FSW WORLDWIDE
- Thread starter js555
- Start date
Not yet. My usa gc priority date is current. Heading back to Cali.
Been great. Thanks for asking.bruh been a while! how's it going
When the legend steps in
D
Deleted member 1050918
Guest
You know... I never really looked at it from this perspective before lol
Do you think so? He is probably sitting on that cart and someone is pushing him posing as homeless for money..!!!!
You're missing out the tax credits. Your initial mortgage payments will be in the form of interest which leads to a tax break/refund. There are also other tax breaks provided by the government which, if someone either hires a professional or does some due diligence will lead to thousands of savings every year.60K / year gross is 45K / year net or 3750 / month net in Ontario: https://ca.talent.com/tax-calculator?salary=60000&from=year®ion=Ontario
Say the house is $600,000 (NO WAY you could get a 2 bedroom for this; only a decent 1 bedroom but anyway). With 5% down payment and 25 year amortization, below is your mortgage:
$2550 / month. Your friend has $1200 / month left for everything else and this is not what I call "comfortable". New grads in BC start at $65,000 / year. Do you see new grads buying houses anywhere? No. Why? Well, look at the numbers. No bank will give you that kind of money if you're barely surviving even for a 1 bedroom.
For a proper adult life (2 bedroom house or bigger, nice car, overall financial comfort, kids, retirement etc) you need $100K-110K at the very least. You know, this is the sad thing about Canada. It forces you to a minimal life even before you've immigrated lol. My friends in the US in their early 30s now have never even seen 5 figures; but 6 figures is a big deal for Canada and Canadians because the economy is shit (would be even worse if they didn't have rich natural resources out of pure chance).
Are you implying that everyone that owns a house and live comfortably in Canada earns $100,000 p/a?60K / year gross is 45K / year net or 3750 / month net in Ontario: https://ca.talent.com/tax-calculator?salary=60000&from=year®ion=Ontario
Say the house is $600,000 (NO WAY you could get a 2 bedroom for this; only a decent 1 bedroom but anyway). With 5% down payment and 25 year amortization, below is your mortgage:
$2550 / month. Your friend has $1200 / month left for everything else and this is not what I call "comfortable". New grads in BC start at $65,000 / year. Do you see new grads buying houses anywhere? No. Why? Well, look at the numbers. No bank will give you that kind of money if you're barely surviving even for a 1 bedroom.
For a proper adult life (2 bedroom house or bigger, nice car, overall financial comfort, kids, retirement etc) you need $100K-110K at the very least. You know, this is the sad thing about Canada. It forces you to a minimal life even before you've immigrated lol. My friends in the US in their early 30s now have never even seen 5 figures; but 6 figures is a big deal for Canada and Canadians because the economy is shit (would be even worse if they didn't have rich natural resources out of pure chance).
Not everyone has to live in the GTA. One lives in Regina, SK while the other lives in faraway Iqaluit, Nunavut. The first is a QA engineer while the other is a Nurse.
Remember the "do not bite more than you can chew" caveat in my response to your post. Not everyone has to earn 6 figures to live well in Canada.
You dig?
Lol, you were supposed to know better because you live in Canada and probably ain't earning $100,000 p/a.
D
Deleted member 1050918
Guest
Yo the calculations were for ON. 60K a year is low wherever you are; but yes you can live okay in AB, SK, NT, MB with 60K / year. BC and ON? Forget about it. Besides, how are your friends making only 60K? The engineer alone should be making 70-80. As I said, my new grad friends started at 65K - 70K.Are you implying that everyone that owns a house and live comfortably in Canada earns $100,000 p/a?
Not everyone has to live in the GTA. One lives in Regina, SK while the other lives in faraway Iqaluit, Nunavut. The first is a QA engineer while the other is a Nurse.
Remember the "do not bite more than you can chew" caveat in my response to your post. Not everyone has to earn 6 figures to live well in Canada.
You dig?
"Live well" means solid house (3+ bedrooms on your own land), enough money to send all your kids to university, get good insurance with full coverage, save good for your retirement. That won't happen with 60K / year. I sense that you're locking it all to a late 20s - early 30s kinda life style and assume you won't get older. 60K is only ok until you're 30-35.
RBC has a mortgage affordability calculator where you can just plug in the numbers and see what price range you can afford for a houseAre you implying that everyone that owns a house and live comfortably in Canada earns $100,000 p/a?
Not everyone has to live in the GTA. One lives in Regina, SK while the other lives in faraway Iqaluit, Nunavut. The first is a QA engineer while the other is a Nurse.
Remember the "do not bite more than you can chew" caveat in my response to your post. Not everyone has to earn 6 figures to live well in Canada.
You dig?
https://www.rbcroyalbank.com/mortgages/tools/mortgage-affordability-calculator/index.html
A house for 600k ish is what an average family earning a combined 150-175k a year will be able to afford according to that calculator. Anything decent (ie a suburban single family home) near the bigger cities will cost 900k to 1 m. Best you can do for 600k inside a city would be some 1-2 bed townhouse or apartment. Or if you live in an area with higher crime rates/poor schools etc
Yeah, you can live in the Territories or farther off places but then a gallon of milk in the territories will cost 4 times that in the south lol. Having said that, I think it’s possible to get a decent place if you’re willing to live about 2 hours drive away from the major cities.Depends on preferences I guess