Is 5k a month good in Canada?

Very few Canadians earn that much—nor do they need to. Most individuals can get by fine on nearly $5,000 a month, he says. “Unless you are living like a king, $10,000 a month is enough for even a couple to live very, very comfortably, assuming you don’t have debt,” he says.

Can a minimum wage job pay for an apartment in Canada?

“A sole income earner working full time should be able to afford a modest two-bedroom apartment for their family in a country as rich as Canada,” MacDonald said. In all three, you’d need to earn at least $26 an hour working 40 hours a week to afford a standard two-bedroom apartment.

How much do you need to survive in Toronto?

Based on the average cost of housing, transportation, groceries, internet bills and more, LowestRates.ca found that a single Torontonian needs a minimum salary of $49,545 before tax (or $38,572.68 after taxes) in order to survive in the city.

How much does it cost to live in Toronto per month?

A single person estimated monthly costs are 976.77$ (1,241.16C$) without rent. Cost of living index in Toronto is 24.50\% lower than in New York. Rent in Toronto is, on average, 49.66\% lower than in New York. Do you live in Toronto? Add data for Toronto!

How much income do you need to buy a house in Toronto?

With a average home price of $646,732, a Torontonian would need an income of $92,220 in order to secure a 20 per cent down payment and qualify for a 30-year mortgage at a fixed rate of 3.75 per cent.

What is it like to live in Toronto as a newcomer?

Toronto is the city where newcomer workers have nowhere to live, and they have to spend half their lives at work, and the other half commuting. Sometimes, no time to even sleep, only in the go-trains, which cost 4000 or more a year (cost not included in Numbeo).

Is rent control good or bad for Torontonians?

While the recent rent control changes have been positive, the reality is that the first of the month is a time of dread for many pavement-pounding Torontonians. According to Numbeo.com, a website that compares costs of living in global cities, the average cost of renting a one-bedroom apartment in the downtown core is currently $1,629.69.