Net worth of Canadians continuing upward swing
The net worth of Canadians — what they own, less what they owe — rose by $111 billion, or two per cent, in the spring to $174,300 for every man, woman and child, Statistics Canada reported Monday.
But with the plunge in the stock market and the fall in home prices since the spring, we’re probably worth less today, according to one bank analyst.
National wealth, which is the sum of economywide non-financial assets, rose 2.7 per cent $5.9 trillion, with residential real estate accounting for about half of the gain in national wealth, it said. There was also a substantial improvement in savings for the corporate sector, resulting from significant price driven growth in profits, particularly for energy products.
Canada’s net foreign indebtedness, however, also increased during the second quarter, dampening the gain in net worth as the growth in Canadian liabilities to non-residents — particularly net new Canadian bond issues — exceeded growth in Canadian assets abroad.