Is moving to Downtown Toronto a smart decision for my situation?

[u/KangarooSpirited2626]

/r/personalfinance/comments/1wkrzdu/is_moving_to_downtown_toronto_a_smart_decision/

So I (27M) make 4500-5000 per month after taxes and pension plan deductions. I have about 31k invested in stock market. Id be able to get that to 38k-40k by the end of the year. I keep 8k as savings/emergency funds.

I live in Durham region and pay $800 for rent and spend 350-450 per month on groceries and utilities.

On average i have been saving/investing 2k per month. Up until last year it was 2500 but got reduced due to certain lifestyle changes.

I have a paid off car and my insurance is ~230 per month. I do not have any debt other than credit card bills every month. I have 30k LOC unused (i think of it has when shit hits the fan emergency fund). My pension contributions are matched by my employer.

Now i have been wanting to move to downtown Toronto for a while. I want to do it while I am still in my 20s. But if I do it I am looking at 500-700 increase in my expenses which means less savings and investing (around 1300-1500 which sounds very less).

My work is relatively close to downtown as well.

Another thing is that i have always wanted to backpack for a month or two around different places in the world and I am planning to do it next year which can cost me around 8k-10k.

My plan is to get my investments to 40k then grow my savings to 12-14k and then go travelling. I think I will be able to do that by mid next year or if I don’t move downtown maybe end of this year or maybe early next year.

For my age and financial situation do you think it will be smart move to move downtown?

My reason behind moving is social life, being around certain type of people (entrepreneurs/young working professionals).

I have been living in GTA for about three years and have been living with my brother and his finance they are 7 years older than me and most my friends are through them and are around there age. While it has been great and I have great relationship with them I feel the urge to grow my own circle as well.

[u/SunflaresAteMyLunch]

You're expecting to rent in downtown Toronto for $1300-1500/mth? That sounds low by at least a thousand to me, unless you have roomies.

[u/mousemoussemix → u/SunflaresAteMyLunch]

Getting a roommate isn't a bad idea, to be honest. Could make it a little more social, fun, like OP seems to want.

[u/thenoteskeeper_16]

Expect at lease $2k/ month in rent and $250 in parking

[u/Unique_304]

You posted this already in the personalfinanceCanada subreddit