{"id":54855,"date":"2024-12-12T18:26:43","date_gmt":"2024-12-12T18:26:43","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/12\/12\/canadian-household-wealth-hits-17-3-trillion-in-record-high\/"},"modified":"2024-12-12T18:26:43","modified_gmt":"2024-12-12T18:26:43","slug":"canadian-household-wealth-hits-17-3-trillion-in-record-high","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/12\/12\/canadian-household-wealth-hits-17-3-trillion-in-record-high\/","title":{"rendered":"Canadian household wealth hits $17.3 trillion in record high"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Wealth<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Average net worth held at just over $1 million per household in third quarter, Statistics Canada said. But wealth gap is growing<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Dec 12, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 15\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"b4febf81-f253-46c2-9dd6-4b519ab4ee80\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=Gi3XWBtxYcJaEBO1lHSZ7Q,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=LmziPe7UoB1zKJMnYbMqrA 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=oX8Tmasgevyh5sPnDG47-w,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=ek17ZOB5X4oxBcTgT0EG4A 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=zxixxz0N2yCNmaa-fowbXA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=MbDKTxfMY57zaGVnMDmL9Q 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=GT5BdYm5r_rVdYY1U7Si1A,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=oFm-nLFKha23rERpL8x9Tw 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=tTjjoJWyIvl_mmQve-T2Xw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1213-bc-networth.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=KwJJUtx7tHpz0jlgmqn0lw 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Canadian $100 bills are counted in Toronto, Feb. 2, 2016. <\/span> <span class=\"credit\">Photo by THE CANADIAN PRESS\/Graeme Roy<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Canadians\u2019 collective household wealth climbed to $17.3 trillion in the third quarter, marking the seventh increase in the last eight quarters \u2014 a period during which household net worth ballooned by nearly $1.9 trillion, according to Statistics Canada.<\/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__content-group article-content__content-group--story\">\n<p>Article content<\/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\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=bi7ZByoPiL6-Fb5u75Ks2w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=7aTZkqY39Rkff4OiV9FjuQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=jTTttuOu24pn4shEDROnmA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=B298_V9LYV1q2qFPyXnO-g 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=4C2i76NFZ46Z3DYYMZWBPQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=sm6LG3WVQSdId7H2j5d-Bg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=c-Y2ukjl9sQhvAaH1DGLhA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=sOkt9vCF47bH9QDStSSycg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=3M5OoAui32HCseaYsGlUYw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=JWgK1Erbwdn4L1WOhSXk7g 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Canadians' wealth climbs\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=288&amp;sig=Xh-iL6zpy1Gz54nUsJcb8Q\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=288&amp;sig=Xh-iL6zpy1Gz54nUsJcb8Q,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=90&amp;strip=all&amp;w=576&amp;sig=Qc9wD5rcn9IvcrCxSc-Ukg 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/Canada-household-wealth-Q3-2024-2.png?quality=5&amp;strip=all&amp;w=100&amp;sig=e7VqIqqNYYDn_Au9UPeuUw\" height=\"733\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p data-async=\"\">The agency\u2019s latest national balance sheet, released Thursday, showed household net worth grew 1.7 per cent from the second quarter, significantly more than the previous quarter\u2019s gain of 0.4 per cent.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment1581148873555935226500084997816320\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div 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data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>This rise in household wealth was driven by financial assets, which surged 3.9 per cent to hit a new record high of $10.6 trillion, Toronto-Dominion economist Maria Solovieva said.<\/p>\n<p data-async=\"\">\u201cWe are seeing strong markets almost every day,\u201d said Solovieva. The S&amp;P\/TSX Composite Index rose 9.7 per cent in the third quarter, outperforming the S&amp;P 500 Index, and Solovieva anticipates growth in North American equity markets in the next quarter as well.<\/p>\n<p><iframe loading=\"lazy\" style=\"--height: 500px;\" frameborder=\"0\" height=\"500\" src=\"https:\/\/web.moka.ai\/moka-calculator?PostMedia\" width=\"100\"><\/iframe><\/p>\n<p>Households purchased more mutual fund shares, which totalled $26.9 billion in the third quarter, the highest since the first quarter of 2022 and a significant increase from $14.7 billion in the second quarter of 2024. There seems to be a growing appetite for non-money market funds, suggesting Canadians are moving more into risk assets amid interest rate cuts.<\/p>\n<p>In the meanwhile, the household debt-to-income ratio improved for a sixth straight quarter, shrinking to 173.1 per cent in the third quarter, as growth in disposable incomes outpaced borrowing costs.<\/p>\n<p data-async=\"\">\u201cExcluding pandemic distortions, this is the lowest ratio since 2015,\u201d wrote Bank of Montreal economist Shelly Kaushik in a note.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot22 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste7923691651259640549406323391856640\" 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\/17.7.5\/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&#8217;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=\"advertisment3770981754298515657951354585874432\" 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>The household debt service ratio also dropped from nearly 15 per cent per cent in the second quarter to 14.7 per cent in the third quarter, which Kaushik said is still \u201chistorically elevated\u201d but is much lower compared to the all-time high from the fourth quarter of last year.<\/p>\n<p>\u201cWhile mortgage resets will continue to add upside risk in the near term, income gains and ongoing rate cuts will relieve some pressure on household finances,\u201d she explained.<\/p>\n<p>As a result of higher wages and reduced spending, the household saving rate climbed to a three-year high of 7.1 per cent in the third quarter. Statistics Canada indicated that gains in disposable income expanded at nearly double the rate of consumption.<\/p>\n<p>However, Solovieva wrote in a note that, \u201cThis robust growth in household wealth is likely to bolster consumer spending into late 2024 and early 2025, supported further by high-profile events like the Eras Tour and household fiscal measures.\u201d<\/p>\n<p>Solovieva told Financial Post the upcoming GST\/HST holiday and the $200 rebate cheques promised to Ontarians early next year could boost household consumption levels, as well.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment9887388219792065154189616467673088\" 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<p data-async=\"\">She added that, although the value of residential real estate declined in the third quarter, she is now seeing the housing market start to warm up, which could further bolster household net worth come next quarter.<\/p>\n<p>\u201cNovember will be a little bit of a cooler month, but October picked up quite significantly, (in) both sales and prices,\u201d she noted, pointing to the Bank of Canada cutting interest rates. \u201cThe Canadian housing market is very sensitive to interest rate changes, so that\u2019s why we think there will be some uptick there, as well.\u201d<\/p>\n<p>Statistics Canada also indicated that housing affordability is improving, with the value of household real estate as a proportion of disposable income falling to 505.7 per cent. This marks its lowest point since the end of 2020 and well off a peak of 630 per cent from the first quarter of 2022.<\/p>\n<p data-async=\"\">Still, Royal Bank of Canada (RBC) economist Carrie Freestone says just because housing affordability is softening compared to recent peaks \u2014 it still doesn\u2019t make housing affordable for many Canadians.<\/p>\n<p data-async=\"\">The most recent RBC housing affordability report indicated the typical family would have to devote about 60 per cent of their pre-tax income to afford homeownership today, compared with the 44 per cent quarterly average recorded in 2019.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment2339624946472759154897750943858688\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" 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>While the third quarter balance sheet paints a positive picture of household wealth, Freestone emphasized that much of these gains in net worth have been realized by higher-income earners.<\/p>\n<p>Average net worth held level at just over $1 million per household in the third quarter, Statistics Canada said but added this is not evenly distributed across all wealth quintiles.<\/p>\n<p>In fact, in the second quarter of the year, the gap between the wealthiest (top 20 per cent of the wealth distribution) and the least wealthy (bottom 40 per cent of the wealth distribution) went up 0.4 percentage points to 64.9 percentage points.<\/p>\n<p>With nearly 72 per cent of financial assets held by the highest wealth quintile in the second quarter of 2024, Statistics Canada predicts the wealth gap could worsen. Freestone added that life insurance and pensions accounted for 44 per cent of the appreciation in net worth.<\/p>\n<section aria-labelledby=\"moreTopicLabel2035145041847117094536628146274304\" 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=\"\" boomers=\"\" getting=\"\" a=\"\" bad=\"\" rap=\"\" for=\"\" hoarding=\"\" wealth=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Baby boomers are being accused by some younger generations of hoarding their wealth.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/baby-boomers-wealth-gs1210.png?h=96&amp;strip=all&amp;quality=80&amp;sig=GYtsPAN5vbClNDmNFKF7wQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/baby-boomers-wealth-gs1210.png?h=96&amp;strip=all&amp;quality=5&amp;sig=qVtTL5QHKpEYWsg_qMdkEA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/baby-boomers-wealth-gs1210.png?h=96&amp;strip=all&amp;quality=80&amp;sig=GYtsPAN5vbClNDmNFKF7wQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/baby-boomers-wealth-gs1210.png?h=192&amp;strip=all&amp;quality=80&amp;sig=GCWzaZyURuGfgBI2Fr7Y4g 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/baby-boomers-wealth-gs1210.png?h=288&amp;strip=all&amp;quality=80&amp;sig=T2mTrgl4gXCYBFApRWbYKA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Are boomers getting a bad rap for hoarding wealth?<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" debt=\"\" can=\"\" boost=\"\" investment=\"\" wealth.=\"\" but=\"\" beware=\"\" its=\"\" twin=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Taking on debt and trying to benefit from the spread between the lending rate and your rate of return on investments can pay off in the long run.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/FP1205-hard-earned-truth.png?h=96&amp;strip=all&amp;quality=80&amp;sig=bJpIz4LM9t6yBTz_2eZJMw\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/FP1205-hard-earned-truth.png?h=96&amp;strip=all&amp;quality=5&amp;sig=zhtbdL0bysNpeVRvZLpYgg\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/FP1205-hard-earned-truth.png?h=96&amp;strip=all&amp;quality=80&amp;sig=bJpIz4LM9t6yBTz_2eZJMw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/FP1205-hard-earned-truth.png?h=192&amp;strip=all&amp;quality=80&amp;sig=RzVqJiSteZCrXzHrL7sgVQ 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/FP1205-hard-earned-truth.png?h=288&amp;strip=all&amp;quality=80&amp;sig=gJcEZY5wGy7WZJn70arSCw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Good debt can boost investment wealth. But beware its twin<\/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>\u201cWe\u2019re in a situation where household balance sheets, in some ways, have never looked stronger, but at the same time, we\u2019ve seen (credit card) delinquencies rising, housing is unaffordable \u2026 (and) beneath the surface there\u2019s widening inequality,\u201d she said.<\/p>\n<p data-async=\"\"><em>\u2022 Email: slouis@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><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.<\/em><\/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 \/>Canadian household wealth hits $17.3 trillion in record high<\/a><br \/>\n<br \/>2024-12-12 18:26:43<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Wealth Average net worth held at just over $1 million per household in third quarter, Statistics Canada said. But wealth gap is growing Published Dec 12,&#8230;<\/p>\n","protected":false},"author":2,"featured_media":54856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-54855","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\/54855","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=54855"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/54855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/54856"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=54855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=54855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=54855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}