Victorians now represent the third wealthiest population in all of Canada, according to a study released by Toronto-based Environics Analytics.

 

In other words, if you look to your left, then look to your right, one of you could be millionaire. At least that’s the narrative claimed by Environics which assesses the average net worth of Canadians from coast to coast.

 

“Canadians are the wealthiest they’ve ever been,” says a statement released by Environics that pegs the average net worth of Victoria households at around $1.05 million thanks to high real-estate prices, up from $912,362 last year.

 

In 2015 Vancouver became the first Canadian city to post an average resident net worth of $1 million, and two years later, Toronto, the BC Capital and Calgary have joined the ranks.

 

 READ MORE: Hold on to your hats: Victoria's luxury real-estate values to skyrocket

 

“While Vancouver continues to reign as the city with the highest average net worth at $1,217,630, up 19.4 percent over the previous year, Toronto claims second place with an average net worth of $1,154,107, a 17.0 percent rise. The third wealthiest city, Victoria, now has an average net worth of $1,055,468, up 15.4 percent. And despite the soft recovery in oil prices, Calgary households posted an average net worth of $1,039,607, an increase of 9.0 percent over the previous year,” the statement reads.

 

The report goes on to suggest that the top-three in the millionaires club are benefiting from rapidly raising real-estate values that speak to a housing bubble that has the potential to 'burst' and lower the values of real-estate holdings.

 

“Both [British Columbia and Ontario] have attempted to cool their housing markets,” said Peter Miron, vice-president of Environics’ demographic and economic data, and the company’s lead developer of Wealthscapes 2017, “but it’s unclear whether they’ll give up some of their 2016 gains in 2017.” C