2013 was a Financially Positive Year for Canadian Households
The company Environics Analytics just released its most recent database, entitledWealthscapes 2014. It includes financial statistics on the assets, liabilities and wealth of Canadians for the year 2013.
According to Environics Analytics, the positive results in 2013 indicate robust fiscal health, as Canadians’ net worth grew by 7.7 per cent compared to 2012. Furthermore, both the rich and the poor benefited from this increase; households that represent the richest fifth of the population and the poorest fifth of the population registered respective increases in average net worth of 8.1 per cent and 8.7 per cent.
The average value of real estate holdings increased by 5.9 per cent from 2012 to 2013, to reach $335,834 per household. At the same time, mortgage debt increased by 3.3 per cent, but remained manageable for the majority of Canadians thanks to low interest rates. Furthermore, assets increased by 8.3 per cent to reach an average of $56,557 per household, while total investments rose by 10.4 per cent ($145,348).
British Columbia ($591,047), Alberta ($531,067) and Ontario ($523,969) were the top three provinces in terms of average net assets of households in 2013. However, although British Columbia ranked first on the list of richest provinces, it also registered the smallest growth compared to 2012. Results for the province of Québec were not as good, with a more modest increase of 6.3 per cent and average net assets of $288,207.
Environics Analytics also revealed that the cities of Vancouver, Toronto and Calgary remained the country’s richest in 2013, primarily due to high property prices. The city of Montréal outperformed the rest of the province of Québec with a 7.2 per cent increase in net worth compared to 2012. Similarly, Montrealers’ savings rate increased by 3.8 per cent, which is twice as high as that registered for the province as a whole (1.9 per cent). To read the press release, click here.
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