Why Living in Toronto Leaves YOU Feeling Poor & Anxious about Money

In this video, I get into the reasons behind why residing in Toronto can evoke a sense of financial strain and anxiety. Having spent the majority of my adult life in Toronto, while I appreciate the city, I've begun to acknowledge the potential challenges that make it less than ideal for the long term, primarily due to its high cost of living.
I share insights into my personal situation, the real estate market, and the various life expenses one must consider. It's crucial to understand that, ultimately, money isn't the sole determinant of happiness. I firmly believe that someone earning 50k a year can experience the same level of contentment as an individual earning 500k a year-it's all about perspective.
Hope you enjoy and I will see you all in the next one,
-Frank
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🕒 TIMELINE
0:00​​​​​​​​​​ INTRO
1:22 CURRENT SITUATION
3:51 UNAFFORDABLE REAL ESTATE
5:44 WHAT ABOUT - OTHER EXPENSES?
7:02 CONCLUSION
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[@tns-rox]

The financial issues residents of Toronto are facing are being experienced throughout North America and beyond. Skyrocketing rents have increased by approximately 500% since 1980. If that trend continues, a one bedroom apartment may rent for $9,000+/month in 2060. Hard to fathom, but not an impossibility. The best book I ever read about money is Money Is My Friend by Phil Laut. I highly recommend it, especially in light of your lifelong anxiety about money. Thanks, Frank, for your great and timely video, to which many people can relate. Please consider writing a book about the challenges facing people of your generation and younger. You have a lot to say, and you're a great communicator.👍

[@FrankHuynh]

Thanks so much. Appreciate your kind comments on my videos btw - they're not unnoticed! I'll have to check that book out (Money is My Friend) it sounds insightful

[@tns-rox]

@@FrankHuynh Thanks, Frank! I hope you enjoy the book as much as I did.

[@sandeeps5989]

Yes, these issues are being experienced globally but what makes one really anxious in GTA/Vancouver is the deadly low salaries even for people working in highly skilled jobs like technology. It is simply not worth planning your family's future in these cities.

[@aberf0yle]

Name one country where income to debt tied into housing is as much as it is in Canada? Hint: Canada is #1

[@NicksDynasty]

Keep up your consistency and quality and this channel will secure your big bag to cover your housing in Toronto 👍🏿 Love all of your posts I wish you well in the city

[@FrankHuynh]

Thanks Nick! Really appreciate the comment. Hope your channel success as well

[@tylorg7971]

It gets especially grim when you realize once you got that $500K piece of property, you’re spending around or over $3K/mo for the mortgage with the current interest rates, alone. Not including the condo fee (as low as $0 for new builds, up to even $800-1K for old builds), utilities, and property tax. Even if you put down 20%, you’re still hovering around the $3K mark. Suddenly that $2600 doesn’t sound so bad.

[@FrankHuynh]

Sad but true. Ya $3K/Month is quite the hit, even on a 20% down, for what you'll get (1 bedroom) and yes exactly, that doesn't include the other living expenses. Thanks for the comment, Tylor - hope all is well.

[@Star6azer]

I make 80k, rent, support a spouse and 2 cats. I cannot save to afford a home in this life time at this rate. I own my car, my commute is an hour drive each way between Toronto and Brampton. I want to move out of the province but don't see how I'll be able to find another job that pays 80k with low costs of living. We're taxed to death, you'll never be able to afford to raise a family, a home, and enjoy hobbies. You have shrinkflation and inflation on products and services that outpaces wages. You're told to live below your means and save, but the government raises the national debt and give bailouts to corporations and other countries while the average Canadian struggle. Go figure. If I was single living in a shoe box then maybe 80k is manageable. Great video, it really hit home.

[@FrankHuynh]

its quite challenging to have it altogether here. Thanks for watching!

[@zackrose4644]

Very insightful. Cost of living is going through the roof. Keep it up!

[@FrankHuynh]

Thanks! I know.. and living in Toronto doesn't help :/

[@redman072980]

Born and raised in Toronto. Canada is turning into a joke, Im looking to leave the country in the foreseeable until the country figures it out. Don't forget we aren't getting any younger and you got to start planning for the day you can't work anymore. And I don't see Canada going back to affordability from the 2000's anytime soon.

[@FrankHuynh]

At the end of day, you're right you must do what's best for your future and even if that decision is leaving. Wish you best of luck!

[@aberf0yle]

Need to get Trudeau out of office for a start..

[@kenrenji1]

Personally I live in Toronto and my recommendation is get a roommate and don’t own a car. I pay 1500 with my own bedroom and washroom, and use car sharing like Commute auto. Living like this my average monthly spending is 3k. If you made the 75k and took home 4.4K like he said you’d save 1.4K a month, 27%. Personally I think it’s pretty luxurious to want to be living alone with a car living in a world class city. Yes it has its problems but we have to remember it’s the 4th largest city in North America

[@FrankHuynh]

thats one way to make it work here!

[@bigvalexander8917]

Hey Frank. Great video.. Was recommended your channel by KZbin. I moved to Toronto in 2012 at 32 and took over subletting my brothers rental in the annex. It wasn't very nice but in a great area. Was paying under $1200 for rent and got pushed out this summer when the place sold and "family members wanted to move in". Fought for a year against it with the land lord and tenant board for an unlawful eviction. Moved to the suburbs in July thinking I'd dread missing the faster paced life of downtown but actually love it out here. I spend half as much time driving places due to that Toronto traffic, parking isn't a nightmare and in general since covid changed the vibe of the city, I haven't been back once in 6 months and don't miss it at all. Not sure what my point is but wanted to share my story.

[@FrankHuynh]

No worries, thanks for sharing your story. Sorry to hear you were pushed out of Toronto in the summer and had to go through the troubles with the landlord and tenant board. It does sound like it all worked out in the end and that you're enjoying your new life out in the suburbs**. All the best out there!

[@bigvalexander8917]

@@FrankHuynh suburbs meant just north east of Toronto, would not move to Calgary lol .

[@FrankHuynh]

@@bigvalexander8917 opps, my error!

[@sportinguista09]

You are the reason I’m scared of owning rental properties.

[@bigvalexander8917]

@@sportinguista09 ignorant comment. You need to be scared of squatters who stop paying rent and won't move out. I always paid my rent and looked after the house like it was my own. There's a reason laws exist and landlord and TENANT board. If you want to buy a rental property plenty exist that don't have people living in them already! As in you aren't allowed to displace people so you can grow your wealth.

[@theloniuspoon]

its kinda just become like nyc its mad expensive and our salaries dont match nyc income

[@FrankHuynh]

I guess its every major city too

[@coreyschneider4041]

I make 80K. I rent a room. Super cheap $550 per month. Only way to feel financially comfortable and have spending money. I also bought a house an hour away in Cambridge and rent it out. To live in the GTA and thrive, you have to get creative.

[@FrankHuynh]

thats a great strategy you put in place

[@borisli4817]

Only ppl surviving are being passed down generational wealth/homes from people who were 20-30 yrs prior. I know even doctors and lawyers fresh out of school now that are struggling. Back then even taxes weren't as high. We are in the highest tax time, highest inflation time, world in general more overpopulated so theres so much competition. If you don't already own i would avoid stressing out about throwing the life savings just to put a down payment.

[@FrankHuynh]

Down payment "gifts" from parents is another thing -- given people aren't exactly going to want to shout this out loud either.

[@LazyXAznX]

Yes Frank!! lol i quit living in hard mode. Calgary is way worth!!

[@FrankHuynh]

haha good to hear from you Henry - wise decision too. The city must be as easy as our tech lab job days :P

[@stephenn88]

Calgary’s condo is overpriced now. Thanks for all Toronto and Vancouver “investors” 😢frank should do a comparison

[@ProfessionalCleancutguy]

Ah! Alberta that was regarded as "dead". Now prices have skyrocketed. Thank y'all 😏

[@FrankHuynh]

@@stephenn88 good idea!

[@yp5387]

One of the worst decision I made when I decided to move to Canada. I regret it everyday. Everything is so expensive, let alone buying a new house. Even after spending million for home, it is only 2500sqft. That is a joke. For million we should be able to buy a Mansion. I own a sedan car and paying $280 per month for an auto insurance. This is ridiculous. And I know folks who are paying $400 per month for an insurance.

[@FrankHuynh]

sorry to hear

[@miladk.2064]

Try learning higher paying skills and move to a lower cost of living city. Be glad you have access to clean drinking water, unlimited food, human rights, freedom, no war. Many people around the world would do anything to come to Canada.

[@yp5387]

@@miladk.2064 Unfortunately that's not how the human mind works. We just can't be happy because we have clean water, and fresh air to breathe. And I am not the only one complaining about it.

[@ronl1633]

It's not just Toronto, It is Canada wide.

[@FrankHuynh]

it's very unfortunate

[@ihor4256]

Bro, you don’t need to buy an apartment to gain financial independence. Just put aside some money to low fee index funds every month and you will be happy at your retirement

[@FrankHuynh]

agreed!

[@FrankHuynh]

What's your thoughts on living in Toronto and/or how are you doing financially ?

[@christophersonawane]

I lost my job during the lay offs and I am absolutely f**ked. I am behind on rent and my credit score tanked from 750+ to below 650…finally paid off my CC debt but still have rent debt. It’s beyond messed up. I am considering leaving. There are barely any jobs here either.

[@FrankHuynh]

@@christophersonawanesorry to hear. I've lost my job in the past as well - its tough. Keep your head up during these times.

[@XcaLiPaul]

What do you expect when you immigrate 1-2.5% of your total countries population a year and they all go to two locations. It then forced the prices up rapidly in those two spots causing people to sell and move to smaller towns and push up those markets to make them un-affordable.

[@FrankHuynh]

It’s wild how rapid prices have gone up hey

[@edwardlin]

See you in Calgary

[@FrankHuynh]

lol - we'll see. letting life run its course.

[@stephenn88]

@@FrankHuynh life comes in full circle ⭕️

[@FrankHuynh]

@@stephenn88😹

[@ptccanada]

Left that hole in 1994 for Alberta and best decision of my life!

[@FrankHuynh]

😦

[@quixomega]

I'm honestly unsure as to why anyone moves to Toronto today.

[@FrankHuynh]

opportunities i find is one of the bigger reasons. but def expensive!

[@ghenghiskhan6703]

Toronto sucks hella bad. The only thing good about it is the variety of ethnic food. I left and I live in Ottawa now.

[@FrankHuynh]

nice hope ottawa is serving you well!

[@illya3383]

It’s like if you make enough to live here why not move somewhere nicer lol

[@SuckitUButterCup]

According to the Government of Canada, in 2023 so far, 345k new jobs were created (not full time), with over 1 million immigrants/students who arrived also in the same year. You can blame Trudeau for many hardships... and enough money leftover for weapons to send overseas.

[@FrankHuynh]

🤔

[@movingtocalgary01]

Better move to Alberta 🏔️ ☀️

[@ProfessionalCleancutguy]

Please, don't invite more people 😂

[@nelsoncorreia7293]

Alberta too is in a bubble, even if substantially cheaper than Ontario and BC. It too will become unaffordable.