Household balance sheets often look reassuring in the aggregate – and in 2025, Canada’s headline numbers delivered, according to a report by TD Economics.
Canadians’ net worth reached a new record in 2025, rising to over $1 million per household, up 5.3% since the prior year. Across provinces, net worth is also near record levels, except for British Columbia (B.C.), where net worth peaked in early 2022. Today, three provinces – B.C., Ontario, and Alberta – have average household net worth above the $1 million mark, at $1.34 million, $1.27 million, and $1.02 million, respectively, it said.
“Wealth gains since the pandemic have been strong. National average net worth per household rose by 37% between 2019 and 2025 – modestly stronger than over the prior six-year period – while debt service ratios have eased from their cycle highs. Yet, beneath the surface provincial balance sheets tell a more nuanced story, with two themes standing out,” said TD Economics.
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“The first is the increased role of financial market gains in supporting household spending recently. Earlier in the pandemic, wealth gains were driven largely by housing, as low interest rates and shifting preferences fueled strong gains in real estate. More recently, that dynamic has reversed. Real estate values have been broadly flat to declining, while financial assets have taken over as the primary driver of wealth growth, particularly following the Bank of Canada’s easing cycle. In the latest data from Statistics Canada’s distributions of household economic accounts, financial assets per household rose by 9.9% in 2025 – a record-setting pace.
“The second theme is leverage. Most provinces have deleveraged since the pandemic, but Ontario stands apart, entering the next phase of the cycle as the most indebted province in the country. Together, these two themes define where Canadian household finances are strong, where they are stretched, and what that means for the spending outlook ahead.”
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024, 2025 and 2026.
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