Another question for the trades guys here

"we eat out a lot, drink a lot, go on several trips a year"

fun times now, but hard/impossible to get ahead with this lifestyle when things are tight.
 
TV? That's high cost. I like the crappy looking sign on the side of the road out by the Best Buy north of Yorkdale with just a phone number on it to become a cop.

We have problems with this in my company. We hire a lot of coop electrical engineering students. Then we find out they don't actually know what a resistor looks like, how to solder, or how to use a screw driver and they are basically useless in our department. I got a Bachelor of Applied Technology and we covered everything from programming, electronic design, electronic manufacturing, mechanical design, mechanical manufacturing and assembly, lean manufacturing, project management, etc so it was surprising to me to encounter these guys that had so much theoretical knowledge but absolutely no practical knowledge/skills.

To those that own houses in Toronto: where do you live and approximately how much do you make (if you don't mind me asking)? I thought I was doing alright (I'm not really in trades so I guess this is kind of off topic) and my gf works full time as well in an ok paying job but we're still struggling to find a home we'd be able to afford in a decent area. Then again, we eat out a lot, drink a lot, go on several trips a year, and I own 3 vehicles for myself (although they're all pretty cheap with low insurance rates). Although we cut back on a few other things like we don't have cable TV (just stream).

You're doing it wrong. They key to home ownership in toronto is to get everything on payments and max yourself out. 5% down gets you a mortgage and then you struggle month to month living pay cheque to pay cheque.
:lmao:

Bonus points if you get a loan for the down payment and the bank doesn't find out.
 
"we eat out a lot, drink a lot, go on several trips a year"

fun times now, but hard/impossible to get ahead with this lifestyle when things are tight.
I'm aware of that. I'd like to cut down on the trips but travel is pretty much the most important thing to my SO (I actually travel more than her for work so it's more than enough for me but she wants to see the world) and we're both too lazy to cook and do dishes most nights, lol.
 
You're doing it wrong. They key to home ownership in toronto is to get everything on payments and max yourself out. 5% down gets you a mortgage and then you struggle month to month living pay cheque to pay cheque.
:lmao:

Bonus points if you get a loan for the down payment and the bank doesn't find out.

Exactly what I want to avoid. I mean we could find something nice we could probably buy if we maxed out everything we can get but then if something major comes up we'd likely have issues paying the mortgage or at least a major lifestyle change. I can find a few fixer uppers that are more affordable but they need a ton of work or possibly even to be demolished and rebuilt.
 
I'm aware of that. I'd like to cut down on the trips but travel is pretty much the most important thing to my SO (I actually travel more than her for work so it's more than enough for me but she wants to see the world) and we're both too lazy to cook and do dishes most nights, lol.

Unless you have a great paying job, sacrifices need to be made, either now or down the road. Reality bites.
 
Unless you have a great paying job, sacrifices need to be made, either now or down the road. Reality bites.
Yes. That's not what I was asking about though. :)

We both have decently paying jobs (at or above $30/hr, full time, doesn't include OT) and no kids (or plans for them).
 
Last edited:
Yes. That's not what I was asking about though. :)

We both have decently paying jobs and no kids (or plans for them).

What are you asking then? You've already answered your own questions

Make more money
Or
Spend less money
Or
Buy a fixer upper

Derp
 
What are you asking then? You've already answered your own questions

Make more money
Or
Spend less money
Or
Buy a fixer upper

Derp

Was curious where people live at what income point for comparison I guess to see if I'm just looking in too rich of areas or just spending too much money (probably the last one).

Nevermind then, back to the trades discussion.
 
Was curious where people live at what income point for comparison I guess to see if I'm just looking in too rich of areas or just spending too much money (probably the last one).

Nevermind then, back to the trades discussion.

Swansea and zero right now. House was paid off. We paid 275 for it a while back, and had a decent down payment, since my mother-in law moved in with us. It was on the market on and off for a year. Basically, they'd been asking for 350, and gradually lowered the price to 310. We wanted in at around 260 max, so we had to sacrifice stuff for the first five years or so. We were making in the neighbourhood of $80, but my wife had tremendous upside potential, and I had a very steady income at the time. Every bonus went directly onto the principal. Staycations were the norm. We live far, far away from there now, where there are actually some twisty roads.

Trades don't tend to be as steady for the most part.
I wonder if they still calculate deaths within estimates on the bigger jobs?
 
That's a lot cheaper than now. In less than stellar areas I'm seeing over $400k for a bad fixer upper.
 
There's an interesting show on TV called Money Moron, it's about how clueless some couples are in managing their finances.

there is a lot of: "We eat out a lot, drink a lot, go on several trips a year, but don't understand why we can't get ahead."
 
Last edited:
There's an interesting show on TV called Money Moron, its about how clueless some couples are in managing their finances.

Watch it all the time! I see those people that are making like minimum wage, have $200k in debt, and live in huge houses and wonder how they even got that kind of borrowing power.
 
Was curious where people live at what income point for comparison I guess to see if I'm just looking in too rich of areas or just spending too much money (probably the last one).

Nevermind then, back to the trades discussion.
The reality is:

People making and spending what you and your GF make and spend, can not afford a down payment for a house in Toronto unless you get financial help from family etc.

So your options are:
a-)Move into your parents basement for a few years and cut your expenses to bare minimum until you are able to put the money together for a down payment. Move into a Toronto Fixed upper if you are lucky to find one.

b-) Cut your expenses to a bare minimum for a few years while you rent some crappy apartment in a questionable area in order to save for the down payment of a 350k / 400k semi or attached home somewhere within the 1.5 hr commute from Toronto.

c-) Keep renting for the rest of your life and making someone that invested their money more money.
 
The reality is:

People making and spending what you and your GF make and spend, can not afford a down payment for a house in Toronto unless you get financial help from family etc.
How much should someone be making/spending to afford a house in Toronto, in your opinion?
 
How much should someone be making/spending to afford a house in Toronto, in your opinion?

It's not just income. It depends on how thrifty they are as well.
 
How much should someone be making/spending to afford a house in Toronto, in your opinion?

Someone correct me if I'm wrong but the formula is something around no more than 35 or 40% of your gross income should go toward housing ie. Mortgage, taxes, heat, hydro etc.
 
How much should someone be making/spending to afford a house in Toronto, in your opinion?

"Average price of single home in Toronto shoots up 13% to $965,000" http://www.thestar.com/business/real_estate/2014/05/06/single_home_prices_in_toronto_shoot_up_13_to_965000.html



Detached is 965.000 - Semi is 702.000

So let's say you get a real piece of crap for 600k (100k under average). That's a minimum down payment of 30k (5% percent if you are a first time owner)

So that is just to buy it, now you need to pay for it.

So now your mortgage is going to be aprox 1300 by-weekly if you have excellent credit and are able to get prime which is around 3% right now (a little less)

Now add Taxes - I am guessing between 3 and 4 k a year.

So the answer to your question is 'not $30/hr'
 
Last edited:
Back
Top Bottom