I appreciate your content. keep producing quality work! As an immigrant who arrived about 20 years ago, I resonate with your suggestions. Living below your means and working hard to increase your income are the only two ways to achieve financial success. However, I would like to offer a different perspective that may sound negative but also realistic for many viewers. I believe that the year or date that an immigrant arrives has a significant impact on how far he/she can go. This is because the housing market has grown much faster than the income of most workers. Even with a salary raise every year and a 100% savings rate, the gap between labor income and housing price is still too large. An immigrant who arrived a few years ago and did not work at all would accumulate wealth simply by owning a real estate property in Toronto. While a new immigrant without a property cannot save faster than its peers who simply arrived a few years earlier. Why? Housing price increase per year outpace most salaries per year. Saving every penny without spending at all could not even catch up with the real estate price growth. A hard and dismal reality. The newer immigrant would end up paying for the old immigrant's retirement plan...
I agree. The economy, real estate market, cost of living, purchasing power have changed. I believe arriving here 5 or 10 years ago makes a difference in starting point and a lot of things were easier back then, especially acquiring housing. Nevertheless I believe there are always ways to compensate for that. It does take much more effort and thought though. Thanks for sharing your thought process!
I agree partially on that issue. The property prices in all large cities even in Asia is rising faster than salary. This is not a specifically in Toronto, even though it may be worse off in Toronto/Vancouver. The only way is pay out all high interest debt and build equity in asset and this may be different for each person on how and where. Gov't rate of inflation is never includes purchasing a house or house price increase because if it's included, it could reach 15-20%.
I’m a native of BC and I don’t know how people live there anymore. It’s unrecognizable and the cost of living is insane. Clearly the government does not represent the people who elected them anymore. Thankfully Alberta and Saskatchewan have better leadership and lots of opportunities for families to thrive. Good video. Thanks for this content. 🇨🇦❤️🙏
I can relate to that since I've lived in Burnaby and it's really insanely expensive. Now am in Calgary Alberta I can save some of what I used to spend in Burnaby bc
hi I am from vietnam, I love you, I only watching your videos to study english, you tell very clearly and I feel interested to listen you any time hehe wish you will have wonderful life in canada
I just finished a Masters program in Canada and came home to India. Now I'm headed back with an open work permit and its so intimidating. I don't know which city I'd like to live in, how to secure a place to live from abroad or go there and live in an expensive airbnb till I find an affordable place to live while job hunting remotely so I don't even know which city I'll end up in long-term. It's super stressful. Luckily I have supportive parents but I don't want to strain them financially as much as possible. Thanks for these videos, they help calm me down and help with my stress a little bit!
It's always difficult in the beginning, I've been there myself. Just trust the process and your ability to work through hard times. Millions of immigrants have pulled through, and so will you!
If anyone is wanting to come to Canada, do your research first, see how much it’ll cost you to either buy a home in a city like Toronto or anywhere really, cost of food and so on so you don’t drain your savings and end up on the street. Canada like any country, is expensive and it’s just getting worse. I agree when people land a job, make good money and get a pay increase, spend more money on stuff they probably didn’t really need, think many are guilty of that. We live in a one bedroom apartment, price of rent not that bad considering it’s Toronto but space is small, but I can’t really save up that much since there are only one of us working full time, have car payments, insurance and so on plus paying the rent and I make decent money but still have a tough time trying to save. So make you are financially stable before moving to Canada.
Solid advice! Yes, I'd also add to that the initial set up costs and transitioning cost. When people come here as students or on an open work permit, they don't always have a job in the beginning, so they need to take into account there will be months with no income.
With the well-to-do moving out every year, financially-secure customers number will keep dropping and greater competition for those that remain, increasing cost of living, how will you survive long term? Do you have an exit plan already in place?
That's a consideration, I guess it depends on the landlord. At our apartment they allowed 2 adults in a studio. I guess different building have different rules, and it may be harder to find one that will accommodate your needs.
We are moving to Toronto from India in the coming November. We are 3 member family (2 adult and a 7 year old kid). Can I ask you about the ideal place to live with rent amount? After watching this video, we are mentally prepared to squeeze in our needs to save money. I will be grateful to you If you can plz share some info on the spending, ofcourse a rough estimation. Also, for 3 of us how much is the descent salary to live in Ontario? I have researched on the tax deductions but different blogs have different information. So, not sure how much should I have in hand after tax deductions.
Best advise is don’t come stay back in India, it’s so much better there. You will live a life of luxury but in Canada your life will be full of struggles. It’s not as rosy as it seems. Both you and your spouse need to be employed full time to survive if you’ll be in Toronto. Rent for a 1 bhk is on avg $2500 - $3000. Groceries for a family of 3 would be $1000 pm
Not sure why everybody wants to live in Toronto, housing is way overpriced and adding the inflation that we are in right now , I feel bad for the new immigrants :( and to those students who does not have enough funds
It's really tough for new immigrants! At the moment I like living in Toronto, I feel it has a lot to offer for the price of things. But I would definitely consider living in a more affordable area in the long run!
@@LivinginCanada I used to lived in Toronto for 21 years ;) we sold our house and moved last year in the maritimes area for a more slow paced and bang for our back in terms of housing
As an immigrant, I'd like to add that "Canada" is not just Vancouver and Toronto.
every advice you gave is useful, honest and sincere
You're such a good, smart lady. Best of luck to you and your husband.
Keep up the good work.
Thanks! And welcome to the channel :)
Thank you so much for your positivity! Here is a double-double for a great week ahead!
I try to look at things in a constructive way, thanks for noticing! Also wishing you an awesome productive and happy week!
im moving soon to canada. your videos are so helpful!! thank you so much!!
That means a lot to me, thanks!
Been following all your videos and they’re really helpful to me just moved here 3 months ago 😊keep up the great work
Happy to hear that, thank you! And welcome to Canada!
I appreciate your content. keep producing quality work! As an immigrant who arrived about 20 years ago, I resonate with your suggestions.
Living below your means and working hard to increase your income are the only two ways to achieve financial success.
However, I would like to offer a different perspective that may sound negative but also realistic for many viewers. I believe that the year or date that an immigrant arrives has a significant impact on how far he/she can go. This is because the housing market has grown much faster than the income of most workers. Even with a salary raise every year and a 100% savings rate, the gap between labor income and housing price is still too large. An immigrant who arrived a few years ago and did not work at all would accumulate wealth simply by owning a real estate property in Toronto. While a new immigrant without a property cannot save faster than its peers who simply arrived a few years earlier. Why? Housing price increase per year outpace most salaries per year. Saving every penny without spending at all could not even catch up with the real estate price growth. A hard and dismal reality. The newer immigrant would end up paying for the old immigrant's retirement plan...
I agree. The economy, real estate market, cost of living, purchasing power have changed. I believe arriving here 5 or 10 years ago makes a difference in starting point and a lot of things were easier back then, especially acquiring housing. Nevertheless I believe there are always ways to compensate for that. It does take much more effort and thought though. Thanks for sharing your thought process!
I agree partially on that issue. The property prices in all large cities even in Asia is rising faster than salary. This is not a specifically in Toronto, even though it may be worse off in Toronto/Vancouver. The only way is pay out all high interest debt and build equity in asset and this may be different for each person on how and where. Gov't rate of inflation is never includes purchasing a house or house price increase because if it's included, it could reach 15-20%.
Can you charge ever-increasing adjusted-for-inflation rent to tenants that find it ever harder to keep up with inflation?
Despite my initial resistance, the compelling nature of your content and its alignment with real-life scenarios ultimately persuaded me to subscribe.
Welcome to the channel!
I’m a native of BC and I don’t know how people live there anymore. It’s unrecognizable and the cost of living is insane. Clearly the government does not represent the people who elected them anymore. Thankfully Alberta and Saskatchewan have better leadership and lots of opportunities for families to thrive. Good video. Thanks for this content. 🇨🇦❤️🙏
I can relate to that since I've lived in Burnaby and it's really insanely expensive. Now am in Calgary Alberta I can save some of what I used to spend in Burnaby bc
Thanks for the tips
I love your content 🥰
Happy to hear that, thank you!
hi I am from vietnam, I love you, I only watching your videos to study english, you tell very clearly and I feel interested to listen you any time hehe wish you will have wonderful life in canada
You're so right! Not many people might not know but owning a car is considered as a luxury since it can be really expensive in the long run
It does add up (expenses, as well as potential savings!)
I love your content so enlightening lovely I had to subscribe it worth it
That means a lot to me, welcome to the channel!
Wait what about the buying house process videos? I am excited to know the next episode after you decided on that studio apartment :)
There will be a few more episodes on that, coming out over the next few weeks, stay tuned! :)
Love your videos! Keep it up
Will do, thanks!
Thank you! It was quite informative.❤
Very happy to hear!
Awesome video…Making initial sacrifices and settling for a bit less than we can afford, will definitely pay amazing long term dividends.
Yup, it's the same basics everywhere: delayed gratification :)
I just finished a Masters program in Canada and came home to India. Now I'm headed back with an open work permit and its so intimidating. I don't know which city I'd like to live in, how to secure a place to live from abroad or go there and live in an expensive airbnb till I find an affordable place to live while job hunting remotely so I don't even know which city I'll end up in long-term.
It's super stressful. Luckily I have supportive parents but I don't want to strain them financially as much as possible. Thanks for these videos, they help calm me down and help with my stress a little bit!
It's always difficult in the beginning, I've been there myself. Just trust the process and your ability to work through hard times. Millions of immigrants have pulled through, and so will you!
I love your channel !
Thank you so much!
Thanks for the tips
Welcome!
Amazing video🎉
If anyone is wanting to come to Canada, do your research first, see how much it’ll cost you to either buy a home in a city like Toronto or anywhere really, cost of food and so on so you don’t drain your savings and end up on the street. Canada like any country, is expensive and it’s just getting worse. I agree when people land a job, make good money and get a pay increase, spend more money on stuff they probably didn’t really need, think many are guilty of that. We live in a one bedroom apartment, price of rent not that bad considering it’s Toronto but space is small, but I can’t really save up that much since there are only one of us working full time, have car payments, insurance and so on plus paying the rent and I make decent money but still have a tough time trying to save. So make you are financially stable before moving to Canada.
Solid advice! Yes, I'd also add to that the initial set up costs and transitioning cost. When people come here as students or on an open work permit, they don't always have a job in the beginning, so they need to take into account there will be months with no income.
With the well-to-do moving out every year, financially-secure customers number will keep dropping and greater competition for those that remain, increasing cost of living, how will you survive long term? Do you have an exit plan already in place?
very helpful! :)
Glad to hear that, thanks for letting me know!
Very helpful..
Great!
how about for a family with kids?
nowadays they're not accepting us for a 1 bedroom apt only 2 bedrooms
That's a consideration, I guess it depends on the landlord. At our apartment they allowed 2 adults in a studio. I guess different building have different rules, and it may be harder to find one that will accommodate your needs.
Hope i can see you here in toronto 🙂
I’ve crossed paths with people on this channel before!
We are moving to Toronto from India in the coming November. We are 3 member family (2 adult and a 7 year old kid).
Can I ask you about the ideal place to live with rent amount? After watching this video, we are mentally prepared to squeeze in our needs to save money.
I will be grateful to you If you can plz share some info on the spending, ofcourse a rough estimation. Also, for 3 of us how much is the descent salary to live in Ontario?
I have researched on the tax deductions but different blogs have different information. So, not sure how much should I have in hand after tax deductions.
Best advise is don’t come stay back in India, it’s so much better there. You will live a life of luxury but in Canada your life will be full of struggles. It’s not as rosy as it seems. Both you and your spouse need to be employed full time to survive if you’ll be in Toronto. Rent for a 1 bhk is on avg $2500 - $3000. Groceries for a family of 3 would be $1000 pm
Please do another video explaining how someone can live on $45K in Canada. 😂❤️🇨🇦
Come with some savings? I’m extremely smart.
Bachelors apt you do not pay for utilities.
Woo... from Indonesia..... Hello neighbor!!! XD
Awww... can't hear your Indo accent here... do you still have it? XD
does a spending of around 1400$ / month including rent, is good for a newcomer ?
It depends, if you share an apartment further at the outskirts then perhaps it can be enough.
Rich people philosophy: Invest your money first, then spend what's left. -- Jim Rohn.
Not sure why everybody wants to live in Toronto, housing is way overpriced and adding the inflation that we are in right now , I feel bad for the new immigrants :( and to those students who does not have enough funds
It's really tough for new immigrants! At the moment I like living in Toronto, I feel it has a lot to offer for the price of things. But I would definitely consider living in a more affordable area in the long run!
@@LivinginCanada I used to lived in Toronto for 21 years ;) we sold our house and moved last year in the maritimes area for a more slow paced and bang for our back in terms of housing
Do we have Haunted Houses in Canada?
I bet there are lol.
@@LivinginCanada Please make a video, that topic is trending nowadays, I know its bit fishy but interesting though