Sdh199

Hi there

My company has offered me a salary of $125k to work in Toronto. We are currently in London, UK. This salary would need to cover rent for a 3 bed house and living expenses for myself, wife and two young children (the eldest would be kindergarden age, youngest under 1). My wife wouldn't be working for the first year or so so I'd be the sole earner for a bit.

We reckon we'd have around $85k after tax / $7k per month. Is this enough for a decent standard of living? We would want to be half hour or so commute in an area with a sense of community, good schools etc. We're worried that rent may take up too much of our income to leave much for anything else once transport and other expenses are taken into account.

Appreciate your thoughts!

dbd33

"half hour or so commute"

To where? "Toronto", if meaning the GTA, is huge. My initial thought is that it's doable if you want an adventure and, of course, it depends what you're used to now. It's marginal though, you won't have the choice of the better parts of the city.

not2old

For the average family, the quick answer would be a yes

Cost of Living in Toronto. Prices Updated Aug 2016

Of course depends a lot on your lifestyle, including the type of accommodation you rent, vehicles you drive, eating out, entertaining .....

Set your rent target at $2000 - $2500/mth & go from there

http://www.viewit.ca/vwgta.aspx


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dbd33

Well, yes, if they can find a nice little house overlooking the boardwalk for $2250 they'll be away to the races.

not2old

wouldnt that be a dream eh!

I was thinking more a 2 bedroom condo rental over a house or townhouse somewhere in the suburbs

If it has to be a middle of the road smallish house, then the rental target with the utilities added, might be closer to $3000+ a month


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JamesM

Where is the office in Toronto? That will help determine the commutable places.

As a single person in Toronto my general take if you want to run a vehicle and have a decent lifestyle is you require $4 to $4.5k per month before saving anything.

You'd need more space and have more people to provide for. $7k is probably good enough although you may find you do not save all that much although again it is lifestyle dependant.

I tink $125k will give you a lifestyle close to 80k GBP in London.

Shard

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Sdh199

Thanks for the advice so far guys. I'd be commuting to downtown - spadina avenue. Would probably need to run a car for weekend trips etc too

magnumpi

Yea, u be this guy :@)

not2old

budget suggestions based on $7k net income/mth

50% of income for housing, includes utilities. This is the biggest cost, lower the better

20% for all in groceries, including booze

10% for transportation for all of you

4% -5% for Internet, phones, Cable TV. Your cell/mobile phone may be provided by employer

5% for all entertainment, touristy items, kids events

2.5% for clothing, ongoing

7.5% over for whatever

Novocastrian

$125k is about 10% more than I was offered to return to Toronto...... in 1992. The CPI has gone up 53% since then and the average house price has tripled.

At the time I also had a non-earning spouse and 2 kids (school age).

I'd say doable but not all that easily. Or, to put it another way, don't make the move for the money.

Sdh199

Good to know! The salary amounts to around $50k pay cut vs what I'm earning in the UK. I know that the cost of living is lower but I don't get the sense it's THAT much lower... Previous poster link came up with 17% cost of living differencial

Pizzawheel

I think it's doable especially if you're renting, as I don't think the cost of renting has followed the cost of housing- but I could be wrong.

Novocastrian

No, you're right. Ontario regulations link rent increases to the CPI for continuing tenancies. It's about 2% on average per annum so 50-60% over the period I mentioned.

not2old

On the basis that you are coming here for the work related oportunity experience & adventure, then as long as your salary covers all expenses - I say 'go for it'

You may end up staying to become Canadian citizens... who knows

Have you selected the type of property in a location to live, along with a budget that includes utilities?

After that its the travel time & transportation cost, including the occasional car rental

Factor in medical care & prescriptions costs, which is likley employer paid?