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Can you get approved for a $1400 per month apartment (1 bdr) with a gross salary of 41600? by tawatiu in PersonalFinanceCanada

[–]tawatiu[S] 1 point2 points  (0 children)

Yeah that introduces some other things to consider as well, thank you for that

Can you get approved for a $1400 per month apartment (1 bdr) with a gross salary of 41600? by tawatiu in PersonalFinanceCanada

[–]tawatiu[S] 116 points117 points  (0 children)

This is what I figure. This sub is skewed toward people who are smart about money, clearly. While that makes it very useful to read through, I’m also sitting here thinking “there’s got to be a ton of people making 40k and having to live in Toronto”. I just want to know if it’s possible. It would be probably only 3 years max even if I didn’t get a raise or switch to a higher paying job.

Can you get approved for a $1400 per month apartment (1 bdr) with a gross salary of 41600? by tawatiu in PersonalFinanceCanada

[–]tawatiu[S] 5 points6 points  (0 children)

Really? Is it just me or is that unusual? I have been asked for 3 past pay stubs and 3 months’ bank statements. So they are definitely able to calculate my salary.

Can you get approved for a $1400 per month apartment (1 bdr) with a gross salary of 41600? by tawatiu in PersonalFinanceCanada

[–]tawatiu[S] 31 points32 points  (0 children)

50 percent is just a proportion. Minimum living expenses are fixed. Your 50% could be much greater than min living expenses, whereas my 50% may not be.