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First raise as a dev, is it enough?

Hi all, I have a CS degree and did a 10-week coding bootcamp. I pretty much took the first job I could get and didn't care about pay because I desperately needed experience.

Its a software dev role(mostly backend) at a small startup of 8 people in Toronto, Canada and my starting pay was $47,300.

I have been here 9 months now and it is time to sign a new contract. The new number they offered is $50,000, and to be honest I was disappointed when I saw it. I have been performing well and the bosses tell me so.

I feel a huge difference in my confidence as a programmer compared to when I first started, and I feel I am worth more than $50k. I want to ask for something around $55k but it is a huge jump but only because I accepted a low pay to begin with and if I don't have a big jump sometime I will always feel underpaid.

Am I overvaluing my 9 months of experience and good performance?

Any advice is appreciated.