In Ontario, a couple we’ll call Matt, 54, and Hillary, 50, make a good living, Matt in financial services, Hillary in a large service organization. They have a daughter in her 20s who is financially independent. Matt and Hillary bring home $9,892 per month and have prospered by trading up in the prolonged real-estate boom. A semi-detached house purchased a decade-and-a-half ago tripled in value in their downtown market. They now have a $1 million home, a $560,000 investment property, $204,000 of RRSPs, $4,800 in TFSAs and two cars, with an estimated total value of $21,800. For a couple who came to Canada 18 years ago, prosperity is a sign of their achievements.

But their financial picture is not all perfect. They owe $689,000 in mortgages, $25,000 on an investment loan for a poorly performing mutual fund, $17,827 for a car loan and $6,000 on a line of credit. This leaves them with a net worth of $1,057,273, about 82 per cent of which is tied up in real estate.