{"id":14633,"date":"2026-09-11T14:45:27","date_gmt":"2026-09-11T14:45:27","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=14633"},"modified":"2026-09-11T14:49:00","modified_gmt":"2026-09-11T14:49:00","slug":"household-wealth-accelerates-on-equity-rally","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/household-wealth-accelerates-on-equity-rally\/","title":{"rendered":"Canadian household wealth accelerates on equity rally"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p class=\"wp-block-paragraph\">Canadian household balance sheets gained meaningful momentum in Q2, with net wealth rising 2.9% quarter-over-quarter\u2014more than double Q1\u2019s pace. The equity rally was the standout driver, amplified by U.S. market strength. Housing also contributed for the second consecutive quarter, after detracting for most of 2025.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-Z6_xOyAyt\" class=\"everviz-Z6_xOyAyt\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to asset price moves, wealth gains rest on some solid fundamentals\u2014though not entirely. Disposable income grew 2.1% q\/q\u2014roughly double the rate of the previous quarter and the fastest pace in nearly two years. The acceleration was driven equally by compensation gains\u2014reflecting a strengthening labour market\u2014and government transfers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Household balance sheets are on solid footing for the back half of 2026 but could get tripped up if <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/insights\/new-u-s-tariff-retaliation-what-it-means-for-canadas-economy\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-DataFlashes-14633-d1b86afe\" data-dig-category=\"LP-CanadianAnalysis-DataFlashes\" data-dig-action=\"link click\" data-dig-label=\"escalating trade tensions\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">escalating trade tensions<\/a> derail the labour and housing market recoveries. Persistently high gas prices may also eat away at purchasing power\u2014forcing households to dip into savings or constrain their <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/rbc-consumer-spending-tracker\/q2-canadian-consumer-signals-spending-on-fuel-overshadowed-purchases-by-sports-fans\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-DataFlashes-14633-d1b86afe\" data-dig-category=\"LP-CanadianAnalysis-DataFlashes\" data-dig-action=\"link click\" data-dig-label=\"consumption\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">consumption<\/a> in the quarters ahead. &nbsp;<\/p>\n\n\n\n<h4 id=\"h-the-details\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-1\">The details:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list mar-l-qtr mob-mar-l-qtr\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>The equity market rally proved the standout story in Q2<\/strong>. The S&amp;P\/TSX Composite Index climbed 6.4% during the quarter, nearly double the pace of Q1&#8217;s gain. U.S. equities (measured in Canadian dollars) contributed outsized returns of 17%.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Other financial assets advanced solidly across the board.<\/strong> Life insurance and pension assets climbed 3.9% q\/q to $3.5 trillion while currency and cash deposit holdings grew 0.8% q\/q to $2.3 trillion.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Housing provided a stabilizing floor, rather than material upside<\/strong>. The CREA MLS Home Price Index posted a 0.4% quarterly gain, building modestly on Q1&#8217;s 1.5% rebound.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Household debt dynamics remained measured<\/strong>, expanding at a 1.3% q\/q pace to 3.3 trillion. Growth in mortgage borrowing more than doubled but to a still historically low 1.1%, reflecting a <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/special-housing-reports\/mid-year-outlook-for-canadas-housing-market-between-correction-and-recovery\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-DataFlashes-14633-d1b86afe\" data-dig-category=\"LP-CanadianAnalysis-DataFlashes\" data-dig-action=\"link click\" data-dig-label=\"modest pickup in the housing market\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">modest pickup in the housing market<\/a>. Nonmortgage debt grew by a larger 2%.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Disposable income grew 2.1% q\/q<\/strong> to $1.86 trillion, reflecting higher compensation and net government transfers\u2014supporting a rise in the household savings rate to 3.7% q\/q in Q2 from 3.5% in Q1.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>The household debt service ratio (obligated debt payments as a share of household disposable income) edged down to 14.5%,<\/strong> the lowest since Q3 2022.&nbsp; &nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-RAxJ1fmvD\" class=\"everviz-RAxJ1fmvD\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the author:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Rachel Battaglia<\/strong><em>&nbsp;is an Economist at RBC, providing forecasts for the Canadian provincial economies and analyzing key trends in housing and consumer spending.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":12142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[83,93],"tags":[115,11],"rbc_econ_content_type":[],"class_list":["post-14633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-data-flashes","tag-canada","tag-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - 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