What do you think is the household income needed for a comfortable life in Toronto? By comfortable I mean you have kids, a house that may be modest but is enough space (eg 3-4 bedrooms). Able to eat out, go on a nice vacation each year, etc., and maybe the house is in the GTA (Oakville / Burlington for example)

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half a mil HHI

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Well hamilton is not toronto is it? No one wants to live in that shithole

likefunnysmart

For context, my HHI is ~360k and we feel like we’re just getting by (obviously not like some other people but I mean relative to how I imagined our life would be at this income) we are saving a little bit for retirement but not much, we can’t afford the size of house we would like (as described above) and not putting much into savings. I know we’re doing well compared to the majority but I honestly thought we would be more comfortable!

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Thanks for info!! We only just started saving for retirement this year (in our early 30s). Until then we were paying off student debt and saving for a downpayment . We’re both using our company RRSP plans as our only savings for retirement so that’s what I mean by barely saving! I know it’s not nothing but starting this late and only using that ,likely won’t get us to a big retirement savings account + we’re not living extravagant lives currently and barely able to afford a 4 bedroom home that we love! (Of course we have to temper our expectations on the house front) I just really thought we would be more comfortable by now given we are probably in the top 5-2% of house hold incomes for our age or at all!

IMO min $400k HHI with one kid and a house. This ensures you can live comfortably and save for retirement

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$500k hhi.

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