The richest 20 per cent of Canadians now hold two-thirds of the country's net wealth.
Recent spikes in the cost of living and a drop in real estate values are leading to “unprecedented impacts” on the savings and wealth of the most vulnerable Canadians, a new report from Statistics Canada has found.
Recent economic pressures hit least wealthy hardest Nearly 40 per cent of low-income earners said government support was their main source of income, up 4.6 per cent from a year earlier. Lendaza said she and her husband turned to the food bank near their home to keep their heads above water. Recent economic pressures dropped the net wealth of Canada's poorest by 13.8 per cent between early 2022 and early 2023. That’s more than triple the rate of decrease for the wealthiest Canadians.
Young, core working-age groups face rising debt Both younger and core working-age groups faced the highest debt-to-income ratios since the record began in 2010. By early 2023, they were well above pre-pandemic levels, the study found.
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