A rapid widening gap between high and low income households has increased at an all-time record since 2010, according to new data from Statistics Canada.the gap in net worth between the poorest and richest households grew by 1.1 percentage points, the fastest increase since 2010. For comparison, the wealth gap declined by 1.6 percentage points between the first quarter of 2020 and first quarter of 2022.
The report also found Canadians aged 45 or younger tend to live in lower income households despite this group only representing 36.2 per cent of all households. Younger households make up 55.2 per cent of the lowest two wealth quintiles, according to the report. According to findings from this first quarter, the average value of real estate owned by households decreased by 8.6 per cent. Additionally, the national average price for a residential home went up to $686,000, roughly 13.7 per cent from the first quarter of 2022.