Net Worth by Age in Canada: Where Do You Stand?

How does your net worth stack up against other Canadians your age? It's a question most people wonder about but few can answer with real data. Thanks to Statistics Canada's 2023 Survey of Financial Security (SFS) — the most comprehensive snapshot of Canadian household wealth — we can finally put concrete numbers on the table.

The results might surprise you. The average Canadian family unit had a net worth of $937,700 in 2023. But that average is wildly misleading. The median — the number where half of families are above and half below — was just $398,800. That massive gap tells a story about wealth inequality, and it's the first lesson in understanding where you really stand.

Net Worth by Age Group in Canada (2023)

Here's the data that matters most — median and average net worth broken down by the age of the major income earner. These figures are from Statistics Canada's 2023 Survey of Financial Security, the gold standard for Canadian wealth data.

Age Group	Median Net Worth	Average Net Worth	Avg-to-Median Ratio
Under 35	$48,800	$244,400	5.0×
35–44	$234,400	$614,400	2.6×
45–54	$521,300	$1,079,500	2.1×
55–64	$690,000	$1,385,600	2.0×
65+	$543,200	$1,073,100	2.0×

A few things jump out immediately:

• Under-35s are early in the journey. A median of $48,800 reflects student debt, early-career wages, and the challenge of saving for a home in Canada's expensive housing market. The average of $244,400 is pulled up dramatically by young people who inherited wealth, started successful businesses, or got into real estate early.
• The 35–44 leap is massive. Median net worth nearly 5× jumps from under-35 to 35–44. This is the home-buying decade for most Canadians, and real estate equity is the primary driver.
• Peak net worth hits at 55–64. This is the "pre-retirement accumulation peak" — mortgages are being paid off, retirement accounts are at their highest, and employment income is typically at its career maximum.
• 65+ shows a decline. Retirees draw down savings, and the data includes single seniors who may have lower wealth than couples. But $543,200 median is still substantial — driven largely by home equity.

Why Median Matters More Than Average

If you look only at the averages, you'd think the typical Canadian family is sitting on nearly a million dollars. They're not. The average is distorted by extreme wealth at the top — a statistical phenomenon called right skew.

Here's an analogy: if you and nine friends have a net worth of $100,000 each, the average is $100,000 and the median is $100,000. Now Jeff Bezos walks in. The average jumps to about $18 billion. The median barely moves to $100,000. Nothing changed about your financial situation, but the "average" now suggests everyone in the room is a multi-billionaire.

This is exactly what happens with Canadian wealth data. The top 20% of families hold about 67% of all wealth, and the top 1% hold a disproportionate share within that. Their enormous net worths pull the average far above what a typical Canadian actually has.

The median is your benchmark. It tells you: if you line up every Canadian family from poorest to richest, where does the person in the exact middle stand? That's a much more useful comparison point for your own finances.

Age Group	Median	Average	What the Gap Tells You
Under 35	$48,800	$244,400	Huge skew — a few young wealthy outliers dramatically inflate the average
35–44	$234,400	$614,400	Still heavily skewed — homeowners vs renters is a key divider
45–54	$521,300	$1,079,500	Gap narrows somewhat — more people have accumulated assets
55–64	$690,000	$1,385,600	Peak accumulation — but the wealthy are very wealthy
65+	$543,200	$1,073,100	Stable ratio — wealthy retirees hold significant investment portfolios

What Counts as Net Worth?

Net worth is the simplest financial equation that matters:

Net Worth = Total Assets − Total Liabilities

But most people either overcount their assets or forget their liabilities. Here's what Statistics Canada includes in the SFS — and what you should count when calculating your own.

Assets (What You Own)

Asset Category	Examples	% of Total Assets (Avg)
Principal residence	Home, condo, townhouse	~35%
Other real estate	Rental properties, cottages, land	~13%
Registered retirement savings	RRSPs, RRIFs, locked-in accounts	~13%
Employer pension plans	Defined benefit, defined contribution	~14%
TFSAs	Tax-free savings accounts	~4%
Non-registered investments	Stocks, bonds, mutual funds, ETFs	~8%
Vehicles	Cars, trucks, motorcycles, boats	~3%
Business equity	Ownership stake in a business	~6%
Other assets	Bank accounts, GICs, cash value of life insurance	~4%

Liabilities (What You Owe)

• Mortgage on principal residence — typically the largest liability (average: ~$235,000 for mortgage holders)
• Other mortgages — rental properties, secondary properties
• Home equity lines of credit (HELOC) — often $50,000–$150,000
• Student loans — federal and provincial
• Vehicle loans/leases — including negative equity
• Credit card debt — balances carried month to month
• Other consumer debt — personal loans, buy-now-pay-later, payday loans

Regional Differences: Where You Live Matters — A Lot

Canada's net worth map is dramatically uneven, driven almost entirely by real estate values. A homeowner in Vancouver or Toronto has hundreds of thousands of dollars in home equity that an identical earner in Winnipeg or Halifax simply doesn't.

Province / Region	Median Net Worth	Average Net Worth	Key Driver
British Columbia	$520,800	$1,148,500	Vancouver real estate
Ontario	$465,100	$1,038,600	GTA housing + strong employment
Alberta	$410,500	$908,300	High wages, lower housing costs than BC/ON
Saskatchewan	$374,200	$780,400	Agriculture, resource economy
Manitoba	$322,600	$674,900	Affordable housing, lower wages
Quebec	$304,200	$711,200	Lower housing costs, higher taxation
Atlantic Provinces	$283,500	$596,800	Lower incomes, affordable real estate

The BC-to-Atlantic gap in median net worth is $237,300 — almost entirely explained by housing. A family in Greater Vancouver who bought a typical detached home in 2010 for $750,000 is sitting on a property now worth $1.8–2.0 million. An identical family in Saint John, New Brunswick, who bought at $180,000, is looking at a home worth maybe $300,000. Same career, same savings rate, same investment choices — a $1.2 million net worth difference driven by geography.

The Homeowner vs Renter Wealth Gap

This is the single most striking data point in the entire Survey of Financial Security:

Housing Status	Median Net Worth	Average Net Worth
Homeowners (with mortgage)	$520,000	$970,200
Homeowners (mortgage-free)	$910,400	$1,508,600
All homeowners	$685,400	$1,185,700
Renters	$66,200	$176,300

Homeowners have 10.3× the median net worth of renters. This isn't just because homeowners tend to be older or higher-income (though both are true). Even after controlling for age and income, the gap remains enormous. Homeownership in Canada is a forced savings mechanism: every mortgage payment builds equity, and real estate appreciation (especially in the 2015–2023 period) has been extraordinary.

But there's a chicken-and-egg question: does homeownership create wealth, or do wealthier people buy homes? The answer is both. You need a down payment and income to buy — which selects for higher earners. But once you're in, leveraged appreciation and forced savings accelerate wealth accumulation in ways that renting simply cannot replicate.

How to Calculate Your Own Net Worth

Ready to see where you actually stand? Here's a step-by-step walkthrough. Grab a spreadsheet (or use our calculator below) and be brutally honest — this exercise only works if you don't fudge the numbers.

Step 1: List Your Assets

1. Home value — Use recent comparable sales in your neighbourhood, not your purchase price or your optimistic guess. Check HouseSigma, Zillow, or your municipal property assessment (though assessments often lag market values).
2. Other real estate — Rental properties, cottage, vacant land. Use current market values.
3. Registered accounts — Log into your bank/brokerage and note current balances for RRSP, TFSA, LIRA, RRIF, RESP, FHSA.
4. Employer pension — Check your most recent pension statement. For defined benefit plans, use the commuted value if available (the lump sum you'd receive if you left). For defined contribution plans, use the current account balance.
5. Non-registered investments — Brokerage accounts, GICs, savings accounts, crypto.
6. Vehicles — Use Canadian Black Book or AutoTrader to estimate current market value (not what you paid).
7. Business equity — If you own a business, estimate its fair market value. This is the hardest number to pin down — use a conservative multiple of earnings or book value.
8. Cash — Chequing accounts, savings accounts, emergency fund.

Step 2: List Your Liabilities

1. Mortgage balance — The outstanding principal, not the original mortgage amount. Check your lender's portal.
2. HELOC balance — Whatever you currently owe.
3. Vehicle loans — Remaining balance.
4. Student loans — Federal and provincial combined.
5. Credit card balances — Balances carried past the due date.
6. Other debt — Personal loans, lines of credit, family loans, buy-now-pay-later.

Step 3: Subtract

Total assets minus total liabilities equals your net worth. Write it down. Don't judge it — just know the number. You can't improve what you don't measure.

Are You "On Track"? A Benchmark Framework by Age

Comparing yourself to the median is a start, but it doesn't tell you if you're on track for your goals. Here's a practical framework that considers both where Canadians actually are and where financial planners suggest you should be.

Age	Behind	On Track	Ahead	Median (Reference)
25	< $0 (negative)	$0–$25,000	> $50,000	~$10,000
30	< $10,000	$25,000–$100,000	> $150,000	~$48,800
35	< $50,000	$100,000–$250,000	> $350,000	~$120,000
40	< $100,000	$200,000–$450,000	> $550,000	~$234,400
45	< $175,000	$350,000–$650,000	> $800,000	~$380,000
50	< $250,000	$450,000–$850,000	> $1,000,000	~$521,300
55	< $350,000	$550,000–$1,000,000	> $1,200,000	~$600,000
60	< $400,000	$600,000–$1,200,000	> $1,500,000	~$690,000
65	< $350,000	$500,000–$1,200,000	> $1,500,000	~$543,200

The Quick "Multiple of Income" Check

Financial planners often suggest a simpler benchmark: your net worth should be approximately X times your annual gross income at each age:

• Age 30: 0.5× annual income
• Age 35: 1× annual income
• Age 40: 2× annual income
• Age 45: 3× annual income
• Age 50: 4× annual income
• Age 55: 6× annual income
• Age 60: 8× annual income
• Age 65: 10× annual income

For a Canadian earning $80,000/year, that means a target of roughly $40,000 at 30, $160,000 at 40, $320,000 at 50, and $800,000 at 65. Adjust up for higher cost-of-living areas (Toronto, Vancouver) and down for lower-cost regions.

Strategies to Grow Your Net Worth at Every Life Stage

In Your 20s: Build the Foundation

Your 20s aren't about having a massive net worth — they're about building habits and eliminating bad debt. If your net worth is near zero or slightly negative (thanks, student loans), you're normal.

• Kill high-interest debt first. Credit cards (19–29% interest) and payday loans destroy wealth. Pay these off aggressively before investing.
• Build an emergency fund. 3 months of expenses in a high-interest savings account. This prevents you from going into debt for unexpected costs.
• Start your TFSA. Even $200/month into a broad market index ETF (like VEQT or XEQT) will compound dramatically over 40 years. At 7% average returns, $200/month from age 25 to 65 becomes ~$525,000.
• Maximize employer RRSP matching. If your employer matches contributions, this is a 50–100% instant return. Never leave free money on the table.
• Invest in your income. In your 20s, the highest-return investment is often yourself — certifications, skills, networking, career moves that increase your earnings.

In Your 30s: Accelerate

Your 30s are the decade where net worth typically starts to climb — driven by rising income, homeownership, and the compounding of investments started in your 20s.

• Make the rent-vs-buy decision. In some markets (Calgary, Edmonton, Ottawa, Montreal), buying makes strong financial sense. In Toronto and Vancouver, the math is murkier — run the numbers before deciding.
• Max out registered accounts. TFSA ($7,000/year in 2025–2026), RRSP (18% of prior year income, up to ~$32,490), and FHSA ($8,000/year) if you're saving for a first home.
• Avoid lifestyle inflation. As income rises, it's tempting to upgrade everything — car, home, vacations. Capture at least 50% of every raise for savings/investing.
• Start RESP for kids. If you have children, the 20% Canada Education Savings Grant (CESG) is free money — up to $500/year per child. Start early to maximize compounding.
• Build a simple investment portfolio. One or two all-in-one ETFs (like VBAL, VGRO, or VEQT depending on risk tolerance) is all you need. Complexity is not your friend.

In Your 40s: Optimize

Your 40s are about optimization — you have meaningful assets now, and the decisions you make about allocation, tax efficiency, and debt paydown have large dollar impacts.

• Aggressively pay down the mortgage. Every extra dollar against the principal saves you years of interest. Even $200/month extra on a $500,000 mortgage at 5% saves ~$65,000 in interest and pays off 5 years early.
• Tax-optimize your portfolio. Canadian dividends and capital gains in non-registered accounts; US/international equities in RRSP (for withholding tax efficiency); high-growth assets in TFSA.
• Review insurance needs. Life insurance and disability insurance are critical if you have a family depending on your income. Term life is cheap in your 40s; it gets expensive in your 50s.
• Catch-up contributions. If you have unused RRSP or TFSA room from earlier years, now's the time to use it. RRSP contributions are especially valuable if you're in a high tax bracket.
• Start thinking about retirement cash flow. It's not too early to model when you can retire. Use a retirement calculator to project whether you're on track.

In Your 50s: Protect and Maximize

Your 50s are the final accumulation push. Net worth should be growing quickly thanks to high income, lower expenses (if kids are leaving home), and compounding investment returns.

• Become mortgage-free. Entering retirement without a mortgage dramatically reduces your required income. Make it a priority to pay off the house by 55–60.
• Maximize pension benefits. Understand your employer pension's formula, buyback provisions, and early retirement options. Buying back years of service can be extremely valuable for DB pension members.
• Begin RRSP-to-RRIF conversion planning. If you plan to retire before 65, you may benefit from drawing down RRSPs in low-income years (between retirement and CPP/OAS start) to reduce future mandatory RRIF withdrawals and OAS clawback risk.
• Estate planning basics. Will, power of attorney, beneficiary designations on all accounts. These protect your net worth for your family.
• Consider your CPP start age. Read our guide on CPP at 60, 65, or 70 — the start-age decision can be worth $100,000+ over your lifetime.

In Your 60s and Beyond: Transition and Preserve

Retirement is a spending phase, but that doesn't mean your net worth should freefall. Smart drawdown preserves wealth longer.

• Create a tax-efficient drawdown plan. Draw from taxable accounts first, then RRSPs/RRIFs, and preserve TFSAs for last (since TFSA withdrawals are tax-free and the account continues to grow).
• Optimize CPP, OAS, and GIS. Coordinate start ages between spouses, consider CPP pension sharing (form ISP1002), and watch OAS clawback thresholds.
• Keep a conservative but growing portfolio. Retirees need growth to outpace inflation over a 25–30 year retirement. A 50/50 stock/bond allocation is common, but even a 60/40 split can be appropriate for early retirees with long time horizons.
• Downsize strategically. Selling a large family home and buying a smaller property (or renting) can unlock hundreds of thousands in tax-free capital gains on a principal residence. This can fund decades of retirement.
• Plan for long-term care. The average cost of a private long-term care home in Canada is $3,000–$7,000/month. Having a plan (insurance, savings, or family arrangement) prevents this from devastating your estate.

---

Ready to see where you stand? Use FiggyBank's Net Worth Calculator to get your number in minutes. Then come back and compare against the benchmarks above. Knowledge is the first step — action is the second.