HFF

Hi,
I have an offer to move with my family to Toronto.
I have two 6 and 7 years old daughters, and I am wondering if a 130k CAD salary will allow us to live comfortably - my wife won't work in the first year.
We don't go out eating, etc much.
I am thinking of renting a place in the suburbs (Oakville or Burlington).
Any help will be appreciated.
Thanks

Novocastrian

Welcome to BE. This sort of question is usually answered (a) you'd be rolling in it or (b) you can live on it but "comfortably" means different things to different people.

My response lies in category (b).

Start by using a tax calculator to figure your take home pay (probably about $7k a month). Only you know the details of the offer you have, does it include full health & drugs coverage? A company car? Then use websites such as viewit, realtor or even kijiji to work out what a suitable (3 bed?) rental would cost in Burlington. My guess is $1750 - $2250 pm + utilities.

Then figure commuting costs (GO train), car ownership(s) including the killer insurance rates etc. etc. etc.

The GTA is an expensive place to live "comfortably"

Again, welcome.

ScotinCanada

Hi there

We're in a (kind of) similar situation but a stage behind you as we've not yet negotiated a firm job offer yet.

We've got 2 kids and looking to move to Mississauga area with hubby working and me taking first year off to look after the family, settle us in etc.

We've got family living there already and recently visited on a recce. They earn around $140k combined and have 3 kids but are still living a way better standard of living than us and have a huge detached house, 2 brand new cars (though they have insurance paid with work which must make a significant difference). They moved to Canad from UK about 3 years ago.

I walked away from that trip with the impression that living costs are around the same as where we live (SE England) but that commuting was better, housing we could afford was better and that a salary of $130-140k would be good enough for us.

Just my experience so far, and as everyone says on the forum, it's a very personal thing as to what is deemed good or bad.

I'd be really interested to hear how you get on!

dbd33

I had a salary of $120,000 and a house in Mississauga (off Lorne Park Road) and we were comfortable but it was 1987 and the house cost $140,000. The house would now cost over a million, perhaps $1,400,000, so I don't see how $130,000 would be enough to sustain the mortgage. Perhaps your family, and you yourselves, have lots of cash from a property in the UK; without a huge mortgage you'd be ok.

DandNHill

If you don't mind Brampton is quite a bit cheaper.

Col1982

We have two kids and are looking to move to Oakville Ontario. We have family there and Mississauga. Rentals are expensive in Oakville, but it was suggested to look at Milton . Much bigger properties and a few hundred dollars less. Straight on to the 401 for commuting. So it is about 10-15 min drive to family from there.

We don't want anything too big. We want to experience more of a lifestyle change so being able to work and have quality time with family.

Check out Erin's Mills too that is really close to Mississauga and not as expensive.

Good luck !

MarylandNed

I used this take home pay calculator and it looks like Novo is right about taking home around $7k a month on a $130k salary.

Take Home Pay Calculator

So it's certainly doable but of course much depends on your lifestyle. If I was moving to a new country I'd want to spend some time seeing it - and that usually means spending money. You'll need to think about lots of different costs including but not limited to:

- private school for the kids?
- home rental (usually this means providing first and last month's rent up front)
- home contents insurance
- furniture (which usually is not included in rentals although appliances usually are)
- utilities (tv, phone, internet, electricity, gas, mobile phones, etc)
- car(s), gas, maintenance, insurance
- retirement savings
- personal savings
- vacations including trips back to the UK
- winter clothing
- medical expenses beyond OHIP (e.g. prescriptions, dental)

I would try to come up with a list of costs and see if they are covered by your take home pay. You probably want to end up with a surplus of at least $1000 a month for stuff you haven't thought of. Things would obviously improve financially if your wife adds an income after the first year (although you would have to consider if having her work would add any additional costs e.g. another car, commuting, childcare, etc.).

Siouxie

If you don't mind a commute, Burlington is a lovely town.

sharkus

Oakville is rather nice, but it's not exactly inexpensive. I think housing prices across the GTA / GTHA are on the increase. Milton is, I believe a little more affordable, but not by as much as it used to be.

Travel time from Oakville to Union station is around 40 minutes. There are quite a few trains that are express from Oakville to Union, so they might be a bit quicker. The reverse is also true. Obviously both during rush hour. Driving to Toronto from Oakville is ok, but not much fun.

I'd agree about Burlington, some very nice areas and it's not far from Oakville.

Milton, as mentioned is ok, but, for GO transit purposes it's on a different line (Oakville and Burlington would be lakeshore west, Milton is umm, another line) and there are far far fewer trains than on the lakeshore west line, and that can impact your commute, as you'd need to ensure you can get to and from work at a decent time.

Moses2013

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If I look around where I live in Ireland, nearly everybody in the area lives in a huge detached house and has two cars (nothing special in Northern Europe). They certainly wouldn't be on the salaries you mention and standard of living will be different for everyone. Your family is actually classed as rich with that income.

JamesM

Yeah. It's a decent salary for Toronto.

I'd live in Burlington. It's much nicer than Mississauga and more affordable.