Household net worth pushed higher by strength in equity and housing markets
Households were wealthier in the first quarter of 2024 as their net worth—the value of all assets minus all liabilities—increased $548.2 billion (+3.3%) to $16,925.0 billion. Equity markets continued their upward trajectory, as the S&P 500 Index was up by 10.2%, growing by double digits for a second consecutive quarter, while the S&P/TSX Composite Index rose 5.8%. After posting two consecutive quarterly declines, the housing market rebounded, as the value of residential real estate rose $213.0 billion in the first quarter.
Overall, households' total financial assets in the first quarter increased 3.6% (+$349.3 billion) to reach a record high ($10,022.2 billion) for the second consecutive quarter and the value of total non-financial assets grew 2.1% (+$207.6 billion). On the other hand, financial liabilities, composed primarily of mortgage and non-mortgage debt, increased $8.7 billion from the fourth quarter of 2023. This represented the slowest quarterly expansion (+0.3%) in household liabilities since the first quarter of 2023, as elevated interest rates continued to be a key consideration for households in the first quarter of 2024.
Household net worth is not evenly distributed across all wealth quintiles as most wealth is held by relatively few households in Canada. For instance, as of the fourth quarter of 2023, over 90% of net worth was held by those households that own a home. As of the fourth quarter of 2023, the highest wealth quintile had an average net worth per household of over $3.3 million, while the lowest wealth quintile possessed liabilities that exceed the value of their assets.
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