We need to learn how to manage and invest our money when we are working. I had no money when just arriving Canada and I used to work 2 jobs to make end meet, now Im ok and can afford to travel a little bit more.So, the solution is to have grown up in Vancouver ?
My tour bus driver says he can't afford to live closer than a 90 minute commute to downtown. Concedes that had he bought a house, when he immigrated in the 70's, that he'd be a multi-millionaire now.
Its easier to save money when you aren't paying all of it towards rent and other basic necessities. People in cheap areas can have their cake and eat it too - save for retirement and home down payment AND be able to enjoy small luxuries.We need to learn how to manage and invest our money when we are working. I had no money when just arriving Canada and I used to work 2 jobs to make end meet, now Im ok and can afford to travel a little bit more.
The cost of living in Vancouver is the highest in the country, period. Foods and gas price in other cities and provinces are very cheap comparing with ours. Our gas price is $1.59 per liter, beat that. hno:Housing is getting very expensive in both Vancouver and Toronto; I don't know how people buy a new home or condo these days. I'm more than happy to just rent! :dunno:
I have heard that groceries and restaurant meals are more $$ in Vancouver but it's been so long since I was there I don't know about that.
Hehe! That reminded me of a friend back around 1987 or 88 who bought a modest little two storey single family dwelling house with a front and back garden in Parkdale for $200,000. I thought that was a crazy amount of money and a borderline sketchy part of town. I have no idea what on earth those are worth now, and that area is now completely Martha-Stewartized.I remember when yaletown started to develop in the early-mid 90s you could get a condo starting at $169,000. At the time we thought that was crazy expensive (lol) cause who want to live down there, it was so gross lol now its the hip nice part of downtown. Silly stupid us lol.
Are you from Europe? Unlike in Europe, most houses in Vancouver have basement that they rent it out to young people/low-wage workers.Also, you need to think on workers in restaurants and hotels: how do they manage to get to their jobs? do they live far or is there an actual cheaper to rent?
My nephew was the same when he was working in Toronto, he could have bought a place in Toronto with his high salary but he didn't plan to stay in Toronto for his whole career, so he was only renting a condo in downtown Toronto. He is travelling around the world at this moment and he is almost certain moving to the Bay area when he comes back.I moved out here in early 2016 and have been renting the whole time. This is mainly by choice, as I never planned to live out here long term. 5 years is my time horizon for career advancement purposes only.
In most other areas of the country, the salary I'm earning here would be considered above average, but for Vancouver its really only enough to put aside about $1200/month after my monthly living expenses are accounted for.
And I'm a pretty frugal guy as it is.
I love it out here, but I don't see how one could make the life decision to move here from somewhere else and expect to stay long term. At this point it's a myth, unless you're pulling in serious money and are already quite established.