Quite COMFORTABLE actually.I make around that.I have a one bedroom apartment that I share with NO ONE!
About 15 minute bus ride from the nearest subway in East York.I do NOT own a car because I am not interested in paying for expensive downtown parking so that saves me insurance, gas, parking, maintenance, snow tires etc.I don’t subscribe to Cable TV bcoz I get all I need from streaming services and youtube I shop at Food Basics, ethnic stores and no Frills, Walmart, sales at The Bay and Designer Depot and that has worked fine for me.
I have enough left after groceries, 1 movie a week, gym membership, classes (dance and music) and contributions to my RRSPs for some impulse purchases I can travel for vacation every 2 years for 2 weeks with excursions thrown into the mix.HOW DO I DO IT?Simple: Do not shop at Loblaws, Whole Foods or any of the “organic free trade stores” Shop for groceries at a variety of places.
Fruits and vegetables are cheaper at no Frills, Walmart and Food Basics and the occasional China Town stores Look for online deals on comfort foods and luxury items Let your gym membership be with Fit4Less or PlanetFitness or other such gym that doesn’t have all the frills and luxuries but keeps it about the workouts and function.You do NOT need the latest iPhone every 6 to 7 months.Nor do you have to watch every 3D movie… IN 3D… in the VIP cinemas… on the weekends… or ANY day other than Tuesdays (movies are on discount on Tuesdays) All You Can Eat is a scam.
Get a bunch of friends to get a variety of things in take out and eat that… in the comfort of your home.Shop for stuff AFTER the season ALWAYS threaten to cancel your internet or cell phone service… unless they offer your a better plan Use the transit.Sure you lose 2 hours but you were gonna waste them anyways.
Read a book while you commute.Take advantage of sales (with a plan for the future) $50,000 per year is actually above average income.You can do it.
Just DO NOT dream of living in downtown.
As Imran Noor Mohammed said, you’d be able to live in the city.Toronto is a huge city and the cost of living varies widely depending on your lifestyle and where you live.Clever people in the city will be able to live quite cheaply.
With $50′000 a year you could live a peaceful life, but you’d not be able to enjoy any luxuries.$50′000 a year is approximately $3200/month after tax.Even if you save 50% of this per month, that’s still just shy of $20′000/year.
Interest and investing of course changes things, but realistically $20′000 a year is not enough to keep up with the city.Sure, you could pay a 10% downpayment on a home, but what will your mortgage, insurance and property tax be?All of this assumes you are saving 50% of your after tax income.
What if you have kids or an unplanned emergency?The range of $35′000–45′000 gets you a certain lifestyle that is not the best in the long term.$50′000–65′000 gets you by each month, but even if you save 50% of your net income, it’s not a lot in the long run.
You’d be able to rent a decent-nice apartment, but things will be tight.$75′000 is when things get a lot easier (just don’t buy a car).You can afford a very high quality apartment and most comforts.
This should be a good target for most single people if their jobs can pay this high.$100′000 is when you can make the choice of splashing out on nice things or saving a ton of money each year.Saving 50% of a $100′00 pre-tax income is $36′000 a year.
You’d still have $3000/month to live.In conclusion, $50′000 is enough to get by, but not live very comfortably beyond a humble lifestyle.In my opinion on if you stay outside of downtown, you can live well in Toronto still.
With some economies you can live quite well on $50k a year – I know people who live on far less.Your most major cost is living accommodations.Forget about living right downtown as the average apartment is around $2k per month.
Instead look at East York or even Scarborough for better rates.If you don’t mind sharing you can save even more if you have a roommate or two or even just by renting a room with shared accommodation privileges (use of kitchen and bathroom).Transportation is another main expense.
If you have a car that can be really expensive not just for the car payments but for the insurance, gas and parking charges and can really add up.I myself use the TTC transit and now they have the two hour transfer which means on the way home from work if you have errands to run (such as grocery shopping) you have two hours from the time you tapped your card in to get off at any stop that you want, run your errands and as long as you tap back on within 2 hours of when you tapped in you don’t pay another fee.I use this a lot and find it extremely convenient.
Food – we all need to eat!Take out food on a regular basis is a huge waste of money unless you’re getting together with a bunch of friends who all chip in or you treat yourself occasionally to take out food or even a nice dinner out – I love Indian Buffets as for less than $20 you can get a great meal and all you can eat.Better to cook yourself!
Don’t shop at Loblaws as that is one of the most expensive grocery stores.Rather go to Food Basics or No Frills.For all of my fruits and vegetables I go to a Fruit and Vegetable store (if you do decide to settle in East York there are tons of them along the Danforth) and you’ll save a ton.
Look for sales – as an example I make a lot of homemade soup which I generally use canned tomatoes in (along with other recipes I make) so whenever I see them go on sale I stock up.I generally plan my meals around what I see on sale rather than the other way around – if fish is on sale then I’m eating fish lol.Also in East York you will see many Variety Stores that offer a halal butcher shop in the back and the meat is much less expensive than grocery stores and fresher.
If you don’t mind wearing gently worn clothing Value Village has some great deals – you will be amazed at what others will donate that in many cases has never even been worn.You can even buy furniture there.Speaking of furniture – if you need to furnish your place look at Kijiji for second hand – you can get some great stuff at a 10th of the cost it will cost you brand new.
U cannot get a one bed room apartment under 1500 cad in Toronto.Only if you go 1.5 hours away from Toronto u may get, but u have to spend 300 cad a month on travel if u r working in Toronto.Home + Utility + Travel Will cost close to 1.75k- 2k.
U will get 3200 a month after tax for 50k salary.3200 – 1.75k to 2k.U r left with 1k to 1.25k to deal with Groceries, Wifi, Mobile bill which is absolutely possible.
But if u planning for child day care or emi or car if definitely not possible atall.If u have no child and married or couple u can save close to 300 cad.If u r single u can share the room and can save close to 1000 cad.
In short, living in Toronto with 50k is definitely possible.
I’m sorry that I don’t have any statistics to back up what I’m about to say, but my impression is that a salary of $50k would make it difficult to live in Toronto.Of course there are multiple variables in play here; just where in Toronto?(Its a big city) are you single or supporting a family?
Are you expecting to live in an apartment, condo, single family home, etc?Are you planning to use public transit or drive a car?How much debt do you already have?
Housing is the big one – Toronto has some of the highest real estate prices in the country.
I think you could lead a good life as a single person making $50,000.You would have to check out the rental market for living, as I don’t think you could afford to buy property.You could use public transportation and still have enough disposable income for entertainment, fun.
That all depends upon your fixed costs!I dread to think how people are managing on that and paying 2000 a month for their rent.The other costs are quite reasonable and even cheap.
Public transportation is fairly affordable and I find food very cheap, especially if you enjoy a lot of fresh vegetables.I buy at local green grocers and where I am located find the prices amazingly cheap like a box of strawberries for a dollar and baby spinach the same.There is a lot of free entertainment and things going on, it is mainly housing that is the bummer.
You can get cheaper accommodation if you are willing to travel further from the centre but I hear it is still not cheap.
I was living in Toronto making $50K CAD and doing quite well.However this was in 1986 and I was living in the suburbs.Today it might be possible but the old 30% net for housing might be tough.
That works out to about $1000 a month for rent pretty much impossible in GTA.
Always money tight.Toronto is an expensive place to live.Accommodation is high either renting or purchasing.
Downtown TO is 2500/ month to 3k for a 900 sq ft apartment.To purchase 2.5 to 3M.
It all depends on where you are trying to live, downtown will be extremely expensive and I’m not sure what kind of place you can even get Downtown, but away from downtown 50,000 is enough to live on for a bit but good luck saving anything or putting anything significant towards retirement.It also depends on your age, if your young (just out of school) then 50,000 is a pretty good start.
I make 56,000 CAD, and manage fairly well.But.I don’t own a driver’s license, much less a car; I don’t smoke; and I rent a huge one bedroom basement apartment for about half of what it would cost to live in a much smaller unit in a commercial high-rise.
Living in Toronto making 50,000 CAD (before tax cut, I assume)?
I think the housing and car prices have skyrocketed in past few year here You can do this… if you are single,without a carare sharing a room with few other people,then this is doable.
As long as you live with someone, you should be fine.It’s hard to find a decent one-bedroom apartment for under $1200/month, but you can find lots of two bedroom units for $1,800 ($900 each), and the extra $300/month in your pocket goes a long way, not to mention splitting the cost of utilities, television, etc.
Dude you can live well…with 45…I’ve made great money…its just how you entertain yourself and what you want…how you live….but I say live ti your hearts content.. and have a plan with a goal…play hard but be smart.
Your 50 is good just remember if yiu want buy something X’s by 2…and if it’s more then yiur income.. have a thought or two.. before you decide.
It would be a struggle.You’d probably have to share accommodations with one or more roommates in a less affluent part of the city.. You wouldn’t be able to afford a run a car.You’d have to enjoy buying things at dollar or second hand stores.
You would have a pretty spartan lifestyle and wouldn’t be able to save very much for the future.
Simply not possible.The average one bedroom apartment costs over 2000 dollars per month.I suggest you plug in the numbers in this link Cost Of Living Comparison On the numbeo website, you can conduct a cost of living comparison.
Put in the numbers based on your current location and then compare the cost with Toronto.
You could live a fairly comfortable life.Nothing overly extravegant but comfortable!It will also depend on how much you will be paying for accomodation.
Toronto is fairly expensive to live in.
For a single person?A one bedroom apartment and a used four cylinder car.For a family?
A two bedroom apartment and no car.And a tight budget.
For a single person it should be comfortable.If you have a family somewhat comfortable.
Great…as long as you can make it in 4 months and start making the next 50k for the next 4 months and so on You can survive on less, but it’s tough to enjoy all the city has to offer on that kind of annual wage
What is it like living in Toronto making 50,000 CAD?
Brutal: It would start to get better at $150,000.
Day old bread.Cheap Ragu spaghetti sauce.Droopy lettuce.
Don’t even think about parking downtown, if you even have a car.Walking to save a subway token… But at least you can always go to the Legion and have a cheap draft beer and watch the Leafs lose on a Saturday night and enjoy Don Cherry on coach’s corner… oh crap.
Depends on number of people in the household.no of cars you have .what area of Toronto you want to be in.what is your places to shop for grocery.what might work for 1 might not work fir others.it different ball game when mortgage comes into the picture.
I’ve had to do it at a time when it went further, even for a family.Presently, one will have to practice great thrift and self sacrifice, but I am sure there are more folks doing so than we know.Even now, I practice thrift as a matter of social conscience, buy used when I can, and try to streamline, although I could always retool my indulgences brought on by having more money.
I like Imran Noor Mohammed’s answer because his choices reflect some of my own, even with a family.I watched my parents give us a life on one income, and as I’ve aged, I appreciate what they did to do so.We lived in a neighbourhood where everything was shared.
It depends, are you single,can you live without a car , designer clothes,cable tv and expensive hitech crap?Then sure, just be careful with your money.
Well due to tariffs on American inks, operating the printing press at full speed presents a problem because the fountains are never full enough.
I generally go with a two color Ryobi rather than the more traditional AB Dick.