What do you consider a reasonable top end for a house based on your income. 350 TC and approved for 1.7% mortgage considering house for $1.8M with 500k down but that still sounds insane amount of debt to take on to me. Maybe I'm just still stuck in the 90s when my parents bought a house for 200k

like
Posting as :
works at
You are currently posting as works at

It’s not crazy at all...your talking a mortgage payment of between $5-$5.5K on after tax monthly income of $18K. I think it is just the reality of living in Toronto these days.

like

Unfortunately, that's fair

like

Well what do you need in a house? If you don’t need a 1.8M house why take on extra debt instead of using the money to invest?

like

When you say TC, does that include bonuses? I wouldn’t consider bonuses when working out my income for a mortgage.

like

Not everyone has your comp structure. When I’ve talked banks they always take my income whole from the previous two tax returns.

Bought at about 1M, 250k down, total household comp at the time was 280 or so, and it felt like the very top end. You’re looking at a mortgage 1.7x mine, but with only 25% more income. Feasible but tough

like

1.7% interest?? If so put the minimum into down payment and invest your extra cash into literally anything

like

Carrying cost on a mortgage that size gets to be quite high, so down payment in this case is relevant for affordability.

likehelpful

Hmm. Household income for us is about 350k. I’d say 1.8M is the very top end of what we would be comfortable buying. And that would be with a 1M down payment.

No. I’m a senior manager. Probably still 5-7 years out from partner, if I ever make it.

My spouse and I both work full time.

That's a $1.3M mortgage. My base salary is 350 (TC higher), and I'm about to pick up a 1.5M mortgage.

If your comp is steadily growing feels doable. If your comp isn't going up any more, it's a long 30 years.

P1 that's a good base comp. Wondering where I should jump to next

At that cost i would consider a less prestigious address for a knock down and custom build.

That price will get a modest/nice home 5-10k furom the city center, not a prestigious home.

Based on they they quoted me the bank would probably give you 2.3M. You should always stay under the max the bank gives you so that seems OK.

What location OP?

OP - Are you based in Toronto? If so, this is normal. Sadly. $1.3M mortgage on a $350K household income is fair, though - $1-$1.2M is more appropriate if you want to be conservative. Hopefully you don’t have any expensive car leases or extra expenses of sorts.. that would change my answer.

Toronto housing blows.

Yes it is the reality of living in Toronto. To find a “dream home” in a decent area is hard to find below $1.8m. I got lucky and purchased one few years ago for $1.3. Now it’s probably worth at $1.6-1.7 or more. I would try to keep the mortgage at $1m max even with low interest rate. Once we make over. $200k almost 50% goes to taxes and if over $300k it’s over 50% plus higher property taxes , daycare if applicable etc. Costs adds up. Something to consider.

My effective tax rate is 45% on TC of 500k. Yes, my marginal rate is stupid, but the lower rates on the first few hundred K helps.

Is that 1.7% for 30 years? If so, that's basically free money. You can invest in anything and make more than 1.7%.

Yes it’s affordable and within strike zone.
My household income is 300k and I have a mortgage of 1.9m and 600k down.
Feel free to dm and I can share my experience .
You work for google and your salaries are in line with partners at big 4.
You can definitely do 1.8

Related Posts

Has anyone been to Westpac on-site from Infosys.
Please share YOE, duration of onsite.
Thanks in advance
Infosys

like

I work as a Sales Support Specialist with 3 YOE working at a SaaS company. My dream career is to work at Microsoft. If there are any Microsoft recruiters here, I am open to different roles that pay in excess of 80k Microsoft

like

Hi everyone! Wondering if anyone can help me out with a referral to Deloitte or KPMG for a Scrum Master or Project Manager position. Open to other companies as well. 😊

like

MBB folks, I’m a Product Manager (non-tech company) and interested in working at MBB.

Which level/role does MBB can offer me ?

like

Anybody in ETN?

Any idea about senior software engineer salaries in Swissquote (Gland)?

like

There is an affair brewing next to me at the airport bar literally as I type this...to be continued...

likefunny

I work in construction and spend a lot of time out in the field, can I get some recs for sturdy shoes that will last me a while?

like

Has anyone used a surrogate? If yes, how did you find them and would you recommend the experience? I really want kids and have not yet started trying to have them naturally but the idea of pregnancy and birth are absolutely terrifying me. I’m sure everyone is nervous about it but my fear is getting bigger and bigger and I just turned 30 so I’m hearing my biological clock ticking.

like

Should I go Deloitte India or EY GDS ? Please suggest. YOE - 2.2 yrs same package.

like

Pizza on deck

Post Photo
like

Who else is staying off LinkedIn after the insane amount of layoff posts from people. It’s enough to make me depressed and worried. How is everyone doing today. Any advice on trying to stay positive?

like

Hi Ladies,

Anyone staying in Amanora, Pune, let me know if we can go for an evening walk/badminton

like

Going for a chest press PB (87.5kg)
Give me some encouragement!

likeuplifting

This is amazing.

Post Photo
likehelpful

I got an offer to work as a commercial real estate agent at Avison Young. My background is in residential sales. I’m wondering how complex working in commercial sales is.
1- Am I responsible for generating leads and networking just like residential?
2- Are there growth opportunities in this field; like is there a corporate ladder in this path to look forward to?
I. would like some advice to consider from those in the industry. Big thanks!!

like

Anyone know a good tax accountant in the DMV area?

likeuplifting

Turned 25 on 25th (today). Looking back at what I have accomplished and feeling proud. Cheers to what’s next!!

likeuplifting

Looking for fun virtual team icebreaker ideas - have any?

like

Additional Posts in Toronto Consulting

Hey! Would anyone at Kearney be willing to let me ask them a few questions about the firm/wlb? Thanks! Kearney

like

Good job raptors.

like

Rate my offer for a business valuations/litigation & legal disputes support associate role at a boutique firm in Toronto:

- $90k + ~7.5% annual performance bonus
- $5k in clawback reimbursement
- will pay all professional fees throughout term of employment (CPA & CBV)

My background:
- SA1 in assurance
- Master of Accounting
- passed CFE, qualify in about half a year
- enrolled in CBV program of studies
- 24 yrs old

Anyone have any idea about Future of Canada Centre in Deloitte? The work, team, etc.

like

I will never understand the Canadian retail banking system. Why the F$&@ do I have to pay them to keep my money?
“Oh! We’ll take your money and make money off of it, so please pay us for doing that”

like

Hi guys,
I want to inform you all that with your help I was able to clear the Hirevue round of Deloitte New Grad position 2023 and now just final interview remains. Thank you guys, you made it possible.
The role is technical strategy which I guess comes under SAP so the SAP team will be taking the interview for Toronto location.
The interview will have 30 minutes behavioural interview questions and 30 minutes case study.

I’m looking for tips now guys. I really want to clear it. Please guys.

like

Anyone down to do a practice case with me today?

like

How is the consulting scene in Vancouver? I am from the US and planning to move to Canada soon, understand that Toronto is the hub for everything but Vancouver sounds like a great place to live, so evaluating my options. Thanks!

like

Think I've got to move soon, considering getting a 2 bdrm apartment so I can use one of the rooms as an office.

Anyone know any good buildings close ish to downtown but still on the west side?

like

Toronto folks - I live in a condo for rent and my lease ends in Sep 2021. My landlord wants to sell the place now and is asking me to vacate the condo in 2 months. What are the usual compensation that I can ask the landlord for? I am new to Canada and so trying to understand how to navigate this so that I don’t waste money and time doing it.

like

How long did it take you to hit 100k net worth (no inheritance)? Just a personal goal of mine, but feels like I have such a long way to go! Would love to hear from folks in canada that have already hit the milestone and can speak about their journey

like

Anyone travel to and from the US recently? What are the latest testing requirements? Do we think it will loosen by this summer?

like

Folks, which strategy consulting firms do you think have a strong automotive practice in Canada? Anyone willing to refer?

like

If a fully vaccinated Canadian tests positive for COVID while traveling, can they still fly back to Canada? Would they just need to quarantine on arrival?

like

Looking for a referral to EY Canada.. any help would be appreciated!

like

What are the best consulting firms to work at if I want to exit to Big tech in few years (after reaching manager)?

Healthcare Consulting in Canada: MBB, Big 4 or boutique firms?

likefunny

Has anyone here started their consulting career from an audit role at a B4? If so, how difficult is it to switch?

like

What’s the comp (base + bonus) for post MBA roles at Mbb in Toronto?

like

What are some of the best consulting firms for digital strategy roles? Looking for a change and was wondering which of the T1/T2 firms have digital practices in Canada. I have applied to ATK and McK. BCG is working to establish their presence in Canada but their team is focused on establishing top down. Bain doesn’t have digital focus. Can anyone shed some light on other T2 firms?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal