Tech worker, 37, earning $166,000 has a Toronto condo that’s dropped in value — SkimNews
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- Jason, 37, earns $166,000 annually as a product manager at a Toronto tech company and has accumulated $515,000 across his TFSA ($215,000), RRSP ($240,000) and LIRA ($60,000), while carrying an $18,000 car lease and a $355,000 mortgage.
- Jason kept student debt under $10,000 using grants and summer internships, then lived with his parents post-graduation while mentally charging himself fictional rent and property tax to fast-track his net-worth growth.
- Jason's one-bedroom Toronto condo is worth less than he paid for it, making him hesitant to upgrade to a townhouse because he fears overextending on monthly bills if he takes on more housing debt.
- Age discrimination in technology is Jason's stated top financial concern; he says the industry has a narrowing career window and he'd eventually like to move into part-time tech work, though he hasn't found a way to do so.
- Jason moved overseas in his early 30s and credits the stint with accelerating his career, noting that many international firms with U.S. offices don't maintain Canadian ones; he advises younger workers to be willing to relocate to climb faster.
- Jason's largest monthly outflow is $4,400 in payroll deductions, followed by $2,100 in mortgage payments, $830 in RRSP contributions (half employer-matched) and $700 for a leased performance sports car.
Why it matters: For a six-figure tech earner with $515,000 in tax-sheltered savings, the condo value drop shows how even disciplined FIRE-style saving can't fully shield workers from Toronto's housing correction. Jason's ageism worry adds urgency — his career runway is narrowing just as the condo, typically the bridge to a family-sized home, loses equity.
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