Have you ever wondered how your net worth measures up against the average Canadian, or people your age? In this article, we’re diving deep into the numbers to explore Canadian household net worth from 2020 to 2024.
Key Takeaways
- Real estate significantly impacts Canadian net worth.
- Homeowners generally have higher net worth than renters.
- Net worth usually increases with age in Canada.
Net Worth Over Time (2020-2024)
| Year | Average Net Worth (Household) |
| 2020 | $762,015 |
| 2021 | $950,203 |
| 2022 | $1,045,330 |
| 2023 | $979,236 |
| 2024 | $1,011,882 |
Canadian household net worth steadily increased from 2020 to 2024, rising from $762,015 to over $1 million by 2022, driven by real estate and financial market gains. A slight dip in 2023 brought net worth down to $979,236, likely due to inflation and post-pandemic spending, but it recovered to over 1 million by 2024.
But this average data alone doesn’t tell us much. Let’s break this down deeper to understand the full picture.
Real Estate’s Role in Canadian Net Worth (2020-2024)
| Year | Total Assets | Liabilities | Real Estate | Net Worth (Wealth) | Real Estate as % of Net Worth |
| 2020 | $914,050 | $152,035 | $389,447 | $762,015 | 51.11% |
| 2021 | $1,110,209 | $160,006 | $493,299 | $950,203 | 51.92% |
| 2022 | $1,214,538 | $169,208 | $585,285 | $1,045,330 | 55.99% |
| 2023 | $1,156,039 | $176,803 | $520,496 | $979,236 | 53.15% |
| 2024 | $1,188,708 | $176,826 | $534,508 | $1,011,882 | 52.82% |
It’s no surprise that real estate plays a huge role in Canadian wealth, making up over 50% of household net worth throughout this period, peaking at nearly 56% in 2022. This shows just how much Canadians rely on property to build and store wealth. The numbers tell a clear story: real estate drove much of the net worth increase from $762K in 2020 to over $1M in 2024, despite liabilities creeping up.
But there’s a catch—such heavy reliance on real estate means that any downturn in the housing market could hit households hard, quickly wiping out a large chunk of net worth.
Pro Tip: While real estate might feel like a safe bet, it’s important to diversify your portfolio. Relying too heavily on one asset class can increase your risk, especially in a volatile market. Try spreading your investments across real estate, stocks, bonds, and other assets to protect yourself from potential downturns.
Homeowners vs. Renters: A Wealth Gap That Keeps Growing
Here’s the table comparing the net worth of owners and renters from 2020 to 2024:
| Year | Owner Net Worth | Renter Net Worth |
| 2020 | $1,034,098 | $208,716 |
| 2021 | $1,294,580 | $256,712 |
| 2022 | $1,429,525 | $271,655 |
| 2023 | $1,333,624 | $265,585 |
| 2024 | $1,378,280 | $274,047 |
This data shocked me the most when I saw the numbers. The data reveals a striking wealth gap between homeowners and renters. In 2024, homeowners had an average net worth of $1.38 million, nearly five times higher than renters, who averaged $274K. I was shocked because I knew there would be some difference, but I didn’t think this much.
Both groups experienced steady growth in net worth from 2020 to 2024, with homeowners seeing a 33% increase and renters growing by 31%.
The key driver behind this disparity is real estate appreciation, which significantly boosts the net worth of homeowners. Renters, with little exposure to real estate, primarily rely on financial assets for wealth building.
Average Net Worth by Age Group
Net worth evolves throughout different stages of life, reflecting the financial journey most people experience. Here’s a look at how net worth progresses by age group in Canada, from 2020 to 2024:
| Year | < 35 Years Net Worth | 35-44 Years Net Worth | 45-54 Years Net Worth | 55-64 Years Net Worth | 65+ Years Net Worth |
| 2020 | $231,391 | $490,230 | $1,029,541 | $1,164,044 | $863,215 |
| 2021 | $317,395 | $634,647 | $1,224,927 | $1,401,170 | $1,095,135 |
| 2022 | $363,324 | $714,101 | $1,373,202 | $1,555,212 | $1,175,955 |
| 2023 | $323,851 | $633,366 | $1,298,295 | $1,539,151 | $1,094,600 |
| 2024 | $337,816 | $657,582 | $1,346,291 | $1,595,886 | $1,123,174 |
Starting Out (<35 Years):
In your early career, net worth is lower as you’re building assets and managing debt. Canadians under 35 saw their net worth grow from $231K in 2020 to $338K in 2024, though financial volatility is common due to student loans and early career challenges.
Building Up (35-44 Years):
As you hit your 30s and 40s, net worth grows. By 2024, the average net worth for this group reached $658K, up from $490K in 2020. This is a key stage for investing in real estate and retirement savings.
Wealth Peak (45-54 and 55-64 Years):
Net worth peaks in middle age. In 2024, those aged 45-54 had $1.35M, and 55-64-year-olds reached $1.6M, driven by real estate and retirement growth. This is the strongest wealth accumulation phase.
Stabilization (65+ Years):
Net worth plateaus or grows modestly in retirement. For those over 65, net worth rose from $863K in 2020 to $1.12M in 2024, as people begin drawing down assets.
Net Worth by Household Type
Comparison of One-Person vs. Multi-Person Households:
| Metric | One-Person Households | Multi-Person Households |
| Total Assets (2024) | $704,088 | $1,396,148 |
| Liabilities (2024) | $70,098 | $222,511 |
| Net Worth (2024) | $633,990 | $1,173,637 |
| Real Estate (2024) | $286,901 | $640,495 |
| Real Estate as % of Net Worth (2024) | 45.25% | 54.57% |
| Net Worth Growth (2020-2024) | 40.0% increase (from $452,991 to $633,990) | 29.4% increase (from $907,077 to $1,173,637) |
When comparing one-person and multi-person households, a wealth gap is clear, but some interesting trends emerge. By 2024, multi-person households have nearly double the net worth of one-person households—$1.17 million vs. $634K. This difference is mainly due to multi-person households having larger total assets ($1.4 million vs. $704K).
However, one-person households are closing the gap in terms of growth. From 2020 to 2024, their net worth increased by 40%, compared to 29.4% for multi-person households. Despite starting with less, their faster growth shows progress.
Real estate plays a major role for both groups, making up 55% of net worth for multi-person households and 45% for one-person households. This suggests that multi-person households are more reliant on property, while one-person households may be diversifying their assets, reducing their risk in a housing downturn.
The Top 1% Net Worth in Canada
According to a 2021 report from the Parliamentary Budget Officer (PBO), the threshold for being in the top 1% of net worth in Canada is having assets of at least $6.3 million.
This group includes around 160,000 families in Canada. The report also highlights how wealth is increasingly concentrated among this small percentage of families, with the top 1% holding nearly 24.8% of the total net wealth in the country.
Mid Video CTA Plug
I dive deeper into what it really takes to join the top 1% in another video, so make sure to check that out if you’re curious for more insights!
Median vs Average Net Worth
If you’re looking at these net worth numbers and feel far behind, don’t worry. The difference between median and average net worth explains why. The median is a better measure because it’s the middle point—half of households have more, half have less—while the average is skewed by the ultra-wealthy.
For instance, in 2019, the median net worth for multi-person households was $514K, but the average in 2020 was $907K, distorted by people like Jim Pattison with his $9 billion. While Statistics Canada stopped reporting median net worth after 2019, you can estimate that the typical household’s net worth is likely about 50% lower than the average today, giving a more accurate picture of most Canadians’ financial standing.
Use the median as a benchmark, because it gives a much clearer picture of the financial reality for most Canadians.
Net Worth by Income Level
| Year | 0-20% (Lowest Quintile) | 21-40% (Second Quintile) | 41-60% (Third Quintile) | 61-80% (Fourth Quintile) | 81-100% (Highest Quintile) |
| 2020 | $252,958 | $336,016 | $551,283 | $798,992 | $1,870,825 |
| 2021 | $349,918 | $474,810 | $752,754 | $1,042,717 | $2,130,814 |
| 2022 | $393,868 | $529,160 | $831,155 | $1,143,087 | $2,329,379 |
| 2023 | $363,033 | $485,879 | $766,186 | $1,064,666 | $2,216,413 |
| 2024 | $375,574 | $502,140 | $791,597 | $1,099,071 | $2,291,029 |
Well, it makes sense that if you earn more money, your net worth should be higher, right? The net worth data by income level shows exactly that, but there are some encouraging takeaways too. In 2024, the top 20% income earners has a staggering net worth of over $2.29 million—more than six times the bottom 20%, sitting at $375K. The top group gained almost $460K in just four years, widening the wealth gap even further.
But here’s where it gets interesting: middle-income households (41-80%) saw the fastest percentage growth. They’ve been quietly building wealth, benefiting from rising real estate and investments. It shows that you don’t have to be in the top 20% income earners to grow your net worth.
Lower-income households saw modest gains of $123K over the same period, but they’re still struggling to catch up, reflecting the challenges in accessing high-growth opportunities. While the top 20% still dominates, middle-income households are making steady progress, proving that smart investing and asset accumulation are key to closing the gap.
Comparing Net Worth Internationally
Here’s a table with some net worths from around the world, as reported by UBS Global Wealth Databook:
| Country | Median Net Worth (USD) | Mean Net Worth (USD) | % of Canada Median Net Worth | % of Canadian Average Net Worth |
| Canada | $137,633 | $369,577 | 100.00% | 100.00% |
| Australia | $247,453 | $496,819 | 179.79% | 134.43% |
| United States | $107,739 | $551,347 | 78.28% | 149.18% |
| United Kingdom | $151,825 | $302,783 | 110.31% | 81.93% |
| Switzerland | $167,353 | $685,226 | 121.59% | 185.41% |
| Germany | $66,735 | $256,179 | 48.49% | 69.32% |
| France | $133,137 | $312,235 | 96.73% | 84.48% |
| Sweden | $77,515 | $296,800 | 56.32% | 80.31% |
| China | $27,273 | $75,731 | 19.82% | 20.49% |
| Japan | $103,681 | $216,078 | 75.33% | 58.47% |
While this gives an interesting snapshot of Canada’s global standing, note that the data is in USD, and they use different reporting standards, so it won’t match the CAD figures we discussed earlier. Still, it offers valuable perspective on how rich we are as a nation compared to others.
Some interesting takeaways: Canada’s average net worth sits between the U.K. and the U.S. However, Switzerland stands out with an average net worth of $685,226 USD—85% higher than Canada’s! The U.S. average is also 49% higher than Canada’s, which shows just how much a few ultra-wealthy individuals can skew the numbers upward.
On the flip side, countries like Germany and China have much lower averages—Germany’s average is 31% lower than Canada’s, and China’s average is almost 80% lower. This really highlights how differently wealth is distributed around the world.
I was perhaps most surprised to see how much higher Australia’s net worth was than Canada. Australians have a median net worth 80% higher than Canadians and an average net worth 34% higher. Though, these numbers are also likely propped up by their massive housing bubble as well.
How to Use Net Worth Data to Increase Your Own
Net worth data is more than just numbers—it’s a tool to set realistic goals and build wealth strategically. Here’s how:
Set Realistic Goals
Use net worth data to see where you stand and set achievable targets. For example, if the average for your age group is $300,000, aim to gradually surpass that benchmark with specific goals.
Prioritize Investing
Wealthy households grow their net worth through investing, not just earning. Evaluate your assets—are you investing enough in stocks, bonds, or real estate to grow your wealth?
Increase Financial Assets
Focus on building financial assets like RRSPs, TFSAs, and other investments. These are key drivers of long-term wealth accumulation.
Leverage Real Estate
Real estate plays a huge role in wealth-building, as noted in how the 50% of the average Canadians wealth comes real estate. If homeownership is a goal, work toward it, or consider how you can leverage property you already own.
Benchmark and Track Progress
Use top earners’ strategies—like minimizing debt and diversifying investments—to guide your financial plan. Regularly track and adjust your strategy to stay on course.
Remember, “comparison is the thief of joy.” Focus on your unique financial journey and celebrate your progress rather than comparing yourself to others. I used to think comparing myself to others was motivating, but it just stressed me out. Now I focus on my own goals, and it’s made all the difference.
Building your net worth isn’t just about earning more—it’s about having the right strategy. At Blueprint, we’ve helped many of our clients build and safeguard their net worth. For personalized guidance, visit our services and see how we can help you grow and protect your wealth.
