With no mortgage, that's a huge chunk of your salary you get to save. That being said, with 2 kids it'll still be tight. Not as bad as with a mortgage, but still hard.

My suggestion, which might make it easier, have you considered doing an at-home daycare? You can watch your own kids, while getting paid to watch other children as well. This cuts out majority of your transit bills, and will cut out daycare bills for your own children. Also depending on where you live (I'm from canada) you can write off part of your home on your taxes from being an at home business (this is what my aunt, who has run an at home daycare for over 30 years, has done). If you set things up right, you can make a very decent living while staying at home, but again this kinda depends on where you are from, the child to adult ratio in your area, and how much parents are willing to spend on at home child care, and if you are willing and have the space to run such a business.

But yes, it will still be tough to raise 2 kids with a single, child care level, income, but its also hard to raise 2 kids as a single parent in any field really. If you budget correctly, and skip out on luxuries, I personally believe you can make it work, especially since you have a roof over your head fully paid for, but this also depends HEAVILY on the price of living in your area.

Honestly there's too many variables at play to give a definitive answer. I know ECE's who work in cheaper areas and can afford a nice 2 bedroom condo on their own, and I know ECE's who live closer to the GTA who can't afford housing without 1-2 roommates, and both get paid relatively the same.