This Is How Much My IDEAL LIFESTYLE Costs In Toronto (vs what I'll spend in Eastern Europe)

Summary

This video discusses the high cost of living in Toronto, Canada, and compares it to a more affordable lifestyle abroad. The host shares their ideal budget for living in Toronto, highlighting rent, groceries, transportation, dining out, and savings. They explain that to live comfortably in the city, they would need to make around $150,000 CAD annually, but question whether it's worth it given Toronto's inflated housing market. In contrast, the host expects to live more affordably in a new country they're planning to move to, where taxes and expenses are significantly lower.

Takeaways

• 🌆 Toronto is a highly multicultural city and the economic center of Canada, attracting people seeking better job opportunities, education, and a vibrant social life.
• 🏙️ Living in Toronto is expensive, with the city being the second most expensive in Canada. The average rental price for a two-bedroom apartment is approximately CAD 3,200 per month.
• 💸 A person needs at least CAD 4,000 monthly income to get by in Toronto, but to live comfortably and save, a higher income is necessary. A minimum after-tax income of CAD 1,654 is cited for basic needs.
• 🏡 The speaker prefers a two-bedroom apartment for hosting guests and using it as a workspace, but questions if investing in real estate in Toronto is worth it given skyrocketing prices.
• 🛒 Groceries cost about CAD 600 per month for the speaker's ideal lifestyle, compared to a current expenditure of CAD 400 when opting for less expensive options.
• 🚶‍♂️ The speaker doesn't intend to own a car in downtown Toronto, preferring to walk or use public transit and Ubers, estimating transport costs at around CAD 100 per month.
• 🍽️ Dining out and entertainment expenses are a significant part of the budget, with the speaker estimating CAD 500 to 800 per month for eating out, coffee, and social activities.
• 📱 A combined budget of CAD 100 per month is allocated for both a cell phone plan and home internet, which the speaker notes has decreased in cost recently in Canada.
• 🏥 Health care isn't fully covered by Canada's universal system for self-employed people, and the speaker estimates an additional CAD 200 per month for private insurance.
• ✈️ The speaker plans to move abroad to a country with lower living costs, where they expect to spend around CAD 5,000 per month and pay 10% in taxes, compared to Toronto's higher costs and taxes.

Q & A

What is the main focus of the video script?

The video focuses on the cost of living in Toronto, comparing the creator's ideal lifestyle in the city with a more affordable lifestyle in another country where they plan to move.

What is the minimum amount a person needs to make per month to get by in Toronto according to the video?

The minimum amount needed to get by in Toronto is $4,000 Canadian dollars per month.

What does the Wesley Institute's research paper say about the income needed for a single adult to live comfortably in Toronto?

The Wesley Institute's research paper suggests that a single working-age adult needs to make at least $1,654 after taxes to comfortably live in Toronto, though this is often not enough for those who wish to become homeowners.

What is the estimated rental cost for a two-bedroom apartment in Toronto?

The current average rental price for a two-bedroom apartment in Toronto is estimated at $3,200 Canadian dollars per month.

How much does the speaker estimate they would spend on groceries in their ideal Toronto lifestyle?

The speaker estimates they would spend about $600 a month on groceries in their ideal lifestyle.

How does the speaker plan to manage transportation costs in Toronto?

The speaker prefers walking most days, using public transit occasionally, and taking Ubers when necessary. They estimate transportation costs would be around $100 per month.

What does the speaker budget for eating out, coffee, and entertainment in Toronto?

The speaker estimates they would spend about $800 a month on eating out, coffee, and entertainment in Toronto.

What is the speaker’s estimated cost for phone and internet services in Toronto?

The speaker budgets approximately $100 per month for both a cell phone plan and home Wi-Fi.

How much does the speaker estimate they would spend on healthcare in Toronto?

The speaker estimates they would need to spend around $200 a month for private health insurance, as some healthcare services, like dental and optometry, are not covered by Canada’s universal healthcare.

What is the speaker's overall estimated monthly income needed to live their ideal lifestyle in Toronto?

The speaker estimates they would need to earn around $10,000 a month to live their ideal lifestyle in Toronto, including saving for future goals and paying taxes.

How does the cost of living in Toronto compare to the country the speaker is planning to move to?

The speaker expects to spend around $5,000 Canadian dollars per month in the new country they plan to move to, which is significantly less than the cost of living in Toronto.

What is the speaker's view on investing in real estate in Toronto?

The speaker is hesitant about investing in real estate in Toronto, believing the market is a bubble that may burst. They would prefer to rent rather than buy property.