Canadian households are richer than they think.
The average household net worth reached $400,151 at the end of last year, according to Environics Analytics’ WealthScapes 2013 report. That’s a 5.8% increase over Dec. 31, 2011.
The data continue to show that the average Canadian household is richer than the average American household—by $19,066 (with the dollar at par), or 5%, this year—though that gap narrowed considerably over the past year.
The data on Canadian net worth (the total combined value of liquid and real estate assets minus debt) is one of several upbeat findings in the report, now in its sixth year reporting household financial statistics.
Although many Canadians still face higher-than-normal unemployment, the latest statistics reveal just how far the recovery has come since the 2008 economic downturn.
Nationwide, the new data indicate that stock portfolios are growing, the value of real estate is increasing and household debt has ticked up only modestly.
“The financial crisis is now well in Canada’s rear-view mirror,” says Peter Miron, a senior research associate with Environics Analytics and lead developer of the report. “Everything appears to be on the upswing.”
Related articles: