Ontario city named best place in Canada for putting money away

We all have our reasons for saving money, whether it's to buy a home, pay off debt or start a business. When it comes to saving for retirement, one city in Ontario stands out as the best in Canada.

A new report from Tangerine, which looks at the best Canadian cities for meeting financial goals, named Kitchener-Waterloo as the best city to save for retirement. 

The bank analyzed thousands of online conversations nationwide from March 2024 to March 2025 to identify where people are most satisfied when it comes to meeting their money goals. The two main criteria were the overall percentage of positive responses (Joy Score) and the frequency and emotional resonance of each particular goal (Importance Rank). 

Residents rated Kitchener-Waterloo — a city known for its booming tech sector and top universities — 4.62 out of 5, with the report citing it as a great place to work, save money, and enjoy life. 

"No need to burn out while working toward your retirement goals. Kitchener-Waterloo makes it possible to save while enjoying life," reads the report.

Tangerine

With a population of over 696,000 people, the median household income in Kitchener-Waterloo sits at $92,000, according to 2021 stats. The average household income in Toronto was significantly lower, at $82,000, despite the higher living costs associated with city life.

In general, houses in Kitchener-Waterloo are much cheaper. In 2025, the average price for a home was $673,100, while in Toronto, the average rang up to $956,800. 

Aside from being a great place to save for retirement, the report also declared Kitchener-Waterloo a Kitchener-Waterloo as a top city for entrepreneurship and innovation; however, when it comes to being the best city for tech startups, no other city tops Toronto.