Inflation, higher interest rates and declining real estate values are worsening wealth inequality in Canada. Read on.
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The richest 20 per cent of households controlled 67.8 per cent of net worth in the country in the first quarter, while the bottom groups accounted for 2.7 per cent, Statistics Canada reported Tuesday in Ottawa.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The widening wealth gap is a challenge for Prime Minister Justin Trudeau, whose government has pledged to reduce inequality only to see it expand by a rapid rise in house prices during the pandemic. It also highlights a consequence of the Bank of Canada’s aggressive increases to interests rates to combat inflation, which are squeezing the country’s indebted households.
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Gap between Canada's rich and poor widens at record pace on inflation, higher ratesInflation, higher interest rates and declining real estate values are worsening wealth inequality in Canada. Read on.
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Gap between Canada's rich and poor widens at record pace on inflation, higher ratesInflation, higher interest rates and declining real estate values are worsening wealth inequality in Canada. Read on.
Lire la suite »
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