Household net worth rises with gains in both financial and non-financial assets
Households were wealthier in the first quarter of 2025, despite headwinds of economic uncertainty and volatile markets, as their net worth—the value of all assets minus all liabilities—increased $141.2 billion (+0.8%) to $17,599.8 billion. This marked a slowdown from the last quarter of 2024 when net worth expanded by 1.0%, but was also the sixth consecutive quarter of growth. However, as of the fourth quarter of 2024, the wealthiest 20% of households held over two-thirds of financial assets (68.1%) and over half of real estate (51.2%).
Households' financial assets increased 0.9% (+$97.4 billion) in the first quarter of 2025 to $10,920.4 billion despite weaker equity markets. This was the sixth consecutive quarter in which financial assets reached a record high even as trade policy uncertainty roiled markets. The S&P/TSX Composite Index grew a modest 0.8% after a strong second half in 2024. Meanwhile, following five consecutive quarters of growth, the S&P 500 Index shed 4.6% by the end of the first quarter of 2025. This decline deepened significantly in early April, after which markets began to regain lost ground through May. The value of non-financial assets rose for the second consecutive quarter to reach $9,777.6 billion in the first quarter, primarily due to higher residential real estate valuations (+$47.3 billion).
Weighing against asset gains, household financial liabilities, composed primarily of mortgage and non-mortgage debt, increased $13.7 billion (+0.4%) in the first quarter of 2025.
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