Those without a principal residence saw more modest gains, with median net worth increasing by $26,700 to $44,000. The lowest net worth among younger families was found in those lacking both a principal residence and a pension plan, with a median net worth of $27,000, up from $10,500 in 2019.
As home ownership becomes less accessible, a growing segment of young families is building wealth outside of traditional home ownership.
Among families renting without an employer pension plan, the share with a net worth exceeding $150,000 rose from 5 percent in 2019 to 15 percent in 2023.
Many in this group held assets such as non-primary real estate (median value $350,000), Registered Retirement Savings Plans (RRSPs) (median $35,000), or Tax-Free Savings Accounts (TFSAs) (median $20,000).
The report also highlights the effects of rising interest rates on Canadian mortgage holders. In 2023, 39 percent of families held a mortgage, either for a principal residence or other real estate, with a median mortgage debt of $205,000, down from $219,500 in 2019.
