Toronto is now officially a city of millionaires
If you do a quick head count of everyone you know, odds are at least a few of them are probably millionaires.
Environics Analysis, a data-based research group, recently published a report that placed Toronto as having the second highest household net worth in Canada, along with Vancouver (first), Victoria and Calgary (third and forth, respectively).
It's the first time that Toronto has made this so-called millionaires club thanks to a 17 percent spike to our household net worth, which now sits at a whopping $1,154,107.
The report shows that savings and investments amongst Canadian households have steadily improved, resulting in an overall net worth increase of 12 per cent across the country to $770,635.
What's behind all this capital? You guessed it — real estate. As housing values have skyrocketed in markets like Toronto, so too has household worth.
Given that Toronto's housing market is just starting to cool, there's no guarantee that we'll remain in the millionaires club for the long term, but the odds certainly look good.
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