Canada is one of the few advanced countries where real incomes are lower than before the pandemic. Real GDP per person is $55,170, compared with $56,379 in 2019, meaning the is generating $1,200 less income per person, or $2,830 less income per household, than it was four years ago.
We estimate Canada will not recover its 2019 income per capita until at least 2027, based on the federal budget’s projections for GDP growth and likely population growth.