OT: How’s business?
03-22-2024, 10:25 AM
#77
03-22-2024, 10:41 AM
#78
Rennlist Member
I know a lot of people that have obtained their PAL in the last several months. Not very difficult. Although thanks to Trudeau, there's not the same options for firearms as there used to be.
03-22-2024, 10:48 AM
#79
03-22-2024, 10:56 AM
#80
Drifting
03-22-2024, 11:04 AM
#81
Advertising/Marketing - Been on a downward slide since the crash of 08 when I worked with GM - The good old days of perks/trips/lunches are long gone. Luckily I am now at a health care agency working with big pharma clients, much more stable than retail.
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Pags993 (03-22-2024)
03-22-2024, 12:46 PM
#82
Burning Brakes
I am a semi-retired health care professional who has two clinics with my wife, not financially viable to run a family practice clinic anymore as expenses are too high, I work mostly to keep myself active. Luckily I worked hard when I was young and saved and invested wisely, I could retire but have 3 entitled messed up teenagers who I fear will never leave the house, so planning my own exit strategy.
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03-22-2024, 12:50 PM
#83
Burning Brakes
What's an 'average' starting salary these days - surely it has to be $100k'ish - you can still buy a decent condo in the city for say $500k so a 5:1 ratio which isn't too out of whack in my opinion. Yes they won't be buying a 4 bedroom new build on a double wide lot at Avenue/Lawrence but you can still get in to the market with some discipline around savings. I don't necessarily think it's as doom and gloom as some like to make out. If someone tells me starting salaries are $50k I year I take back what I just said.
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Pags993 (03-22-2024)
03-22-2024, 04:02 PM
#84
Burning Brakes
I was thinking along the lines of living at home (rent free of course) say until you are 26 (not mid 30's). You take the same $2,500 a month and dump it in a HISA and you've got $120k after 4 years, find yourself a spouse who did the same and voila $240k. Keep your fingers crossed said spouse doesn't turn out to be a nut job and you can pick up a nice starter condo in the city (Leaside as an example) for $500k with almost 50% down and monthly carrying costs including condo fees, mortgage, taxes that is likely well under the $2,500 in rent. Much like I'm sure many of the rest of us did - continue to work and save, pay down that mortgage, sell the condo, buy a small 2 bedroom so on so forth. Doing it solo of course adds some time to the equation but I think it's still doable. M&D kicking in $50k or $100k towards a down payment certainly helps though.
03-22-2024, 04:08 PM
#85
I weep for the future...
03-22-2024, 04:59 PM
#86
Rennlist Member
Automotive industry training consultant. Tried to retire 5 years ago, but my clients kept calling even though I now refuse to travel outside of the GTA. With EV's becoming such a big part of the model lineup and the tech changing almost daily, I'm busier than I really want to be and I only work with luxury OEMs. I guess it keeps me from driving my wife crazy around the house! 😉
03-22-2024, 05:22 PM
#87
Team Owner
Even if you make your $100K, you are probably paying almost 50% taxes, rent in the GTA is almost $2500 a month for a 1 bedroom, so that's 30K after tax, so 60K gross, so tell me how you afford to purchase. I know many professionals who make $100K plus in Toronto who will likely be eternal renters.
03-22-2024, 05:51 PM
#89
Burning Brakes
ON $100k income pays combined provincial/federal $26k tax so my quick math has that at 26% :-) Every dollar after that $100k is taxed at a combined marginal rate of 43.41%. I think ON combined maxes out at 53.53% over $220k, however in that bracket first home affordability shouldn't be an issue (outside of an expensive car or cocaine habit of course).
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Rubystar (03-22-2024)
03-22-2024, 06:26 PM
#90
Drifting
Join Date: Aug 2015
Location: Toronto - Exuma - Montego Bay
Posts: 3,195
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Young people want to be in the big city.
New immigrants will surge here thinking they can only find their "community" in the largest cities.
Rinse/Repeat...
Those who can purchase within the next few years will make out like bandits if they plan on holding the properties for 10-15 years.
Lots of pocket areas in the city where you can buy a detached home for $1m... still opportunities out there to become slumlords.
New immigrants will surge here thinking they can only find their "community" in the largest cities.
Rinse/Repeat...
Those who can purchase within the next few years will make out like bandits if they plan on holding the properties for 10-15 years.
Lots of pocket areas in the city where you can buy a detached home for $1m... still opportunities out there to become slumlords.