Recently read in the news that the average Canadian household now has a net worth of $400,151 CAD, a record high. Yay, time to partay＼(~o~)／ This is great news because more money translates into better purchasing power so buying goods and services become more affordable, relatively speaking.
I didn’t know exactly why my net worth has been going up so quickly since the beginning of this year, but it makes more sense now with this new information. I think by being exposed to hot markets my personal finances has somehow benefited 🙂 The study points out that Vancouver still leads the country with the most wealth as the average net worth per household here is a whopping $662,600. Wowzers that’s a lot of money 😀 So far my net worth isn’t even close to that number yet but if I stay in Vancouver and continue to save and invest I’m sure one day I will become average as well haha.
At my part time job for example, a lot of students I work with bring capital to the school from foreign countries. The money allows for them to get an education and is a source of income for the local Vancouverites like myself 😀 Win win.
And Saskatchewan is apparently the leader of economic growth. Real estate prices increased 7.7% last year. Good thing I locked in the contract to buy the farm earlier this year for $172,500. I remember blogging about it in the spring and was nervous that I might have overpaid. But now I realize even if I did, the spread is probably gone by now anyway 🙂 I hope my land will continue to grow as other people look for investment opportunities in the prairies. But who will be the greater fool? hehe.
This study is quite telling, but of course average isn’t always a good barometer of relative wealth because the numbers can be heavily skewed by the ultra wealthy. So let’s find out what the median household net worth in Canada is 😀 Last year a study that I blogged about showed the median net worth per adult is $89,014. And from the 2011 Census, we know that there are 13,320,600 private households in Canada. We also know that Canada has approximately 35,000,000 people. This means that there is roughly 2.63 people per household. If the median person is worth $89,014 then the median household would have a net worth of roughly $234,000. Probably not very scientific, but it gives us a ball park figure anyway.
Disclaimer: I’m bad at math 😛
As you might have expected the median household net worth at $234,000 is much lower than the average 🙂 Nevertheless I probably still have a couple years to save before I’m considered median lol. Speaking of wealth, I recently published a new page dedicated to net worth statistics 🙂
Random Useless Fact: How to propose to someone if you’re on a tight budget 😛