Rich getting richer, StatCan finds

Ninety per cent of Canadian wealth in the hands of homeowners as gap continues to widen

- ANA PEREIRA

The household debt-to-income ratio in the first quarter of 2024 was down to 176.4 per cent, the lowest level seen since the first quarter of 2021.

Canadian households were wealthier on average in the first quarter of 2024, according to Statistics Canada — but that doesn’t mean all Canadians became richer.

Net worth, or the value of all assets minus debt, climbed by $548.2 billion, about three per cent, to $16.9 trillion, driven by strong equity markets and a rebound in home values.

Overall, the value of residential real estate rose $213 billion in the first quarter after two consecutive declines in the second half of last year. Meanwhile, investors reaped gains from stock markets, as the S&P 500 Index was up by 10.2 per cent in the quarter, while the S&P/TSX Composite Index rose 5.8 per cent.