StatCan latest wealth survey shows stark disparity between homeowners, renters
StatCan latest wealth survey shows stark disparity between homeowners, renters
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.
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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.
This shouldn't be a surprise, but I'm glad we have the data to prove it.
Home prices have skyrocketed recently. Home owners whos earner is boomer-aged obviously bought long ago, and the housing prices have beaten investments in that time period (Assuming houses bough 30-40yrs ago). Anyone who rented and invested the difference is obviously not going to compete.
Additionally, given the insanity of the rental market, anyone under 35 who has enough income to afford the monthly payments on a house has purchased in the last few years, so those who are still renting are likely those at the bottom, unable to purchase a house, and their income is likely the lowest, exacerbating this issue.
I have yet to see anyone who can give me a good reason we don't have laws preventing:
- Corporate ownership of land zoned residential
- Increasing property tax rates for each additional residential property (ie any property not classified as primary residence). It still leaves loopholes (my wife lives at house A full time, I live at house B full time), but seems like an easier way to try and shore up the speculators.
Overall, the survey found the median net worth of Canadian households was $519,700, up 57 per cent from 2019 when it was last conducted.
How big can a bubble get if its being artificially inflated and supported by government and businesses?-
I have yet to see anyone who can give me a good reason we don’t have laws preventing:
Look at how things are going and how large crowds of people are thumping their chest about getting into a even more trickle down economy.
Yet the same people hate Trudeau even though he has Canada near top of GDP growth which is about as big as the trickle gets. In short failure provide reasonable education to people and probably voting reform.
