2023 Financial Security Survey Reveals Wealth Disparities in Canada

The 2023 Survey of Financial Security, conducted by Statistics Canada, provides insights into the financial status of Canadian families. The survey highlights significant disparities in net worth among different groups.

• Median Net Worth: The median net worth of Canadian families in 2023 was reported at $519,700.
• Retirement Age Group: Canadians aged 55 to 64 who own a home and have an employer-sponsored pension plan have a median net worth approximately $1.4 million higher than those without these assets.
• Mortgage Holders: Nearly 39% of families held a mortgage in 2023. The median mortgage debt was $205,000, a decrease from $219,500 in 2019.
• Interest Rates Impact: Families with variable-rate mortgages faced a median interest rate of 5.7%, with median monthly payments rising by 35% since 2019.
• Young Families: Families with the main income earner under 35 saw a 179% increase in their real median net worth from 2019 to 2023, reaching $159,100.

The survey also notes that families with low net worth may need to work longer and could require more government support. The data aims to inform discussions on equity, particularly in areas like pensions, homeownership, and financial debt.