by Paul Carvalho | Last updated: May. 17, 2021
The city of Hamilton is booming! New data on Hamilton Ontario wealth is available. And the results are impressive. How do you compare?
Several top sources released a treasure trove of financial information recently. And the city of Hamilton ranks near the top of many lists.
So if you want to know if you’re keeping pace or falling behind, keep reading. We have information on incomes, savings rates and wealth for Hamilton, Ontario.
Meet the Author
Hi. My name is Paul Carvalho. I’m a financial advisor in Hamilton, Ontario. I was born and raised in Hamilton, and I’m proud to call “The Hammer” home.
I’ve seen the tough downturns in Hamilton’s past. So I’m very happy to see this current upswing.
If you live in Hamilton, you’ve probably noticed the difference, too:
- New buildings.
- Fresh shops.
- Popular festivals becoming even more popular.
You can actually feel the positive vibe.
Now we have the numbers to back up this good feeling.
I’ve put together the latest stats on incomes, saving rates and net worth in Hamilton. They come from the top providers in Canada. And the numbers are impressive!
Is everything perfect in the city? Of course not. There’s always room for improvement.
But on many levels, Hamilton is doing well.
To find out how well, read this report. You can also compare yourself to other Hamilton households to see how you’re fairing.
Why I created the Hamilton Ontario Wealth Report
Ever since I was little, I loved numbers. (That’s probably why I became a financial advisor.) But sometimes the numbers don’t tell the whole truth.
Mark Twain said it best: “Facts are stubborn things, but statistics are pliable.”
In the Hamilton Ontario Wealth Report, I try to get to the facts.
For example, Statistics Canada released it’s latest income numbers. The news release said the median household income in Canada was $70,336 in 2015.
But what does that headline number mean?
Incomes from Vancouver, BC are merged with incomes from New Glasgow, Nova Scotia. Does that help families in Hamilton understand their financial situation?
Probably not.
That’s why I created this report. All the numbers focus on Hamilton, Ontario. So families and individuals living in this region can get a true sense of how they compare.
How do you compare? Find out now!
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Household Income in Hamilton, Ontario
Let’s start by looking at household incomes in Hamilton.
Statistics Canada released data from the 2016 Census. This release looks at incomes as measured in 2015, and looks at trends over the 2005-to-2015 period.
Again, the latest median income in Canada is $70,336. But we need the provincial and city numbers to get a better understanding of how Hamilton families compare.
Looking at Hamilton, the median income for households was $75,464. That’s a 5.3% increase since 2005.
Hamilton incomes increased less than the national growth rate of 10.8%. That was due to the boom in oil prices (increased the national average) and the slow down in Ontario manufacturing (decreased the Hamilton average).
But all things considered, Hamilton did well during this time.
Median Income Hamilton, Ontario
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $75,464 | $71,660 |
| Ontario | $74,287 | $71,534 |
| Canada | $70,336 | $63,457 |
Source: Statistics Canada
Let’s dive a little deeper.
Statistics Canada also provides median incomes for individuals. It breaks things down by age, too.
Once again, Hamilton incomes come out on top. At almost every age level, Hamilton median incomes are higher in 2015 when compared to Ontario and Canada.
Median Income Hamilton, Ontario – Individuals
All Ages:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $35,319 | $33,648 |
| Ontario | $33,539 | $32,305 |
| Canada | $34,204 | $30,359 |
Age 25 to 34:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $36,016 | $36,304 |
| Ontario | $34,776 | $35,543 |
| Canada | $36,598 | $33,504 |
Age 35 to 44:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $49,629 | $45,794 |
| Ontario | $47,172 | $44,111 |
| Canada | $47,384 | $41,290 |
Age 45 to 54:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $50,718 | $48,861 |
| Ontario | $47,654 | $46,057 |
| Canada | $46,996 | $42,825 |
Age 55 to 64:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $43,843 | $41,468 |
| Ontario | $41,111 | $39,054 |
| Canada | $40,315 | $35,464 |
Age 65 and above:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $31,073 | $28,409 |
| Ontario | $28,943 | $26,708 |
| Canada | $27,354 | $24,200 |
Source: Statistics Canada
Here’s a bonus:
Looking at people’s prime earning years (ages 45 to 64), Hamilton’s income advantage is greatest when compared to Ontario and Canada. That’s huge, because people usually save more during this time to prepare for retirement.
Family Income in Hamilton, Ontario
Hamilton has always been a great place to raise a family. (…this Hamilton boy can certainty testify to that! 😀 )
So what does the family income picture look like in Hamilton? Luckily we have the answer.
Statistics Canada provides “Census Family” data. Here’s a definition from Stats Can on what that means:
The term “census family” refers to a married couple (with or without children of either and/or both spouses), a common-law couple (with or without children of either and/or both partners) or a lone parent of any marital status, with at least one child.
Once again, Hamilton comes out on top.
For each category, median incomes in Hamilton are higher when compared to Ontario and Canada. Couples with children in Hamilton have the highest median income at $119,146 in 2015.
Median Income Hamilton, Ontario – Census Family
All Families:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $91,030 | $85,148 |
| Ontario | $86,081 | $81,826 |
| Canada | $84,630 | $75,556 |
Couples with Children:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $119,146 | $109,015 |
| Ontario | $110,935 | $101,917 |
| Canada | $109,881 | $95,438 |
Couples Without Children:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $81,498 | $74,801 |
| Ontario | $78,591 | $73,986 |
| Canada | $77,197 | $68,894 |
Single Parent Families:
| Location | Median Income (2015) | Median Income (2005) |
| Hamilton | $51,948 | $46,281 |
| Ontario | $49,428 | $45,474 |
| Canada | $49,072 | $43,142 |
Source: Statistics Canada
Savings in Hamilton, Ontario
Everyone has bills to pay:
- mortgage and car payments
- groceries
- kids activities etc.
There’s also the occasional dinner at your favorite restaurant. (…we all need to LIVE a little, too. Right?)
And when all the bills are covered, many Hamilton families have money left over to save.
How much are Hamilton households saving? Let’s find out.
According to Statistics Canada, over 66% of households in Hamilton contributed to at least one registered plan (i.e TFSA, RRSP or employer plan). That’s a little less than Ontario at 67%, but much higher than the national rate of 40%.
Percent of households contributing to at least one registered plan (TFSAs, RRSPs, and RPPs)
| Location | Contribution to at least one plan |
| Hamilton | 66.1% |
| Ontario | 67.2% |
| Canada | 40.4% |
Source: Statistics Canada
Which type of registered plans is most popular?
The TFSA is the clear winner. Over 41% of Hamilton households put some money into a TFSA. That compares to 35% for both Ontario and Canada.
Also, Hamilton households made significant deposits into RRSPs and other registered plans (like a retirement plan offered at work).
Percent of household that contributed to a TFSAs, RRSPs, and RPPs
| Location | TFSA | RRSP | RPP |
| Hamilton | 41.5% | 35.7% | 29.3% |
| Ontario | 35.4% | 28.4% | 35.2% |
| Canada | 35.0% | 30.1% | 34.2% |
Source: Statistics Canada
How much was stashed away? Glad you asked.
The median deposit to a Hamilton TFSA was $6,004. Hamilton households also added to their RRSPs (median deposit of $3,732) and other registered plans (median $4,290)
Median Contribution Amount in TFSAs, RRSPs, and RPPs
| Location | TFSA | RRSP | RPP |
| Hamilton | $6,004 | $3,732 | $4,290 |
| Ontario | $5,742 | $3,901 | $4,584 |
| Canada | $5,765 | $3,815 | $4,170 |
Source: Statistics Canada
Not surprisingly, Hamilton households prioritize their work pension plan over RRSPs. Many employers offer a company-match if you put money into your work pension plan.
It’s no wonder that Hamilton households are taking advantage of this “free money.” (Further evidence that people from Hamilton are both smart AND good-looking. 😎 )
Total Wealth in Hamilton, Ontario
This one shocked me: Hamilton is now one of the richest cities in Canada.
New data from Toronto-based Environics Analytics shows that household net worth in 2016 grew 12% nationwide to $770,635. Net worth is defined as assets (a house, TFSA, RRSP etc.) minus liabilities (debt).
According to the report, Hamilton was fifth on the list with an average net worth of $891,924.
Average net worth – Canadian cities:
Source: Environics Analytics
Hamilton also had one of the highest growth rates in wealth. Net worth in Hamilton grew 15.1% – well above the national growth rate of 12%.
Growth rates in wealth – Canadian cities:
Source: Environics Analytics
Rising house prices were the largest contributor to the increase in wealth. A strong stock market (which bumped up TFSAs, RRSPs, pension plans etc.) also added to the rise in wealth.
The report also noted a rise in debt levels. While net worth nationwide grew 12 percent, debt also grew by 4.4% to an average of $139,387.
Conclusion:
Like I said before, not everything in Hamilton is perfect.
But for the most part, Hamilton is enjoying a nice economic boom. And that’s fantastic to see.
The city has endured it’s fair share of tough times. Let’s hope these good times last – at least a little time longer.
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