢
In Toronto - Oh yes 100% at todays rental market rate at $2500 for 1 bedroom. That's the reality :(
You’re paying double for what I pay for my mortage for a one bedroom. With that being said the rental markets in TO are inline with Vancouver and are extremely expensive
thats crazy! sounds like you're paying approx under $1K for your place, which is great.
@@FrankHuynh roughly 1225.18 . Mind you I purchased my unit 7 years ago. With that being said at that time the prices were fluctuating upwards on a weekly basis . I quite literally was being priced out of neighbourhoods by the week . Fast forward and the insanity of the market is as follows . A two bedroom two washroom in my building was recently posted for 838,000 k .
have you ever thought about leaving canada in general ? would maybe be an interesting video
great suggestion, although I've always seen myself living here. but i know there's been an increase of vids of ppl talking about leaving altogether, its just not for me personally
@@FrankHuynh yeah I feel the same plus everyone makes it seem like just book a flight pack a bag and go but it's not that easy to immigrate to another country. I think if anywhere id go to the USA but yeah immigration is tough
100k before or after tax? If it is before you only got around $70k net😢
i know crazy
I live in Laval Quebec but will subscribe
Thanks so much! very much appreciated. I know of some ppl out in Laval too!
@@FrankHuynh Nice place to live...too bad the Quebec government ruins everything. Looking for a detached home in Laval for my family and no luck getting a normal price. Sellers think their homes are worth more each week. And agents cannot be trusted here
Taxes are wild. I make 65k a year and my take home is like 2k bi weekly. Anyways, yeah, toronto sucks. My rent is close to 3300 for a 2 bedroom at yonge and eglinton. It's super not sustainable. The wife and I want to move out of province for sure.
Yonge Eglington is a great area to be in Toronto hey - just comes with a cost as you already know.
We simply need to relearn the wisdom of the last century: to acknowledge that landlordism is the enemy of affordability, and to ensure that the housing economy is not defined by the staggering rental yields that our unregulated market can produce
thats a way of looking at it. thanks for watching!
100k it only 50k after taxes . Youll be on the street in a heartbeat
it can feel like that for some!
To your point, i make $200k and live at home with my parents to save up for a deposit for a low rise. I know people who make $40k but buys a $2m home with money from parents.
nice - sounds like you're saving a bunch and living below your means. Good on you!
waiting for new video
u got it!
your video information very nice@@FrankHuynh
I would say the fastest way to affordability is to get married, because your income by double, while rent stays the same.
Living at home is not free either, you pay with your mental health 😂😂
lol! I saw a meme of this. Its pretty funny
100k in 2024...
is like 25k in 2000 (except with 30% tax, so it's actually more like 18k in 2000!! LOL)
😬
Sorry, 100k is very little in the GTA. Its tough here
crazy!
Short answer no. Long answer hell no
lol too funny. It depends obvs, but you may be onto something as a quick response :P
I wish you could try living on minimum wage
I've worked minimum wage in the past.
100k is like minimum wage here in Australia 😂
Wow, never knew that. And hello from Canada!
@@FrankHuynh It's not actually the minimum
$100k is a minimum salary. Its barely meeting basic necessaries. Right now it has to be at least $200k minimum 🤭
it can feel that way!
if your landlord wants you to leave you just tell him no and legally extort $30k tax free from him, like all the other tenants in the city. OR live rent free for a year while you miss LTB dates. Great country, huh?
pretty wild!
Teachers make 100k in Ontario
nice!
Not starting out but eventually if they stay long enough they will yet they always complain about pay.
@@sharinglungs3226 that is true, it does take some time to get there.
But really it's not all THAT much these days.
100k is the new 60k bro..
ok bro.
Skills are sometimes overrated.
sometimes!
Bruh 150k isn't even work it running the numbers
oh no!
@@FrankHuynh bruh 5% down on a 500k condo ur spending 4k a month with taxes and maintenance for what? Crime, poverty, diversity, diversity protests, feminists, fat ugly women. Nice buildings sure but its not worth the price. You need to be on the lake thats like 1.2million easily.
I would never be willing to live in Toronto, over priced, overpopulated, and so many people there are self absorbed… also please stop sending everyone to Calgary, it’s killing the market out here
to each their own!
Sorry but Daniella Smith has been marketing Alberta in Toronto so now our problem is getting spilled over in Calgary. Sucks I know. I don't wish our problem on anyone else