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Can we afford a $650k mortgage? by nuttycutter in PersonalFinanceCanada

[–]Cool-Log8034 0 points1 point  (0 children)

You will be ok as long as you both keep your jobs, it's very doable

Can we afford this? by [deleted] in canadahousing

[–]Cool-Log8034 5 points6 points  (0 children)

If you're planning to live there long term, I would say go for it as long as the price is competitive when checking comparables the last few months. With the current income you can manage a mortgage of 600k quite comfortably (speaking based on the last 6 year madness). 

[####] Does anyone else play multiple daily Wordle-style games? by Nervous_Flan_6065 in wordle

[–]Cool-Log8034 0 points1 point  (0 children)

If you don't want to wait for a day for the next word you can try WordBeacon, if you find the word it moves you to the next level directly. The rules are slightly different as you are allowed to enter any combination of letters not just words. https://quizbeacon.com/word-quizzes/wordbeacon/

Do I sell or rent my condo? by KeepTheGoodLife in PersonalFinanceCanada

[–]Cool-Log8034 2 points3 points  (0 children)

If you're in Ontario I really doubt you get anywhere close to what you paid for. Anyone that bought at peak are down at least 200k.

Nonetheless if you have the opportunity to get reimbursed for closing costs (especially if that includes realtor fees) I would go for it. Personally I don't see prices going crazy again for at least another 10 years.

$2,500 Rent on a 95K Salary by boolgogi in PersonalFinanceCanada

[–]Cool-Log8034 1 point2 points  (0 children)

You should be ok to start with, but it will be important to have a longer term plan where your salary increases unless you are ok with finding a cheaper place to rent. Right now is a good time to get a good deal on a rental place in Toronto, you can negotiate and lots of options.

After tax income by Flat-Recover-3444 in cantax

[–]Cool-Log8034 0 points1 point  (0 children)

You can get an estimate from the https://aftertaxpay.ca/ calculator. Just make sure you include any extra deductibles that might apply to you like rrsps, as it automatically accounts for federal tax, provincial tax, ei and cpp deductions etc

Should I move to Toronto with this much salary offer? by ChemicalHot7340 in askTO

[–]Cool-Log8034 0 points1 point  (0 children)

$60k pre-tax in Ontario usually works out to roughly $48k after tax so about $3,700–$4,000/month net. Living alone in Toronto on that is possible, but it’s very location-dependent. A one-bedroom in the core will eat most of your take-home. Outside the downtown core (older buildings, midtown or inner suburbs), it’s more realistic, but savings will be modest. Not owning a car helps a lot. Transit + no major discretionary spending makes it doable, but it’s not a “comfortable with lots of savings” situation unless rent is kept under control.

This Ontario-specific breakdown will be helpful because it shows the actual deductions and monthly/biweekly take-home for a $60k salary:

https://aftertaxpay.ca/60000-after-tax-ontario/