Average net worth by age in Canada: Are you on track?

Between inflation and a notoriously tough housing market, Canadians are feeling the financial squeeze more than ever. It is practically a national pastime to look around and wonder: "How is everyone else affording this? Am I falling behind?"

We all want a benchmark to measure our financial health against our peers. It provides a sense of security in an uncertain economic climate.

The Canadian Net Worth Percentile Calculator

What is the median net worth in Canada by age?

Quick Answer: As of 2023, based on data from Statistics Canada (StatCan), the median net worth for Canadian economic families and persons not in an economic family increases steadily with age, peaking at $873,400 for households where the major income earner is aged 55 to 64.

Here is the breakdown of median household net worth by age group:

| Age of Major Income Earner | Median Household Net Worth | | :--- | :--- | | Under 35 | $159,100 | | 35 to 44 | $409,300 | | 45 to 54 | $675,800 | | 55 to 64 | $873,400 | | 65 and older | $738,900 |

Note: StatCan reports on Household/Economic Family Net Worth, not strictly individual wealth.

What is the average salary by age in Canada?

While net worth shows what you have accumulated, your income shows your current wealth-building capacity. According to StatCan data, the median after-tax income for Canadian households largely peaks in the prime working years (45 to 54) before tapering off.

However, a six-figure salary in Toronto or Vancouver barely feels like enough to scrape together a down payment on a one-bedroom condo, whereas that exact same income in the Prairies or Atlantic Canada buys a detached house and massive financial breathing room.

What is the average income by age in Canada?

While net worth measures what you keep, your income is the engine that builds it. StatCan reports a flat median individual income of $46,300 across all demographics for general benchmarking, though mid-career (35-54) is typically ~25% higher.

But as anyone renting in a major city will quickly highlight, hitting the median income is a hollow victory when you're paying $2,500 for a 1-bedroom in Toronto or Vancouver. The benchmark is just a number; your local cost of living dictates your reality.

Why the "Average" net worth is a lie

If you Google "average net worth by age," the numbers you see might make you feel broke. That is because the average (the mean) is a mathematically terrible way to measure typical household wealth.

In personal finance, this is known as the "Elon Musk Effect."

Because wealth inequality is so high, ultra-high-net-worth households pull the national averages up so drastically that they become useless for comparison. If you want to know how the typical Canadian household is actually doing, you must look at the median net worth, as shown in the table above.

Asset rich and cash poor: Canada's housing crisis

Even if you use the median and discover you are in the top 10% for your age group, you have to look closely at the quality of that wealth.

In Canada, the prolonged housing affordability crisis has created a unique divide. Two households can both hold a net worth of $600,000 while living completely different financial realities.

Household A holds $600,000 entirely in home equity in a major urban center. They are paper wealthy, but if they face a sudden $5,000 expense, they will struggle to pay it because their wealth is trapped. They are asset rich and cash poor.

Household B holds $600,000 across cash, diversified investments, RRSPs (Registered Retirement Savings Plans), and TFSAs (Tax-Free Savings Accounts). They have immediate access to their money and far greater liquidity.

The total benchmark number is the same, but the available liquidity is vastly different.

Stop comparing and start forecasting

Finding out you are wealthier than the average Canadian might stroke your ego, but it doesn't change your day-to-day reality. A high percentile ranking does not lower your grocery bill, it does not erase your debt, and it does not tell you if you are actually ready to retire.

National benchmarks are great for curiosity, but terrible for planning.

To take control of your financial future, you must track your own personal balance sheet. WealthScout brings your RRSPs, TFSAs, real estate, and liabilities into one clear dashboard. By forecasting your unique data, you stop worrying about the StatCan median and start seeing exactly what it will take to achieve your personal financial goals.

(Ready to stop comparing yourself to the average and start forecasting your own retirement? Track your exact net worth in WealthScout for free today.)