Statistics Canada Releases Q3 2024 Household Economic Report

Statistics Canada has published its latest findings on Canadian household economic accounts for the third quarter of 2024. The report highlights significant trends in income, consumption, saving, and wealth distribution across various income groups.

Middle-income households reported the largest increase in net savings, with a 26.7% rise compared to the same period last year. This increase is primarily due to limited spending during the quarter. In contrast, households in the lowest income bracket experienced a decline in net savings, attributed to higher spending on essential goods and services.

The report also details wealth distribution, noting that the wealthiest households, comprising the top 20% of the wealth distribution, accounted for nearly two-thirds (64.7%) of Canada's total net worth in the third quarter of 2024. These households have seen substantial gains, largely driven by real estate investments.

Statistics Canada emphasizes disparities in wealth accumulation, with the least wealthy households experiencing gains primarily through real estate, albeit at a slower pace. The report provides a comprehensive overview of the economic landscape for Canadian households, offering insights into the financial challenges and opportunities faced by different income groups.