NOTE: The average primary household income was calculated by dividing the gross Primary Household Income (Table: 36-10-0112-01) by a custom tabulation of total households provided to the author by Statistics Canada. Adjusted for inflation, this produced a real average primary household income of $103,200 in 2015 and $102,975 in 2021. Household disposable income from 2015-2019 was also 1.5% lower. It rose sharply (but probably temporarily) as a result of the massive short-term surge in government assistance programs. This surge is a one-time phenomenon that people will not be able to count on to pay 25-year mortgages or other long-term costs from skyrocketing house prices.
Sources:
Statistics Canada, Table 36-10-0112-01 Current and capital accounts – Households, Canada, quarterly. Inflation Deflator calculated by the author.
Canadian Real Estate Association (CREA), actual (not seasonally adjusted) national average home price. https://creastats.crea.ca/en-CA/. Inflation Deflator calculated by the author.