How do you afford it on 200-300k a year I would assume a 7 figure salary is needed to comfortably afford these places. Maybe I just budget differently?
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COVID and the housing market
- Thread starter mimico_polak
- Start date
Sent using a thumb maybe 2
that's 200-300ea. not combined. I have several friends here I think are probably in that zone.
And to be honest several friends moved into houses that were only 1.5m when they bought and went to 3m 5 yrs later.
Townhouse near the lake I wanted but wasn't sure I should afford at 1.2, 7yrs ago, just resold for 2.6 this weekend. Well then....
And to be honest several friends moved into houses that were only 1.5m when they bought and went to 3m 5 yrs later.
Townhouse near the lake I wanted but wasn't sure I should afford at 1.2, 7yrs ago, just resold for 2.6 this weekend. Well then....
Alright...I'm def in the wrong business here...
Mikedezo44
Well-known member
Good luck on the snitch line. Real estate malpractice/shady dealings, immigration fraud, WSIB fraud, CRA cash/side job reporting systems do nothing already as I have sent info to all 4 and never a phone call or email back. Waste of time.
Pick an industry with too much money and/or not enough bodies. I didn't make the right choice.How do you get to 300k salary in Canada!?
For specific examples, sales can get there, RE agents with a big network, development, trade owner with a few staff etc. Normally jobs that bring revenue in pay far better than jobs that get the work complete and sent out.
Insurance?
Pilot on a 777, mortgage broker ( not at a bank) , financial planner ( not at a bank ) , dentist , lease finance, CA in private practice, maybe sell lumber , be a sales manager at a high dollar product company, start a WE a foundation.
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I forgot about financial advisor. Solid return on time invested. Work your ass off for a few years and then syphon off a percentage of their portfolio for eternity (and work becomes taking them golfing/shooting/boating to keep them happy).
How do you get to 300k salary in Canada
My advice is to choose a profession whose compensation is not tied to the number of hours worked. Regardless of whether you make $20/hour or $200/hour, that kind of money is always going to be linear and will have a hard ceiling because there are only 24 hours in a day.
Examples of this are sales or any other performance-based compensation which have a commissions component or have a portion of your compensation tied to the success of the company, like stock options. The key to high earnings is working smarter, not harder. An example of this is managing your piece of the business so others do the work for you, as if you were the company's owner.
When you uncouple hours from $$$, there is no theoretical ceiling to your earnings. A lot of salaried or wage earners know exactly what number will be on their T4 slip at the end of the year. Those making the big bucks often have no idea what their T4 will look like, just a range depending on how well they manage the part of the business assigned to them.
The risk is that your earnings could suffer if you've got poor management skills or the business as a whole suffers because of external factors.
Live by the sword, die by the sword.
Still can. You're youngish and the income delta means it wouldn't take long to catch up.
My brother sell things. Current company pulled out of US market (his biggest client was in US) then was slow on ordering stock so he lost his biggest canadian client. He is getting annoyed. Huge personal income hit (percentagewise) due to company decisions.
Yeah, in the end it always comes down to risk vs reward.
And confidence in your own abilities to be willing to be compensated purely on performance and not how many hours you've punched in.
You're still very young and have time to do so. This is the time to make the switch.
I'm too old (early 40s + kids) and in need of stability. I can't afford to break out into a whole new branch of business...heavy civil is going to be it for me, just need to be smart about my next few moves and I may be able to crack 150k before 50. Won't be easy though.
Mad Mike
Well-known member
El cheapo flipper type in Burlington -- 2018 prices!
LoL nice .... 'get there before the speculators' lol
El cheapo flipper type in Burlington -- 2018 prices!
Let's see what it sells for, and then relists for.
I would do everything in my power currently to buy a 3-plex. If I had the cash, I would pull every string possible to get one.House by Forest Hill Drive in Kitchener Ont got purchased last year, converted into a duplex and it is back on the market.
The more units/roof you have the easier and better it is. 3-plex is still residential mortgage/property tax/utilities/etc...so MUCH easier.
4+ and you're into commercial territory, and it's a pain.
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