How the Average Canadian’s Net Worth Stacks Up to Home Sale Prices

In June 2022, the average home sale price in Canada was $629,971, according to the Canadian Real Estate Association. StatsCan’s most recent data on the assets, debts and net worth of Canadian families date from 2019 and reveal that the median net worth of Canadian economic families and individuals not in an economic family was $329,900. (An economic family is a group of two or more people living in the same household and related to one another, either by blood or by law.)

These net worths varied according to age and family size. For example, individuals under 65 who lived alone had a median net worth of only $51,000, couples with children under 18 had a median net worth of $435,700, couples without children had a median net worth of $459,400 and families over 65 had a median net worth of $840,900.

So what do house prices have to do with net worth? If you have a low net worth, you’re going to have a harder time finding the financing to buy your dream house, for one. But it’s not all bad: Higher home sale prices can increase your net worth, depending on how much equity you have in your home. Of course, these statistics vary from one province to another. Let’s see how net worth stacks up to home sale prices by province. And be sure to check out the average Canadian’s net worth by province.

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Newfoundland and Labrador

Median net worth: $247,300

Average home sale price in July 2022: $285,900

Once considered one of Canada’s “have not” provinces, Newfoundland and Labrador has seen steady economic growth in the past decade or so. Still, it’s one of the cheapest provinces in Canada to buy a house. For now. There’s been a 9.7 percent increase in the average home sale price here between July 2021 and July 2022. The average home sale price here is 13.5 percent higher than median net worth.

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Prince Edward Island

Median net worth: $211,400

Average home sale price in July 2022: $374,100

Prince Edward Island has seen an 18.3 percent increase in average home sale price between July 2021 and July 2022. It’s no surprise, considering how easily you can find homes that are ideal for social distancing when necessary without having to drive more than a couple of hours to get to the amenities of the big city. The average home sale price here is 43.5 percent higher than the median net worth.

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Nova Scotia

Median net worth: $257,900

Average home sale price in July 2022: $410,700

If you’re looking to find cheap homes for sale on the East Coast, you shouldn’t wait too long. In Nova Scotia, the average home sale price has increased by 23.3 percent between July 2021 and July 2022. The average home sale price here is 37.2 percent higher than the median net worth.

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New Brunswick

Median net worth: $185,000

Average home sale price in July 2022: $297,600

While the entire Atlantic Region has benefited from the pandemic-related exodus from very expensive markets like Toronto, the province here that’s the hottest housing market is New Brunswick. The average home sale price here has increased by 26.7 percent between July 2021 and July 2022. The average home sale price is 37.84 percent higher than the median net worth.

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Quebec

Median net worth: $237,800

Average home sale price in July 2022: $489,259

Quebec has long been one of the most affordable provinces in Canada but house prices here are not as low as you might think. Still, the same amount of money here can get you a much nicer property than you’d get in, say, Toronto or Vancouver. Between July 2021 and July 2022, the average home sale price in Quebec increased by 8.8 percent. The average home sale price here is 51.4 percent higher than the median net worth.

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Ontario

Median net worth: $434,500

Average home sale price in July 2022: $831,473

The Toronto housing market has been so expensive that, in the era of remote working, first-time buyers started looking at the most affordable places to buy vacation properties and then used these cheaper properties as their primary homes. While the average home sale price in Ontario as a whole actually dropped by 0.5 percent between July 2021 and July 2022, many markets in the province have still seen increases of over 10 percent. The average home sale price here is 47.8 percent higher than the median net worth.

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Manitoba

Median net worth: $295,700

Average home sale price in July 2022: $353,309

Manitoba still has some of the cheapest houses for sale in Canada, with an average home sale price increase of only 5.5 percent between July 2021 and July 2022. The average home sale price here is 16.31 percent higher than the median net worth.

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Saskatchewan

Median net worth: $330,500

Average home sale price in July 2022: $335,000

In Saskatchewan, housing prices are generally affordable and stable, with the average home sale price increasing by only 5.2 percent between July 2021 and July 2022. The average home sale price here is 13.43 percent higher than the median net worth.

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Alberta

Median net worth: $317,300

Average home sale price in July 2022: $437,028

The Prairies haven’t been a hot housing market in general and Alberta has seen the lowest average home sale price increase of all the provinces: a mere 2.6 percent between July 2021 and July 2022. This is good news if you’re saving up for a deposit but not such great news if you’ve already bought and are hoping to see a big increase in your net worth. The average home sale price here is 27.4 percent higher than the median net worth.

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British Columbia

Median net worth: $423,700

Average home sale price in July 2022: $915,841

Even though the cities and larger towns in British Columbia are still seeing quite significant average home sale price increases, the average increase for the province as a whole between July 2021 and July 2022 was only 2.7 percent. The average home sale price here is the highest in Canada and is a whopping 53.7 percent higher than the median net worth.