The median income of households in Nanaimo was $62, 844 (Census 2016), an increase of 12.2% in the previous ten years. BC’s median income was $69,995 and Canada’s median income was $70,336. Nanaimo’s median income is 12% below that of the provincial and Canadian average. This is consistent with historical trends.
Income By Source
The distribution of Nanaimo’s income by source reflects the age structure of the population. Between 2013 and 2015, the share of income from market sources decreased by 0.2 percentage points, while income from government transfers increased by 0.2 percentage points. In 2015, 90.1% of Nanaimo's income came from market sources, compared with 92.1% for BC. Nanaimo's share of income from Pensions and Investment increased by 0.6 percentage points and BC's share increased by 0.2 percentage points. The share of income from government transfers increased slightly for both BC and Nanaimo between 2013 and 2015 while the share of income from wages and salaries declined slightly.
Per Capita Income
Per capita income is a measure of the standard of living in a region. This indicator is calculated from personal income reported on tax returns and has not been adjusted for inflation. It measures the flow of annual income and is not a measure of the stock of wealth. This measure will be affected by the sources for income in a region. Per Capita income has been growing steadily over the last five years. Between 2011 and 2015 BC’s per Capita income grew by 14.7% and Nanaimo’s by 15%. Nanaimo’s average income grew by 12.9% and BC’s by 12.1% during the same time period. Although recent growth rates out pace BC, Nanaimo is still below BC’s average and per capita income.