Husband, wife, two kids, in a major city, renting a home, on a single salary. Not sure what he is expecting. America in the 1950s maybe.
There's some serious, serious victim mentality issues in that vid. ,,Misery loves company" There's plenty of that in the comment section. I expected him to say in the end ,,I was kidding", but, nope. I will use this video in my future, for personal ,,study", whenever someone will ask me for information about finance. Will send them it & will ask them : ,,How do you think, where was his mistake/s ?"
Eastern European software developer here, making about $120k gross per year. Rent here in major city is $300 per month and car insurance $150 per year, literally 10x less than what this guy quotes for Canada
The guy is the wrong city. Vancouver Canada has had the highest increase in real estate value for the last 10 years, thanks to you know which group of people who came in here and pushed up the real estate price everywhere and that increase has obviously spilled over to the rental market as well. I am sure if he moves around, he can find cities in Canada that have lot lower rent or housing prices than in Vancouver which is what other people have already suggested. And the guy should've bought a house especially when the interest rate was dirt cheap low during the covid times. The guy's got a wife and two kids and a dog and he's renting houses??!! Renting is like throwing money away unless you are in a situation where you need to move a lot because you are not saving anything and you are not building anything. You are just paying for somebody else's mortgage and in the end, after you spent all the rent, you still have nothing. The guy's got a family that's not going all over the place, WHY is he throwing away money renting and renting a house?? And btw the guy's comparing the mortgage payment for a "build your own" house which is much more expensive than just buying a pre-owned house just like anyone else. The guy's just not making the best financial decisions that are most suitable for his situation and is blaming his problem on other things. If he and his wife are both working and making good money, there is no way they cannot buy a house. And he's not realistic about his salary either. The guy he's comparing his salary to is(was) working for some of the top software-developing companies (probably Google or Alpha) and nobody in the world will be able to match that.
I know two software guys...one working for a company in Vancouver and the other in Montréal. These are two very expensive cities to reside in with a family. In contrast, since the Pandemic...they moved out of the city and live about 2 - 3 hours away in a much cheaper location and in a bigger home (with a pool). They're able to do that because they work remotely since the Pandemic and their jobs plan to keep it that way...savings, happier employees, and employees working harder = better quality of life. I didn't listen to the entire video but he should have mentioned the cheaper (savings) in Canada while raising kids versus the United States. As a dual citizen of both countries and having homes in both countries...much cheaper to raise a family in Canada...safer too. wrbtrader
You just saved 10 mins of your life. Summary : After taxes nothing is left. Housing market is nuts. It's goverments fault. Goverment lures in specialists from abroad. Don't live in Canada. Disclaimer : i have a different opinion
I don’t see Canada being any better than the US for raising kids, unless you’re talking about playing hockey. Of course it takes money. Raising a kid is not cheap. A little more than $40K per year for private school here, K-12. Two more years and then the nephew is off to college. Looking at around $80K per year for tuition alone. I’m not counting the flying lessons, surfing, scuba, tennis, summer camps, on and on. $2 million is probably a good total estimate.
Flying lessons??!!! Who gives their kid flying lessons unless they live on a farm?? That is what's wrong with kids today, overloaded with education. When I was growing up, it was playing with the neighbours' kids and that's it after the homework is finished.
Private schools are totally unnecessary in Canada. I see a lot of recent immigrants falling into that trap. Just like my generation any intelligent kid in Canada these days can attend public schools, attend a top Cdn university, and have a tremendous career. The cost of that is a fraction of the other options. I could illustrate with real world example but I'll spare you the details it suffices to say I've seen the results from a number of millennials in recent years. Those of us who grew up in Canada attending public schools have no lack of confidence in the system here.