Canadian household wealth jumped to a new collective high of $16.92 trillion in the first quarter of 2024, topping the previous record of $16.84 trillion set in 2022. The latest gains are part of a stunning rise that has seen cumulative wealth jump more than 40 per cent over the past four years, driven largely by real estate and financial asset gains, especially through the pandemic period. The effects, however, have not been even across age and income cohorts. To illustrate, consider only that while household wealth on average is now above $1 million, at least 60 per cent of households are nowhere close to that threshold. The Financial Post’s Joe Hood and Denise Paglinawan break down the current state of household wealth in Canada — and the implications for the economy going forward. Read More
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