Canadian household wealth has reached a record high, driven by a stock market rally and rising disposable incomes. Statistics Canada reported that household net worth increased by 3.3% in the first quarter (Q1) of 2024, reaching C$16.9 trillion ($12.3 trillion). Household net worth rose by nearly $550 billion over the first quarter. Additionally, household disposable incomes grew faster than debt, though the household debt burden remains high at 176.4%, indicating Canadians owe $1.76 for every post-tax dollar. A StatCan report also highlighted that 90% of Canadian wealth is now in the hands of homeowners, reflecting financial gains concentrated among a few households. Two-thirds of first-time homebuyers are putting more than 20% down on their mortgages, the highest share ever recorded.
Canada’s rich getting richer, StatCan report finds, with 90% of Canadian wealth now in the hands of homeowners. The gains are not evenly spread across Canadians, the agency noted, meaning they reflect the financial success of few households. https://t.co/Lk3SN0H5Lc
🔥🔥NEW Two-thirds of first-time homebuyers in Canada are putting more than 20% down on their mortgage The highest share ever recorded. This is a rich mans game now. https://t.co/gbyWdeUjyt
Household net worth rose by nearly $550-billion over the 1st quarter, Statistics Canada said Thursday. That brought overall household wealth to $16.9-trillion. The household debt burden was 176.4 per cent, meaning Canadians owe $1.76 for every post-tax $. https://t.co/YyQSWqKOKr https://t.co/3nA3mhs5Po
Household disposable incomes grew faster than debt in Q1, StatCan says https://t.co/4Eb3INmNAb https://t.co/rRGOaDlOPw
Household wealth jumps to record on stock rally https://t.co/mC9x3A54SA
Canadian households’ net worth rose for a second consecutive quarter, rising 3.3% to reach a record high of C$16.9 trillion ($12.3 trillion) https://t.co/DsnHGDfSas