There are only 3 important numbers that Canadian investors need to keep in mind if they want to join the $1 million club

1. Net worth
2. Savings rate
3. Rate of return

Here’s a closer look at each of these wealth-building blocks — and how Canadians can put them to work.

Net worth

You can only begin to make intentional progress if you know where you stand today. That’s why the most basic number to track is your net worth — what you own minus what you owe.

Calculating net worth sounds simple, but many Canadians never do it. The Financial Consumer Agency of Canada (FCAC) found that while 72.5% of Canadians showed strong financial knowledge in early 2025, only 56.7% reported good overall financial well-being. In other words, knowing what to do with your money and actually doing it are two different things.

According to Statistics Canada’s Survey of Financial Security, the median net worth for families headed by someone aged 35 to 44 was $409,300 in 2023, up from $270,800 in 2019. Net worth climbs with age and homeownership, since home equity is typically the single largest asset on the balance sheets for most Canadians.

Fortunately, you don’t need sophisticated tools or AI to track your net worth. A simple spreadsheet listing your assets — cash, a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP), non-registered investments and home equity — minus your debts — will do the job. Free compound interest calculators like the one from Get Smarter About Money or your own bank can also generate a quick benchmark against other Canadian households.

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Boosting your net worth through real estate

Knowing your net worth is only the first step. Growing it is what counts.

One of the most reliable ways to build long-term wealth is real estate — an asset that can generate income, appreciate over time and offer tax advantages. For most Canadians, that means home ownership. But you don’t need a mortgage or a downpayment to get some exposure to real estate.

Real Estate Investment Trusts (REITs) let Canadians invest in portfolios of income-producing properties — apartment buildings, industrial space, retail — without buying or managing a single property. Most Canadian REITs trade right on the Toronto Stock Exchange (TSX) and will typically pay monthly rather than quarterly distributions, unlike many U.S. REITs.

Because REIT distributions don’t qualify for the Canadian dividend tax credit, many investors prefer to hold them inside a TFSA or RRSP, where the income grows tax-free or tax-deferred rather than being taxed as regular income each year.

If you have more capital and want to invest directly in a single property or a private real estate fund, several licensed Canadian platforms let investors buy into individual properties for as little as $100. These platforms operate through a registered Exempt Market Dealer (EMD), with your money held in trust at a Canadian bank. As with any private investment, make sure you understand the fees, how easily you can access your money and the track record of whoever is managing the fund before you commit.

Whichever route you choose, having a professional review your full financial picture can make a real difference. Only about 43% of Canadians sought advice from a financial advisor in the past year, according to a joint study by Edward Jones and Gallup — but among those who did, 90% said they felt confident managing their finances, compared with 70% of those who didn’t seek advice. That number rises sharply with wealth: Roughly 68% of high-net-worth Canadians work with a financial planner, compared with about 23% of everyday investors, according to a 2025 industry survey.

A Certified Financial Planner (CFP) or Qualified Associate Financial Planner (QAFP) can help align your real estate, tax and retirement strategy under one plan. FP Canada maintains a public directory of licensed planners, which is a more reliable starting point than a random online referral.

Savings rate

If you’re trying to reach your number, tracking how much you or your family save every year is essential. Raise your savings rate high enough to meet your goal, and you shorten the whole journey.

To raise this figure, keep a close eye on expenses that quietly climb every year. Two of the biggest culprits for Canadian households are home and auto insurance.

Home and mortgage insurance costs rose 4.6% year-over-year as of May 2026, according to Statistics Canada’s Consumer Price Index (CPI) as cited by Ratehub — well above general inflation. The Insurance Bureau of Canada reports that severe weather-related insured losses topped $2.4 billion in 2025, on the heels of a record $9.4-billion year in 2024, and insurers continue to pass much of that cost on to policyholders by raising their premiums.

Auto insurance hasn’t been any kinder to household budgets, with premiums rising 6% year-over-year in June, mainly due to inflationary concerns, according to Ratehub. However, historical trends in auto theft have also played a part in elevated rates. Over a 10-year period beginning in 2015, claim counts spiked 38%, while the dollar value of theft claims surged 169%, according to the Insurance Bureau of Canada. This has resulted in a plethora of carriers being more cautious when underwriting high‑theft vehicles and introducing surcharges or minimum deductibles, with some requiring additional anti‑theft measures — such as tracking devices — before even offering comprehensive coverage.

Shopping around at renewal, bundling home and auto policies, and raising your deductible — only if you can comfortably cover it — are reliable ways to claw back some of that increase and redirect the difference into savings.

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