\n<\/p>\n
Breadcrumb Trail Links<\/p>\n
Propelled by an uptick in life insurance and pensions, savings and foreign investments equity<\/p>\n
Published Sep 12, 2024<\/span> \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 3 minute read<\/span><\/p>\n\n\n<\/button><\/p>\n\n\n\n\nYou can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/source><\/source><\/source><\/source><\/source><\/picture>Canadians’ household wealth passed $17 trillion for the first time.<\/span> Photo by Getty Images\/iStockphoto<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n\nArticle content<\/h2>\nHousehold net worth eclipsed the $17 trillion mark for the first time, with financial assets setting a record high of $10.1 trillion in the second quarter, according to Statistics Canada.<\/p>\nThe agency\u2019s latest national balance sheet, released Thursday, showed household net worth inched up 0.25 per cent from the first quarter, slower than the previous quarter\u2019s gain of 3.59 per cent.<\/p>\n<\/section>\n\n\nAdvertisement 2<\/p>\n\n\n\n\nThis advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n\n\n\n<\/p>\n\nTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\nSubscribe now to read the latest news in your city and across Canada.<\/p>\n\nExclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman, and others.<\/li>\nDaily content from Financial Times, the world’s leading global business publication.<\/li>\nUnlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\nNational Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\nDaily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n\nSUBSCRIBE TO UNLOCK MORE ARTICLES<\/p>\nSubscribe now to read the latest news in your city and across Canada.<\/p>\n\nExclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman and others.<\/li>\nDaily content from Financial Times, the world’s leading global business publication.<\/li>\nUnlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\nNational Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\nDaily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n\nREGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\nCreate an account or sign in to continue with your reading experience.<\/p>\n\nAccess articles from across Canada with one account.<\/li>\nShare your thoughts and join the conversation in the comments.<\/li>\nEnjoy additional articles per month.<\/li>\nGet email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n\n\n\n\n\nSign In or Create an Account<\/h2>\nor<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n\nArticle content<\/p>\nCarrie Freestone, economist at the Royal Bank of Canada, noted big gains in financial assets in the life insurance and pension category (up 1.22 per cent) and currencies and deposits (up 1.26 per cent) as drivers.<\/p>\nFreestone said that while Canadian equity markets declined, there was substantial growth in the United States, with the S&P 500 index growing 3.9 per cent during the second quarter, contributing to gains in financial assets. The household savings rate climbed to 7.2 per cent from 6.7 per cent as well, which Freestone noted is typical when people are concerned about the economic outlook.<\/p>\n<\/iframe><\/p>\n<p>\u201cThe people that are really benefiting from appreciation to the S&P, (are) really those investors in the upper income quintile,\u201d Freestone said, adding that the boost in savings is primarily coming from wealthier Canadians. \u201cPeople in the bottom 50th percentile, essentially, are, in many cases, spending more than they earn or just barely breaking even each month or each quarter.\u201d<\/p>\n<p>Average net worth remained level at just over $1 million per household in the second quarter of 2024, Statistics Canada said, noting that wealth is not evenly distributed across all income quintiles.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot16 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste4874440039231002732809398939287552\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Posthaste\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.9.2\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. 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Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment8411435993090576956513090961145856\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The household debt service ratio (measured as the proportion of household disposable income going toward required interest and principal payments) grew during the second quarter as debt payment growth surpassed that of disposable income.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=564&type=webp&sig=oy3yuIC1_3eNm8-chg2vfA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=1128&type=webp&sig=IV2B374i_U0Eek8f3N2RBw 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=564&type=jpg&sig=6-l0hnDblsbppJPw3fr12Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=1128&type=jpg&sig=rKEJj0TdxgeUNNRO80YaLQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=472&type=webp&sig=3vBIMpPr4ytVmifaM1zWWQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=944&type=webp&sig=Toihb6ARcIgL_J9U0Nt2nw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=472&type=jpg&sig=uYy0WrqyySB-WRoxahpqvA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=944&type=jpg&sig=k3hxHntWHy4Bnjdvmr3GUA 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&type=webp&sig=INFDV4hmzeASXuV8qiDnjA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=576&type=webp&sig=M92qoT7CwpulZQ9QJwUUcg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Canadian net worth chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&sig=eEvcjXiUg8R7xdT1DBXJ1A\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&sig=eEvcjXiUg8R7xdT1DBXJ1A, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=576&sig=WiCBqKwj6Ne4Nw9ke5i1JA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=5&strip=all&w=100&sig=eMaCdyctvcWhIQ7F5Jus-w\" height=\"835\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>But Freestone said this isn\u2019t surprising given how many households are renewing their mortgages from when rates were much lower in 2019 and 2020.<\/p>\n<p>In fact, household financial liabilities, which mainly include mortgage and non-mortgage debt, jumped 1.5 per cent or $45.4 billion, the biggest increase since the third quarter of 2022.<\/p>\n<p>Maria Solovieva, an economist at Toronto-Dominion Bank, said she was anticipating a gain in real estate activity, since the second quarter is typically a more active period for home sales. However, real estate ended up having the weakest second quarter in four years, with the value of residential real estate dipping 0.1 per cent compared to the previous quarter as buyers stayed on the sidelines.<\/p>\n<p data-async=\"\">Solovieva said the second quarter was \u201ckind of a transition quarter\u201d for the housing market, with long-term interest rates for mortgages starting off higher in the beginning of the quarter but falling toward the end of the quarter as the Bank of Canada began to cut its key rate.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment6244372528701219434304202480812032\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<section aria-labelledby=\"moreTopicLabel4603570730938541919709793221607424\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" wealth=\"\" has=\"\" surged=\"\" since=\"\" the=\"\" pandemic=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=96&strip=all&quality=80&sig=-DjGl2vaFrm3_dphiOjSkw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=96&strip=all&quality=80&sig=-DjGl2vaFrm3_dphiOjSkw, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=192&strip=all&quality=80&sig=o6qAs0lODkAOwiXlFDU8-g 2x, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=288&strip=all&quality=80&sig=2rOfKsvfuQu16gdiNgw7MA 3x\" alt=\"Millennials\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Millennial wealth has surged 144% since the pandemic<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" earned=\"\" truth:=\"\" your=\"\" brain=\"\" isn=\"\" wired=\"\" to=\"\" invest=\"\" properly=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The human brain isn't wired to make good decisions about investing.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=80&sig=Izhuhyv1saBEzpgP_cFEYg\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=5&sig=6WDOUvlx5oqgA24ZvOmgzw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=80&sig=Izhuhyv1saBEzpgP_cFEYg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=192&strip=all&quality=80&sig=QeOEhKwSz5tVf4wvi-T4xw 2x, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=288&strip=all&quality=80&sig=xDrbzp9xV-hmb6MXVOLrIw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Hard earned truth: Your brain isn’t wired to invest properly<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" ways=\"\" to=\"\" build=\"\" wealth=\"\" that=\"\" you=\"\" can=\"\" actually=\"\" understand=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Wealth will compound when you start making small, deliberate decisions early in life and build upon them as you age.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=80&sig=1A5tPj7bPJGTFaZ7U135_Q\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=5&sig=sTtakWshtTPegTY3bo5MYA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=80&sig=1A5tPj7bPJGTFaZ7U135_Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=192&strip=all&quality=80&sig=cE7Mu6_z-cE7encCdjEqeA 2x, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=288&strip=all&quality=80&sig=oesCfwl9duJJ4oPYHBn_-A 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Four ways to build wealth that you can actually understand<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">\u201cOnce there\u2019s a bit more confidence in the mortgage rate getting down, then you would expect stronger activity,\u201d Solovieva said, adding that she doesn\u2019t expect much of a rebound in activity in the housing market until the end of the year or early next year.<\/p>\n<p>She also anticipates moderate gains in household wealth to continue in the third quarter, with growth in both Canadian and U.S. equity markets.<\/p>\n<p data-async=\"\"><em>\u2022 Email: slouis@postmedia.com<\/em><\/p>\n<p data-async=\"\"><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Household wealth hits record | Financial Post<\/a><br \/>\n<br \/>2024-09-12 18:36:37<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Wealth Propelled by an uptick in life insurance and pensions, savings and foreign investments equity Published Sep 12, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 3…<\/p>\n","protected":false},"author":2,"featured_media":50264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-50263","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=50263"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/50264"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=50263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=50263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=50263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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<\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/source><\/source><\/source><\/source><\/source><\/picture>Canadians’ household wealth passed $17 trillion for the first time.<\/span> Photo by Getty Images\/iStockphoto<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n\nArticle content<\/h2>\nHousehold net worth eclipsed the $17 trillion mark for the first time, with financial assets setting a record high of $10.1 trillion in the second quarter, according to Statistics Canada.<\/p>\nThe agency\u2019s latest national balance sheet, released Thursday, showed household net worth inched up 0.25 per cent from the first quarter, slower than the previous quarter\u2019s gain of 3.59 per cent.<\/p>\n<\/section>\n\n\nAdvertisement 2<\/p>\n\n\n\n\nThis advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n\n\n\n<\/p>\n\nTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\nSubscribe now to read the latest news in your city and across Canada.<\/p>\n\nExclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman, and others.<\/li>\nDaily content from Financial Times, the world’s leading global business publication.<\/li>\nUnlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\nNational Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\nDaily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n\nSUBSCRIBE TO UNLOCK MORE ARTICLES<\/p>\nSubscribe now to read the latest news in your city and across Canada.<\/p>\n\nExclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman and others.<\/li>\nDaily content from Financial Times, the world’s leading global business publication.<\/li>\nUnlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\nNational Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\nDaily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n\nREGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\nCreate an account or sign in to continue with your reading experience.<\/p>\n\nAccess articles from across Canada with one account.<\/li>\nShare your thoughts and join the conversation in the comments.<\/li>\nEnjoy additional articles per month.<\/li>\nGet email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n\n\n\n\n\nSign In or Create an Account<\/h2>\nor<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n\nArticle content<\/p>\nCarrie Freestone, economist at the Royal Bank of Canada, noted big gains in financial assets in the life insurance and pension category (up 1.22 per cent) and currencies and deposits (up 1.26 per cent) as drivers.<\/p>\nFreestone said that while Canadian equity markets declined, there was substantial growth in the United States, with the S&P 500 index growing 3.9 per cent during the second quarter, contributing to gains in financial assets. The household savings rate climbed to 7.2 per cent from 6.7 per cent as well, which Freestone noted is typical when people are concerned about the economic outlook.<\/p>\n<\/iframe><\/p>\n<p>\u201cThe people that are really benefiting from appreciation to the S&P, (are) really those investors in the upper income quintile,\u201d Freestone said, adding that the boost in savings is primarily coming from wealthier Canadians. \u201cPeople in the bottom 50th percentile, essentially, are, in many cases, spending more than they earn or just barely breaking even each month or each quarter.\u201d<\/p>\n<p>Average net worth remained level at just over $1 million per household in the second quarter of 2024, Statistics Canada said, noting that wealth is not evenly distributed across all income quintiles.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot16 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste4874440039231002732809398939287552\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Posthaste\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.9.2\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment8411435993090576956513090961145856\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The household debt service ratio (measured as the proportion of household disposable income going toward required interest and principal payments) grew during the second quarter as debt payment growth surpassed that of disposable income.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=564&type=webp&sig=oy3yuIC1_3eNm8-chg2vfA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=1128&type=webp&sig=IV2B374i_U0Eek8f3N2RBw 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=564&type=jpg&sig=6-l0hnDblsbppJPw3fr12Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=1128&type=jpg&sig=rKEJj0TdxgeUNNRO80YaLQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=472&type=webp&sig=3vBIMpPr4ytVmifaM1zWWQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=944&type=webp&sig=Toihb6ARcIgL_J9U0Nt2nw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=472&type=jpg&sig=uYy0WrqyySB-WRoxahpqvA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=944&type=jpg&sig=k3hxHntWHy4Bnjdvmr3GUA 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&type=webp&sig=INFDV4hmzeASXuV8qiDnjA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=576&type=webp&sig=M92qoT7CwpulZQ9QJwUUcg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Canadian net worth chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&sig=eEvcjXiUg8R7xdT1DBXJ1A\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&sig=eEvcjXiUg8R7xdT1DBXJ1A, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=576&sig=WiCBqKwj6Ne4Nw9ke5i1JA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=5&strip=all&w=100&sig=eMaCdyctvcWhIQ7F5Jus-w\" height=\"835\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>But Freestone said this isn\u2019t surprising given how many households are renewing their mortgages from when rates were much lower in 2019 and 2020.<\/p>\n<p>In fact, household financial liabilities, which mainly include mortgage and non-mortgage debt, jumped 1.5 per cent or $45.4 billion, the biggest increase since the third quarter of 2022.<\/p>\n<p>Maria Solovieva, an economist at Toronto-Dominion Bank, said she was anticipating a gain in real estate activity, since the second quarter is typically a more active period for home sales. However, real estate ended up having the weakest second quarter in four years, with the value of residential real estate dipping 0.1 per cent compared to the previous quarter as buyers stayed on the sidelines.<\/p>\n<p data-async=\"\">Solovieva said the second quarter was \u201ckind of a transition quarter\u201d for the housing market, with long-term interest rates for mortgages starting off higher in the beginning of the quarter but falling toward the end of the quarter as the Bank of Canada began to cut its key rate.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment6244372528701219434304202480812032\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<section aria-labelledby=\"moreTopicLabel4603570730938541919709793221607424\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" wealth=\"\" has=\"\" surged=\"\" since=\"\" the=\"\" pandemic=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=96&strip=all&quality=80&sig=-DjGl2vaFrm3_dphiOjSkw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=96&strip=all&quality=80&sig=-DjGl2vaFrm3_dphiOjSkw, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=192&strip=all&quality=80&sig=o6qAs0lODkAOwiXlFDU8-g 2x, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=288&strip=all&quality=80&sig=2rOfKsvfuQu16gdiNgw7MA 3x\" alt=\"Millennials\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Millennial wealth has surged 144% since the pandemic<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" earned=\"\" truth:=\"\" your=\"\" brain=\"\" isn=\"\" wired=\"\" to=\"\" invest=\"\" properly=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The human brain isn't wired to make good decisions about investing.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=80&sig=Izhuhyv1saBEzpgP_cFEYg\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=5&sig=6WDOUvlx5oqgA24ZvOmgzw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=80&sig=Izhuhyv1saBEzpgP_cFEYg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=192&strip=all&quality=80&sig=QeOEhKwSz5tVf4wvi-T4xw 2x, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=288&strip=all&quality=80&sig=xDrbzp9xV-hmb6MXVOLrIw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Hard earned truth: Your brain isn’t wired to invest properly<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" ways=\"\" to=\"\" build=\"\" wealth=\"\" that=\"\" you=\"\" can=\"\" actually=\"\" understand=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Wealth will compound when you start making small, deliberate decisions early in life and build upon them as you age.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=80&sig=1A5tPj7bPJGTFaZ7U135_Q\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=5&sig=sTtakWshtTPegTY3bo5MYA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=80&sig=1A5tPj7bPJGTFaZ7U135_Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=192&strip=all&quality=80&sig=cE7Mu6_z-cE7encCdjEqeA 2x, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=288&strip=all&quality=80&sig=oesCfwl9duJJ4oPYHBn_-A 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Four ways to build wealth that you can actually understand<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">\u201cOnce there\u2019s a bit more confidence in the mortgage rate getting down, then you would expect stronger activity,\u201d Solovieva said, adding that she doesn\u2019t expect much of a rebound in activity in the housing market until the end of the year or early next year.<\/p>\n<p>She also anticipates moderate gains in household wealth to continue in the third quarter, with growth in both Canadian and U.S. equity markets.<\/p>\n<p data-async=\"\"><em>\u2022 Email: slouis@postmedia.com<\/em><\/p>\n<p data-async=\"\"><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Household wealth hits record | Financial Post<\/a><br \/>\n<br \/>2024-09-12 18:36:37<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Wealth Propelled by an uptick in life insurance and pensions, savings and foreign investments equity Published Sep 12, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago 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3…<\/p>\n","protected":false},"author":2,"featured_media":50264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-50263","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=50263"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/50264"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=50263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=50263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=50263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Household net worth eclipsed the $17 trillion mark for the first time, with financial assets setting a record high of $10.1 trillion in the second quarter, according to Statistics Canada.<\/p>\n
The agency\u2019s latest national balance sheet, released Thursday, showed household net worth inched up 0.25 per cent from the first quarter, slower than the previous quarter\u2019s gain of 3.59 per cent.<\/p>\n<\/section>\n
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or<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n\nArticle content<\/p>\nCarrie Freestone, economist at the Royal Bank of Canada, noted big gains in financial assets in the life insurance and pension category (up 1.22 per cent) and currencies and deposits (up 1.26 per cent) as drivers.<\/p>\nFreestone said that while Canadian equity markets declined, there was substantial growth in the United States, with the S&P 500 index growing 3.9 per cent during the second quarter, contributing to gains in financial assets. The household savings rate climbed to 7.2 per cent from 6.7 per cent as well, which Freestone noted is typical when people are concerned about the economic outlook.<\/p>\n<\/iframe><\/p>\n<p>\u201cThe people that are really benefiting from appreciation to the S&P, (are) really those investors in the upper income quintile,\u201d Freestone said, adding that the boost in savings is primarily coming from wealthier Canadians. \u201cPeople in the bottom 50th percentile, essentially, are, in many cases, spending more than they earn or just barely breaking even each month or each quarter.\u201d<\/p>\n<p>Average net worth remained level at just over $1 million per household in the second quarter of 2024, Statistics Canada said, noting that wealth is not evenly distributed across all income quintiles.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot16 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste4874440039231002732809398939287552\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Posthaste\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.9.2\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment8411435993090576956513090961145856\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The household debt service ratio (measured as the proportion of household disposable income going toward required interest and principal payments) grew during the second quarter as debt payment growth surpassed that of disposable income.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=564&type=webp&sig=oy3yuIC1_3eNm8-chg2vfA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=1128&type=webp&sig=IV2B374i_U0Eek8f3N2RBw 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=564&type=jpg&sig=6-l0hnDblsbppJPw3fr12Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=1128&type=jpg&sig=rKEJj0TdxgeUNNRO80YaLQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=472&type=webp&sig=3vBIMpPr4ytVmifaM1zWWQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=944&type=webp&sig=Toihb6ARcIgL_J9U0Nt2nw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=472&type=jpg&sig=uYy0WrqyySB-WRoxahpqvA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=944&type=jpg&sig=k3hxHntWHy4Bnjdvmr3GUA 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&type=webp&sig=INFDV4hmzeASXuV8qiDnjA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=576&type=webp&sig=M92qoT7CwpulZQ9QJwUUcg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Canadian net worth chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&sig=eEvcjXiUg8R7xdT1DBXJ1A\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&sig=eEvcjXiUg8R7xdT1DBXJ1A, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=576&sig=WiCBqKwj6Ne4Nw9ke5i1JA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=5&strip=all&w=100&sig=eMaCdyctvcWhIQ7F5Jus-w\" height=\"835\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>But Freestone said this isn\u2019t surprising given how many households are renewing their mortgages from when rates were much lower in 2019 and 2020.<\/p>\n<p>In fact, household financial liabilities, which mainly include mortgage and non-mortgage debt, jumped 1.5 per cent or $45.4 billion, the biggest increase since the third quarter of 2022.<\/p>\n<p>Maria Solovieva, an economist at Toronto-Dominion Bank, said she was anticipating a gain in real estate activity, since the second quarter is typically a more active period for home sales. However, real estate ended up having the weakest second quarter in four years, with the value of residential real estate dipping 0.1 per cent compared to the previous quarter as buyers stayed on the sidelines.<\/p>\n<p data-async=\"\">Solovieva said the second quarter was \u201ckind of a transition quarter\u201d for the housing market, with long-term interest rates for mortgages starting off higher in the beginning of the quarter but falling toward the end of the quarter as the Bank of Canada began to cut its key rate.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment6244372528701219434304202480812032\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<section aria-labelledby=\"moreTopicLabel4603570730938541919709793221607424\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" wealth=\"\" has=\"\" surged=\"\" since=\"\" the=\"\" pandemic=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=96&strip=all&quality=80&sig=-DjGl2vaFrm3_dphiOjSkw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=96&strip=all&quality=80&sig=-DjGl2vaFrm3_dphiOjSkw, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=192&strip=all&quality=80&sig=o6qAs0lODkAOwiXlFDU8-g 2x, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=288&strip=all&quality=80&sig=2rOfKsvfuQu16gdiNgw7MA 3x\" alt=\"Millennials\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Millennial wealth has surged 144% since the pandemic<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" earned=\"\" truth:=\"\" your=\"\" brain=\"\" isn=\"\" wired=\"\" to=\"\" invest=\"\" properly=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The human brain isn't wired to make good decisions about investing.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=80&sig=Izhuhyv1saBEzpgP_cFEYg\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=5&sig=6WDOUvlx5oqgA24ZvOmgzw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=80&sig=Izhuhyv1saBEzpgP_cFEYg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=192&strip=all&quality=80&sig=QeOEhKwSz5tVf4wvi-T4xw 2x, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=288&strip=all&quality=80&sig=xDrbzp9xV-hmb6MXVOLrIw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Hard earned truth: Your brain isn’t wired to invest properly<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" ways=\"\" to=\"\" build=\"\" wealth=\"\" that=\"\" you=\"\" can=\"\" actually=\"\" understand=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Wealth will compound when you start making small, deliberate decisions early in life and build upon them as you age.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=80&sig=1A5tPj7bPJGTFaZ7U135_Q\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=5&sig=sTtakWshtTPegTY3bo5MYA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=80&sig=1A5tPj7bPJGTFaZ7U135_Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=192&strip=all&quality=80&sig=cE7Mu6_z-cE7encCdjEqeA 2x, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=288&strip=all&quality=80&sig=oesCfwl9duJJ4oPYHBn_-A 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Four ways to build wealth that you can actually understand<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">\u201cOnce there\u2019s a bit more confidence in the mortgage rate getting down, then you would expect stronger activity,\u201d Solovieva said, adding that she doesn\u2019t expect much of a rebound in activity in the housing market until the end of the year or early next year.<\/p>\n<p>She also anticipates moderate gains in household wealth to continue in the third quarter, with growth in both Canadian and U.S. equity markets.<\/p>\n<p data-async=\"\"><em>\u2022 Email: slouis@postmedia.com<\/em><\/p>\n<p data-async=\"\"><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Household wealth hits record | Financial Post<\/a><br \/>\n<br \/>2024-09-12 18:36:37<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Wealth Propelled by an uptick in life insurance and pensions, savings and foreign investments equity Published Sep 12, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 3…<\/p>\n","protected":false},"author":2,"featured_media":50264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-50263","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=50263"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/50264"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=50263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=50263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=50263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Article content<\/p>\n
Carrie Freestone, economist at the Royal Bank of Canada, noted big gains in financial assets in the life insurance and pension category (up 1.22 per cent) and currencies and deposits (up 1.26 per cent) as drivers.<\/p>\n
Freestone said that while Canadian equity markets declined, there was substantial growth in the United States, with the S&P 500 index growing 3.9 per cent during the second quarter, contributing to gains in financial assets. The household savings rate climbed to 7.2 per cent from 6.7 per cent as well, which Freestone noted is typical when people are concerned about the economic outlook.<\/p>\n
<\/iframe><\/p>\n<p>\u201cThe people that are really benefiting from appreciation to the S&P, (are) really those investors in the upper income quintile,\u201d Freestone said, adding that the boost in savings is primarily coming from wealthier Canadians. \u201cPeople in the bottom 50th percentile, essentially, are, in many cases, spending more than they earn or just barely breaking even each month or each quarter.\u201d<\/p>\n<p>Average net worth remained level at just over $1 million per household in the second quarter of 2024, Statistics Canada said, noting that wealth is not evenly distributed across all income quintiles.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot16 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste4874440039231002732809398939287552\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Posthaste\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.9.2\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don’t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment8411435993090576956513090961145856\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The household debt service ratio (measured as the proportion of household disposable income going toward required interest and principal payments) grew during the second quarter as debt payment growth surpassed that of disposable income.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=564&type=webp&sig=oy3yuIC1_3eNm8-chg2vfA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=1128&type=webp&sig=IV2B374i_U0Eek8f3N2RBw 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=564&type=jpg&sig=6-l0hnDblsbppJPw3fr12Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=1128&type=jpg&sig=rKEJj0TdxgeUNNRO80YaLQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=472&type=webp&sig=3vBIMpPr4ytVmifaM1zWWQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=944&type=webp&sig=Toihb6ARcIgL_J9U0Nt2nw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=472&type=jpg&sig=uYy0WrqyySB-WRoxahpqvA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=944&type=jpg&sig=k3hxHntWHy4Bnjdvmr3GUA 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&type=webp&sig=INFDV4hmzeASXuV8qiDnjA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=576&type=webp&sig=M92qoT7CwpulZQ9QJwUUcg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Canadian net worth chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&sig=eEvcjXiUg8R7xdT1DBXJ1A\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=288&sig=eEvcjXiUg8R7xdT1DBXJ1A, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=90&strip=all&w=576&sig=WiCBqKwj6Ne4Nw9ke5i1JA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/canadians-net-worth--1.png?quality=5&strip=all&w=100&sig=eMaCdyctvcWhIQ7F5Jus-w\" height=\"835\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>But Freestone said this isn\u2019t surprising given how many households are renewing their mortgages from when rates were much lower in 2019 and 2020.<\/p>\n<p>In fact, household financial liabilities, which mainly include mortgage and non-mortgage debt, jumped 1.5 per cent or $45.4 billion, the biggest increase since the third quarter of 2022.<\/p>\n<p>Maria Solovieva, an economist at Toronto-Dominion Bank, said she was anticipating a gain in real estate activity, since the second quarter is typically a more active period for home sales. However, real estate ended up having the weakest second quarter in four years, with the value of residential real estate dipping 0.1 per cent compared to the previous quarter as buyers stayed on the sidelines.<\/p>\n<p data-async=\"\">Solovieva said the second quarter was \u201ckind of a transition quarter\u201d for the housing market, with long-term interest rates for mortgages starting off higher in the beginning of the quarter but falling toward the end of the quarter as the Bank of Canada began to cut its key rate.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment6244372528701219434304202480812032\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<section aria-labelledby=\"moreTopicLabel4603570730938541919709793221607424\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" wealth=\"\" has=\"\" surged=\"\" since=\"\" the=\"\" pandemic=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=96&strip=all&quality=80&sig=-DjGl2vaFrm3_dphiOjSkw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=96&strip=all&quality=80&sig=-DjGl2vaFrm3_dphiOjSkw, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=192&strip=all&quality=80&sig=o6qAs0lODkAOwiXlFDU8-g 2x, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/09\/millennials-wealth-gs0910.jpg?h=288&strip=all&quality=80&sig=2rOfKsvfuQu16gdiNgw7MA 3x\" alt=\"Millennials\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Millennial wealth has surged 144% since the pandemic<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" earned=\"\" truth:=\"\" your=\"\" brain=\"\" isn=\"\" wired=\"\" to=\"\" invest=\"\" properly=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The human brain isn't wired to make good decisions about investing.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=80&sig=Izhuhyv1saBEzpgP_cFEYg\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=5&sig=6WDOUvlx5oqgA24ZvOmgzw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=96&strip=all&quality=80&sig=Izhuhyv1saBEzpgP_cFEYg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=192&strip=all&quality=80&sig=QeOEhKwSz5tVf4wvi-T4xw 2x, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/09\/hard-earned-truths-2-1.png?h=288&strip=all&quality=80&sig=xDrbzp9xV-hmb6MXVOLrIw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Hard earned truth: Your brain isn’t wired to invest properly<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" ways=\"\" to=\"\" build=\"\" wealth=\"\" that=\"\" you=\"\" can=\"\" actually=\"\" understand=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Wealth will compound when you start making small, deliberate decisions early in life and build upon them as you age.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=80&sig=1A5tPj7bPJGTFaZ7U135_Q\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=5&sig=sTtakWshtTPegTY3bo5MYA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=96&strip=all&quality=80&sig=1A5tPj7bPJGTFaZ7U135_Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=192&strip=all&quality=80&sig=cE7Mu6_z-cE7encCdjEqeA 2x, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/wealth-new-0808-ph.jpg?h=288&strip=all&quality=80&sig=oesCfwl9duJJ4oPYHBn_-A 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Four ways to build wealth that you can actually understand<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">\u201cOnce there\u2019s a bit more confidence in the mortgage rate getting down, then you would expect stronger activity,\u201d Solovieva said, adding that she doesn\u2019t expect much of a rebound in activity in the housing market until the end of the year or early next year.<\/p>\n<p>She also anticipates moderate gains in household wealth to continue in the third quarter, with growth in both Canadian and U.S. equity markets.<\/p>\n<p data-async=\"\"><em>\u2022 Email: slouis@postmedia.com<\/em><\/p>\n<p data-async=\"\"><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Household wealth hits record | Financial Post<\/a><br \/>\n<br \/>2024-09-12 18:36:37<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Wealth Propelled by an uptick in life insurance and pensions, savings and foreign investments equity Published Sep 12, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 3…<\/p>\n","protected":false},"author":2,"featured_media":50264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-50263","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=50263"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/50264"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=50263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=50263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=50263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}