Toronto · CAD · very high cost city
Savings rate in Toronto — are you on track?
Toronto is a very high cost city. Toronto median rent exceeded C$2,400/month in 2023, the highest in Canada. Toronto's housing crisis compresses savings rates at all but the highest income levels.
Median rent
C$2,400/mo
Toronto 2023
Typical other costs
C$1,800/mo
excl. housing
Savings benchmark
4–14%
mid-income CAD
Pre-set for Toronto — adjust to your situation
What a good savings rate looks like in Toronto
Using data from Statistics Canada SHS 2023, people at mid-range incomes in Canada typically save between 4–14% of gross income. In a very high cost city like Toronto, housing costs can compress that meaningfully — especially for renters.
Minimum
4%
floor — not building
Expected
8%
benchmark
Strong
20%
top tier
Source: Statistics Canada SHS 2023. Benchmarks shown for mid-income earners in Canada.
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