Realistically, How much money is enough to for early days?

[Deleted member 1083629]

Its a big decision to move to Canada without a job and with a family, Even if your chances of getting a job are high, it may take several months before you land an offer. Why not try to secure something remote or low paying as a survival job.

Anyway, I would try to give you a breakdown of bare minimum you need-
- Rent- $2000-2500 depending on type of apartment
- Utilities (like electricity, phone bill, internet etc.)- $200-300
-Transports (public/no taxi)- 50-100
-Groceries (no outside food)- $500-700
- Others- medicines/shopping/travelling depends on you

In total about $3,600 per month without any luxurious activity.
*the estimate is from my personal observation from friends.

Just moved to Toronto.

• 2000-2500 will not get you anything. 1 BDR start at 2500$ in downtown Toronto. Outside, MAYBE 2300$ but getting anywhere would be a challenge as public transportation is underdeveloped.
• Sounds about right
• Too low. Unlimited for TTC is 156/month + tax.
• Too low. Might be for 1 person who eats VERY conservatively. 2 people easily 1200+

 

[roy1947]

Just moved to Toronto.

• 2000-2500 will not get you anything. 1 BDR start at 2500$ in downtown Toronto. Outside, MAYBE 2300$ but getting anywhere would be a challenge as public transportation is underdeveloped.
• Sounds about right
• Too low. Unlimited for TTC is 156/month + tax.
• Too low. Might be for 1 person who eats VERY conservatively. 2 people easily 1200+

grocery for 2 ppl, no outside food, as he has mentioned won't be 1200+.

maybe 600-700, if consistently shop at No Frills or like.

 

[furrukhrao]

Dear All,

I am moving to Canada in the coming months, and have been questioning myself the title of this thread. Therefore, asking here from the people who are already there or the ones who recently moved/planning to move in a month or two. How much are you going to carry for your early days in Canada? How much is enough realistically to comfortably live through a couple of months, may be 3 to be on a safer side.

We are family of 4 with 2 children (none is school going). Do you think 30K+ CAD will be enough to get through the early days, especially when living in Toronto, Ontario.

Looking forward for your feedbacks.
Thanks!

Welcome to Canada,

You will get surviving Jobs within a Month so you can pay your bills and you can apply for development jobs in the middle of doing all settlement things remember the money you bring in is Important try to keep it Intact because you need it when you are applying for a mortgage.

Life in Canada is like a school where you work and play in a certain limitations. For you as an experienced App developer you will earn almost around 100K more or less which after Tax is 6K which is 3K Biweekly.

The expenses are as follows.

2.5 Rent or Mortgage
.5 Utilities

Half of your pay is gone now your expenses.

Grocery 1K
Telecom 300
Entertainment 500
Emergency 200
Car 1000 (Insurance + Loan + Maintenance + Fuel )

You are at Zero but you will get Child Care Benefit or Baby Bonus which is almost equal to what you have to pay at Daycare if your wife is also a working lady but the benefit is whatever your wife will earn is your savings so in my opinion settle down get a survival job and you both keep searching for a better paying Job once you got the Job after 6 Months apply for a Mortgage and buy house.

After you bought your house now you are bound for 25 years, Eat, Play, Educate your kinds and retire peacefully

 

[canuck78]

Welcome to Canada,

You will get surviving Jobs within a Month so you can pay your bills and you can apply for development jobs in the middle of doing all settlement things remember the money you bring in is Important try to keep it Intact because you need it when you are applying for a mortgage.

Life in Canada is like a school where you work and play in a certain limitations. For you as an experienced App developer you will earn almost around 100K more or less which after Tax is 6K which is 3K Biweekly.

The expenses are as follows.

2.5 Rent or Mortgage
.5 Utilities

Half of your pay is gone now your expenses.

Grocery 1K
Telecom 300
Entertainment 500
Emergency 200
Car 1000 (Insurance + Loan + Maintenance + Fuel )

You are at Zero but you will get Child Care Benefit or Baby Bonus which is almost equal to what you have to pay at Daycare if your wife is also a working lady but the benefit is whatever your wife will earn is your savings so in my opinion settle down get a survival job and you both keep searching for a better paying Job once you got the Job after 6 Months apply for a Mortgage and buy house.

After you bought your house now you are bound for 25 years, Eat, Play, Educate your kinds and retire peacefully

Many people think Canadian women work because they want a career. Many do but the cost of living means that most families need 2 incomes. You have to fact
tor in the cost of having a child like diapers and wipes, formula if using formula, clothing since they constantly grow, car seats, strollers, etc. You can get some of the stuff second had which helps but kids are expensive. 1K needs to be higher if you include diapers and other stuff and need to add a baby category.

 

[furrukhrao]

Many people think Canadian women work because they want a career. Many do but the cost of living means that most families need 2 incomes. You have to fact
tor in the cost of having a child like diapers and wipes, formula if using formula, clothing since they constantly grow, car seats, strollers, etc. You can get some of the stuff second had which helps but kids are expensive. 1K needs to be higher if you include diapers and other stuff and need to add a baby category.

Yes basically CCB is NetZero because of the expenses or if the woman work it goes to Daycare many families bring their parents to take care of the Kids which is fine.

 

[canuck78]

Yes basically CCB is NetZero because of the expenses or if the woman work it goes to Daycare many families bring their parents to take care of the Kids which is fine.

Technically having grandparents visit to care for children is considered illegal work do you can’t say that is what they are doing and not all get approved and if not on a supervisa there may be long periods where grandparents need to return home. CCB is rarely net zero especially if you have to count childcare. Most people also don’t get the full amount of CCB. People look at the maximum CCB amount but people need to consider that the most get less. Certainly any money is welcome and helps. Goes the furthest for those on a very low income where one parent was always going to be at home.

 

[Deleted member 1083629]

grocery for 2 ppl, no outside food, as he has mentioned won't be 1200+.

Lol. That's literally what I paid in December.

Of course, if you don't buy meat (beef, chicken), don't buy cold cuts, don't buy snacks like guac with chips you will make it under 700. But what kind of life is that?

 

[Deleted member 1083629]

Job after 6 Months apply for a Mortgage and buy house.

lol. That won't happen in GTA. The first down payment should be roughly 30% of the price. Right now, a condo (1 bdr.) will cost 600K, if not more. The downpayment should be 180k. That's if we forget about blind bidding which means that 600K is not a price; it's a starting point. 6 months is not enough to build credit history enough to be approved for a mortgage. 6 months is not enough to get a decent paying job. Canada is in recession. 100K for someone who doesn't have Canadian experience is borderline impossible right now.

You are feeding him false hopes.

 

[steaky]

lol. That won't happen in GTA. The first down payment should be roughly 30% of the price. Right now, a condo (1 bdr.) will cost 600K, if not more. The downpayment should be 180k. That's if we forget about blind bidding which means that 600K is not a price; it's a starting point. 6 months is not enough to build credit history enough to be approved for a mortgage. 6 months is not enough to get a decent paying job. Canada is in recession. 100K for someone who doesn't have Canadian experience is borderline impossible right now.

You are feeding him false hopes.

There are less bidding in a recession. The vendor might accept 600K if that's the only offer.

 

[steaky]

Lol. That's literally what I paid in December.

Of course, if you don't buy meat (beef, chicken), don't buy cold cuts, don't buy snacks like guac with chips you will make it under 700. But what kind of life is that?

Vegan life. There are people out there only to be vegetarian.

 

[Deleted member 1083629]

There are less bidding in a recession. The vendor might accept 600K if that's the only offer.

Lmao. No, he won't. Because there is never only 1 offer.

 

[steaky]

Lmao. No, he won't. Because there is never only 1 offer.

Even so, he might accept the highest bid which is 600K, while the other person offered a less amount.

 

[Deleted member 1083629]

Even so, he might accept the highest bid which is 600K, while the other person offered a less amount.

Or he can wait for couple of more months (maybe refinance if money are tight) and sell it for much more.

We can talk all day and all night but the fact is very simple. To buy a decent place in Toronto, one needs a massive downpayment. To do so, one needs to work or have major savings from their home country. Idk about Indians who come to Canada but I came from Russia and even if I sell my place over there, after I pay taxes, I would have enough money for downpayment. HOWEVER!!!! I doubt there are many banks that will give me decent mortgage options. On top of that, as I have said before, 100K for someone who is starting out in Canada is pretty tough. Couple of years ago I would say that is possible. Now, with roughly 40K FAANG layoffs (yes, most of them in the USA but Canada lost some people as well) and upcoming major layoffs from other Canadian tech. giants, employees (especially without any Canadian experience) are fighting an uphill battle.

This is not to discourage OP but I have seen many foreigners selling Canada as a pink dream. IMO, OP needs to be realistic and not plan to get 100K job or buy a house within couple of years.

 

[steaky]

Or he can wait for couple of more months (maybe refinance if money are tight) and sell it for much more.

Vendor also waited couple more months, reduced asking price and sold for much less.

We can talk all day and all night but the fact is very simple. To buy a decent place in Toronto, one needs a massive downpayment. To do so, one needs to work or have major savings from their home country. Idk about Indians who come to Canada but I came from Russia and even if I sell my place over there, after I pay taxes, I would have enough money for downpayment. HOWEVER!!!! I doubt there are many banks that will give me decent mortgage options. On top of that, as I have said before, 100K for someone who is starting out in Canada is pretty tough. Couple of years ago I would say that is possible. Now, with roughly 40K FAANG layoffs (yes, most of them in the USA but Canada lost some people as well) and upcoming major layoffs from other Canadian tech. giants, employees (especially without any Canadian experience) are fighting an uphill battle.

Then there should be less home buyers. Therefore less biddings and vendors should be more willing to reduced their price.

This is not to discourage OP but I have seen many foreigners selling Canada as a pink dream. IMO, OP needs to be realistic and not plan to get 100K job or buy a house within couple of years.

Yes, I saw foreign realtors selling Canadian Real estate because they are often not regulated in their home countries.

 

[Deleted member 1083629]

Vendors do not need to wait. My former gf's father just bought a 1.5 million condo in Toronto (in December 2022). He also bought a 700K condo for his daughter who is a student at UT. Of course, that's just a little bit of extreme case but not once I have heard that a condo went for a lesser price than what was asked. I say it as someone who talked to several realtors and went to crossfit gym with one and we are still good friends.

There are def. less home buyers. The issue is that someone who just moved to Canada, doesn't have Canadian experience is not in the list of potential buyers. Why? Because it will be tough for him to get a high paying job in this market.