iaink

Property costs, and of course sales and income taxes are much higher in Vancouver, some goods are cheaper in BC as they dont need to be shipped inland, but in general Vancouver/ Victoria is regarded as the most expensive place to live in Canada.

triumphguy

Just making up some math here - $60,000 cash, $130,000 income

You will need some of that $60,000 cash for a deposit on a house.

10% is standard. If you are bringing furniture, and can live with the appliances in the house you are purchasing that is good - however, you will need some money for car/s.

Let's say you have $50,000 for deposit = 500,000 house, with a mortgage of $490,000. That will cost approx $2,577/month for a 25 year mortgage, at 4% for 5 years.

Cars will cost let's say $500/month each - could be a lot more.
Car insurance - 200- 400/month
Property tax - 200ish/month
Utilities ???? 300???
Income tax 3000ish/month

There's about $4,000 left for other "stuff."

If you can keep out of debt - ie., stay away from the Brick LOL - you should have a decent lifestyle.

If you max out you mortgage and get the biggest house you can you will be up a shit creek without a paddle once interest rates climb and your mortgage term is over.

AmyDavid

Bloody hell I would LOVE to have $4k left over a month...

Butch Cassidy

Agree with Steve TOTALLY. ASSUMING your definition of modest is the same as mine.

Two of us live on between 1.5 and twice that (my income is variable) and we 'struggle'. But then I dont consider that we watch the pennies at all and we're paying off a mortgage (home equity loan) probably 3 times what we needed to have (ok for the location its twice).

I know Families\Couples that manage on 60\70k a year and live in 3 bed homes in 'nice' newer communities, drive less than economical vehicles and have the kids enrolled in sports and\or daycare year round.

So the short answer? With a reasonable mortgage 130k is a good living income in Calgary AT THE MOMENT.

Butch Cassidy

LOL after a couple of months in Calgary you wont be wanting to eat twice a month, there arent that many decent restaurants (unless you like to eat the same cuisine in different surroundings).
WHY rent?
four bed homes are getting scarcer (and ARE going to eat away at your income).
Clothes shopping? Similar to eating out choice here is NOTHING like the UK.
Holiday to where? Holidays from Calgary to anywhere that you would need to fly are extorionate.

You're having a giraffe arent you?

I can currently get you (well a contact can) 2.75% over five years or 2.5% on a variable.

And my condo insurance plus my gas guzzler plus a brand new run around is only costing me $168 per month.

triumphguy

I can get a fixed for 2.8%, but you can't guarantee that any particular person can get it.
Condo inusrance, gas guzzler and new car $168 total? See she won't starve!!!

hollyanne

[QUOTE=Butch Cassidy;7488328]LOL after a couple of months in Calgary you wont be wanting to eat twice a month, there arent that many decent restaurants (unless you like to eat the same cuisine in different surroundings).
WHY rent?
four bed homes are getting scarcer (and ARE going to eat away at your income).
Clothes shopping? Similar to eating out choice here is NOTHING like the UK.
Holiday to where? Holidays from Calgary to anywhere that you would need to fly are extorionate.



Ok well takeaway then, we want to rent for a while then buy to make sure we are going to stay and we have been offered flights home once a year as part of the package.

Butch Cassidy

ok fair point
Exactly. (oh forgot to mention last years accident is accounted for in that insurance cost. I also enquired about adding a corvette and that only pushed it to 197)

Butch Cassidy

Seriously (and I realise there WILL be disenters) buying now is a better way to go than renting (assuming you give the whole idea 18 months as a decent try out period) at least in Calgary.

JonboyE

$130,000 in Vancouver will buy you a similar lifestyle to GBP75,000 - GBP80,000 in the UK. Yes, it could be a struggle, but for most people it is a very good income.

bodgerx

The reason why this thread is still going (like many others of the same type) is that the question has too many variables, so posters are resorting to guessing what house, car etc. the OP will buy and what the wide range of monthly outgoings could be... It is a classic 'how long is a piece of string' question.

The amount quoted is also way above the poverty line for the country, so to doubt that you will not be able it live on it is a little strange.

iaink

If they were asking about 80 or 90k I would maybe get it, decent salaries, but not enough to live without thought for the variables, but at $130k, lifestyle choices become immaterial, it is flat out a good salary and a good life can be led on it regardless.

Two questions were asked, is it a good salary, and how much tax would it attract. Both were answered succinctly by post four, and yet still, here we are

Lets put it this way, If you cant make ends meet on $130k a year you really need to find yourself a new crack dealer..cos you must have a crack habit, and the dealer you have must be overcharging you!

Butch Cassidy

except that the poverty line is for the 'average' household.

130k for a single person WOO HOO
130k for a family of 10 with an asthmatic, a diabetic and three kids with crohns? STRUGGLE CITY DUDE.

wbexpat

Thats double the average HOUSEHOLD income in much of Canada.
If you cant live on that there must be something wrong with you.

AmyDavid

I sometimes think these "Is (insert rather large amount in CAD) enough to live on" posts are a little bit show offy...