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That depends on where you live. Grossing $36k annually in Toronto or Vancouver doesn't go very far. Assume 27k net = $2,250 per month. $800 for rent, $400 fo

by kareemm 14y ago

That depends on where you live. Grossing $36k annually in Toronto or Vancouver doesn't go very far. Assume 27k net = $2,250 per month. $800 for rent, $400 for student loan, $300 for food, $300 savings, $200 entertainment, $250 for gas and insurance (assuming you own a car) and you're at 0. And don't even think about getting into the housing market. Maybe the condo market with help from parents or 5-10y savings for a down payment...

adamzochowski 14y ago
Lone Person in Toronto has median of 22k http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107d-eng.htm http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/f... Lone Person in Toronto treated as Family (single parent) has median of 39k http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107c-eng.htm http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/f... I noticed that you put down 300$ into savings, but later, at end of month, you claim that there 0$ left, as if savings evaporated. Other numbers As per housing / condo market I totally agree. Toronto and Vancouver are way overpriced. To anyone interested on Canadian housing market I recommend checking out http://www.greaterfool.ca/ http://www.greaterfool.ca/
cantos 14y ago
Average student loan for an undergraduate degree is 27,000 [1] so on average it would be payed off by that time. I haven't lived in those cities but I would guess public transport is good enough that owning a car is not a requirement, its more like entertainment spending. (I know people who have lived in the GTA without needing a car. I don't know exactly what their rent costs were, possibly a little over $800 but not more than $1000). Sure he will not be getting a home in the immediate future but unless something terrible happens his salary will only go up . In 5 years, when he probably will have a 2 person family judging by his eagerness for marriage, a small home will be within reach. [1] http://www.theglobeandmail.com/news/british-columbia/the-crushing-weight-of-student-debt/article625694/ http://www.theglobeandmail.com/news/british-columbia/the-cru...

by kareemm 14y ago

adamzochowski 14y ago

Lone Person in Toronto has median of 22k http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107d-eng.htm http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/f... Lone Person in Toronto treated as Family (single parent) has median of 39k http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107c-eng.htm http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/f... I noticed that you put down 300$ into savings, but later, at end of month, you claim that there 0$ left, as if savings evaporated. Other numbers As per housing / condo market I totally agree. Toronto and Vancouver are way overpriced. To anyone interested on Canadian housing market I recommend checking out http://www.greaterfool.ca/ http://www.greaterfool.ca/

cantos 14y ago

Average student loan for an undergraduate degree is 27,000 [1] so on average it would be payed off by that time. I haven't lived in those cities but I would guess public transport is good enough that owning a car is not a requirement, its more like entertainment spending. (I know people who have lived in the GTA without needing a car. I don't know exactly what their rent costs were, possibly a little over $800 but not more than $1000). Sure he will not be getting a home in the immediate future but unless something terrible happens his salary will only go up . In 5 years, when he probably will have a 2 person family judging by his eagerness for marriage, a small home will be within reach. [1] http://www.theglobeandmail.com/news/british-columbia/the-crushing-weight-of-student-debt/article625694/ http://www.theglobeandmail.com/news/british-columbia/the-cru...