Soaring real estate prices have made Toronto an official member of the prestigious 'Millionaires Club'.
The rankings are based on data pulled from various sources, including Statistics Canada, the Bank of Canada, Equifax and the Teranet-National Bank Regional and Property Type Sub-Indices.
This is a new milestone for the city, as its the first time Toronto has made this 'Millionaires Club' thanks to a 17 per cent increase in household net worth, which now sits at a whopping $1,154,107 per year.
Vancouver maintained the highest average household net worth of all metropolitan areas at $1,721,630. And also for the first time ever, two other Canadian cities joined the club including Victoria ($1,055,468) and Calgary ($1,039,607).
The report also showed that Canadian households have made huge improvements with their savings and investments, resulting in an overall net worth increase of 12 per cent across the country to $770,635.
The reasoning for the new additions to the 'Millionaires Club' has a lot to do with the real estate market. As Torontonians have had to deal with skyrocketing real estate prices, household incomes have followed suit.
Of course, all good things tend to come to an end, and in this case, it's unclear if Toronto will be able to keep its millionaire status as the housing market is starting to cool. But for now, this is definitely something to brag about.
Source: Global News