u/Material_Brief_1319

incoming med student, just had a couple advisor meetings with scotiabank, and have picked up on some niche advice that i would not have known otherwise.

- tenant insurance is apparently offered at a discounted rate via OMA

- was told that even if i don't contribute to my FHSA, i should still open it to have my 5 years of contribution room because you can reduce your taxable income but being aware of the 15 year time limit to buying a home with it (so opening it around third/fourth year)

any other advice thats not immediately known?

Hey everyone! I’m an incoming U of T med student and have started looking into housing options for the fall.

From what I’ve seen so far, a really nice place with roommates (good location, newer building, more space, better amenities) tends to be around $1,700–1,900/month, whereas places that are a bit farther away, smaller/older, or have some drawbacks (e.g., lots of Airbnb units, poorer management, maintenance issues) are more in the $1,400–1,700/month range.

I’m trying to figure out whether paying an extra $200–300/month is actually worth it. Over four years, that works out to roughly $9,600–14,400 in additional housing costs, which is obviously a significant amount once interest and opportunity cost are considered. Furthermore, if I really wanted to, I could spend that money travelling.

For those who have gone through med school, do you feel that spending more for a nicer living situation was worth it in terms of quality of life, convenience, and mental health? Or do you think it’s better to minimize housing costs and keep debt as low as possible?

Would love to hear how others approached this decision and whether, in hindsight, you would make the same choice.