Statistics Canada's latest financial security survey shows a stark disparity between the wealth of homeowners and renters, even as it fails to capture the true scale what's owned by Canada's richest families.
The survey, conducted only every few years, shows home-owning families whose main earner was 55 to 64, and who had an employer-sponsored pension, had a median net worth of $1.4 million in 2023. Renters without a pension plan in the age group had a median net worth of $11,900.
Home ownership was the main factor in the difference, as those who owned their home but didn’t have a pension had a median net worth of $914,000, while those with a pension but did not own had a median net worth of $359,000.
The picture in the report was similar for families whose main earner was under 35, as the median net worth of those who own their principal residence was $457,100, compared with $44,000 for those who don’t.
