{"id":767387,"date":"2026-06-28T19:57:16","date_gmt":"2026-06-28T19:57:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/767387\/"},"modified":"2026-06-28T19:57:16","modified_gmt":"2026-06-28T19:57:16","slug":"oakville-couple-earning-more-than-400000-makes-mortgage-payments-of-8000-each-month","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/767387\/","title":{"rendered":"Oakville couple earning more than $400,000 makes mortgage payments of $8,000 each month"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

iStockPhoto \/ Getty Images<\/p>\n

Name, age: Bobby, 36<\/p>\n

Annual income: $220,600, including salary, bonuses and stocks<\/p>\n

Debt: $500,000 on mortgage<\/p>\n

Savings: $10,000 in savings account, $275,000 in tax-free savings account (TFSA), $550,000 inregistered retirement savings plan (RRSP), $33,000 in registered educationsavings plan (RESP)<\/p>\n

What he does: Software development consultant<\/p>\n

Where he lives: Oakville, Ont.<\/p>\n

Top financial concerns: \u201cA layoff for either of us, given the job market, would make it quite a challenge to make ends meet.\u201d<\/p>\n

Bobby and his wife bought their house in Oakville, Ont., an affluent corner of the Greater Toronto Area, during the pandemic, at a time when the real estate market was soaring. <\/p>\n

They had just had their first child and were feeling cramped in a small condo in North York. They also wanted to be closer to both sets of their parents.<\/p>\n

\u201cWe probably picked a pretty poor moment to buy housing,\u201d says Bobby, a technology worker who makes more than $200,000. \u201cOur baby was young, we wanted a place, and kept being outbid. As a result, our housing costs are a lot more than either of us would like.\u201d<\/p>\n

They paid $2.3-million for a four-bedroom, double-garage house that is about 3,000 square feet. The couple used equity from each of their condo sales, a total of almost $1-million, toward the purchase. At the time, their monthly mortgage payment was $10,000. \u201cSaying that out loud is insane,\u201d says Bobby. That number has since come down to $8,000, as they have aggressively paid down their mortgage. <\/p>\n

A 26-year-old banker earning $180,000 worries about \u2018AI and how it changes our careers\u2019<\/a><\/p>\n

\u201cMy wife and I didn\u2019t want to move into a so-called starter home and feel we\u2019d have to move again and again as our kids get bigger,\u201d said Bobby, whose two children are now four and one years old. \u201cWe went into one home we thought we could live in for 30 years.\u201d<\/p>\n

Bobby\u2019s wife also works in tech and makes more than $200,000. Both are immigrants, who moved to Canada as children. Bobby says they also share financial values, including a drive to eliminate their debt as quickly as possible. They have about $500,000 left on their mortgage and plan to keep grinding until it\u2019s gone. <\/p>\n

Bobby says that focus is dictating their other financial decisions. He doesn\u2019t buy much for himself, and most of his discretionary spending goes to activities for their four-year-old daughter. <\/p>\n

\u201cIt keeps her engaged and healthy,\u201d he says, adding that a weekly date night with his wife is a far-away dream right now. \u201cWhen we clear our mortgage, I should take my wife out for a nice dinner.\u201d<\/p>\n

Considering the family\u2019s high income, Bobby says it\u2019s \u201cstrange\u201d to feel financially pressed.<\/p>\n

\u201cWe\u2019re pretty conscious of not trying to keep up with our neighbours but it feels we can struggle sometimes,\u201d he said. \u201cI am not unaware of the privilege we\u2019re in, and I struggle to understand how Canadian households are getting by.\u201d<\/p>\n

An administrative assistant\u2019s $18,000 wedding will have a sit-down dinner, but she\u2019ll do her own hair and makeup<\/a><\/p>\n

His typical monthly expenses<\/p>\n

Investment and savings: $3,672<\/p>\n

$764 to work pension. \u201cDefined contribution plan.\u201d<\/p>\n

$1,908 to employer stock purchase plan<\/p>\n

$583 to TFSA. \u201cAnnual contribution at the beginning of the year.\u201d<\/p>\n

$417 to RESP. \u201c$2,500 annually at the beginning of the year for each child to maximize compounding time and government grant.\u201d<\/p>\n

Servicing debt: $4,000<\/p>\n

$4,000 to mortgage. \u201c$8,000 a month, split between wife and I.\u201d<\/p>\n

Household and transportation: $1,746<\/p>\n

$167 to property insurance<\/p>\n

$742 to property tax<\/p>\n

$120 to electricity<\/p>\n

$50 to water bill<\/p>\n

$75 to natural gas<\/p>\n

$150 to gasoline<\/p>\n

$167 to car insurance<\/p>\n

$5 to car maintenance. \u201cDo-it-yourself seasonal tire changes and oil changes.\u201d<\/p>\n

$160 on transit. \u201cDowntown for work.\u201d<\/p>\n

$25 on Uber or taxis<\/p>\n

$35 to cellphone <\/p>\n

$50 to internet<\/p>\n

Food and drink: $1,050<\/p>\n

$700 on groceries. \u201cWe try to buy our food at discount chains like No Frills. Will go to nicer chains like Farm Boy for fruit that the kids consume.\u201d<\/p>\n

$350 on restaurants. \u201cOakville doesn\u2019t have a ton of exciting food options, but it can be tough to make food on busy days.\u201d<\/p>\n

Miscellaneous: $5,792<\/p>\n

$3,100 to income tax<\/p>\n

$742 to Canada Pension Plan<\/p>\n

$208 to Employment Insurance<\/p>\n

$14 to streaming services. \u201cNetflix, Disney+ and Amazon Prime in one bundle.\u201d<\/p>\n

$13 on clothing. \u201cI\u2019ll try to plan ahead for the future year to buy clearance items.\u201d<\/p>\n

$320 on sports. \u201cDaughter enrolled in one to two activities a season. I\u2019m in a city-sponsored men\u2019s hockey league.\u201d<\/p>\n

$240 on after-school care <\/p>\n

$100 for diapers and miscellaneous child expenses <\/p>\n

$15 for haircuts. \u201c$30 every two months.\u201d<\/p>\n

$833 for vacations. \u201cWe are saving for and budgeting for an Asia trip.\u201d<\/p>\n

$42 to donations<\/p>\n

$125 on gifts. \u201cIt adds up with kids\u2019 birthday parties.\u201d<\/p>\n

$40 to life insurance<\/p>\n

Some details may be changed to protect the privacy of the person profiled. We want to thank them for sharing their story.<\/p>\n

Participate in the Paycheque Project<\/p>\n

\nWelcome to Paycheque Project, a regular series in The Globe and Mail that looks at how much young Canadians are earning \u2013 and where that money is going. We’d like to hear from young adults from a diverse range of backgrounds, geographic locations, and earnings ranges.<\/p>\n

If you’re a millennial or Gen Z and would like to participate, fill out the form below or send an email to Roma Luciw at rluciw@globeandmail.com. Please include your name, age, where you live, occupation, your biggest financial concern and your email. And remember, Paycheque Project is a judgement-free zone.\n <\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: iStockPhoto \/ Getty Images Name, age: Bobby, 36 Annual income: $220,600, including salary,…\n","protected":false},"author":2,"featured_media":767388,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48,10526],"class_list":["post-767387","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada","tag-paychequeproject"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/767387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=767387"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/767387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/767388"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=767387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=767387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=767387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}