canada wealthA new study has revealed that median household income in Canada is now higher than in the United States.

Environics Analytics WealthScapes reported that, as of the beginning of 2012, average median household income in Canada rose to around $363,202. For the first time, this is higher than the median income of homes in the US, which is currently only $319,970.

Several factors may have contributed to this general rise in Canadian’s wealth. The Canadian dollar, once worth less than the US dollar, has now drawn more or less even in terms of purchasing power. The Canadian job market is also booming in many fields, leading to a lower rate of unemployment.

One factor that has helped Canadians financially has been the housing market. The average Canadian’s home is more than $140,000 more valuable than an American’s, according to the Globe and Mail. This is because Canada did not feel the full impact of the ‘housing bubble’ crisis, which has been driving down the value of US homes significantly since 2007.