New StatsCan data shows a healthy rise in net worth
Canadian families have seen a double-digit growth in their net worth in the four years from 2012 to 2016.
New data released by Statistics Canada shows that in 2012 family median net worth was $257,200. By 2016, that had risen 14.7% to $295,100. That means that family wealth has doubled since 1999.
The biggest influence on this increased wealth has been real estate, which is also most families’ largest debt. In 2016, 61.7% owned their principal home with 57.3% of them mortgaged.
Almost a third (29.6%) of Canadian families were debt free last year, rising to 58% among seniors. Compared to 1999 though, this shows a sharp decrease from the 72.6% of seniors without debts.
Where is the wealth?
Families in British Columbia had the highest median net worth as of 2016 at $429,400. They were followed by those in Ontario ($365,700), Manitoba ($320,800) and Saskatchewan ($293,500). New Brunswick reported the lowest median net worth among the provinces at $158,400.
In terms of net worth growth, those in Manitoba led with a 35.2% rise from 2012-2016 followed by Ontario at 30.5% and Prince Edward Island at 28.6%.
When broken down to census metros, Vancouver had the largest median net worth in 2016 ($434,400) followed by Toronto ($365,100), Calgary ($339,400), Québec ($335,100), Winnipeg ($287,800) and Edmonton ($230,200).
The differences were driven, at least in part, by home values.
Home equity was up 12.8% from 2012 and up 115.2% from 1999 to a median reported value of $238,000 in 2016.
What about debt?
Total debt was $1.76 trillion, up 24.2% in the four-year period, while mortgage debt was up 30.4% to $330 billion. Almost 30% of families were debt free in 2016.
The median family debt increased 27.1% from $63,400 in 2012 to $80,600 in 2016. Mortgage debt increased to a median $190,000, 20% higher than in 2012.
New data released by Statistics Canada shows that in 2012 family median net worth was $257,200. By 2016, that had risen 14.7% to $295,100. That means that family wealth has doubled since 1999.
The biggest influence on this increased wealth has been real estate, which is also most families’ largest debt. In 2016, 61.7% owned their principal home with 57.3% of them mortgaged.
Almost a third (29.6%) of Canadian families were debt free last year, rising to 58% among seniors. Compared to 1999 though, this shows a sharp decrease from the 72.6% of seniors without debts.
Where is the wealth?
Families in British Columbia had the highest median net worth as of 2016 at $429,400. They were followed by those in Ontario ($365,700), Manitoba ($320,800) and Saskatchewan ($293,500). New Brunswick reported the lowest median net worth among the provinces at $158,400.
In terms of net worth growth, those in Manitoba led with a 35.2% rise from 2012-2016 followed by Ontario at 30.5% and Prince Edward Island at 28.6%.
When broken down to census metros, Vancouver had the largest median net worth in 2016 ($434,400) followed by Toronto ($365,100), Calgary ($339,400), Québec ($335,100), Winnipeg ($287,800) and Edmonton ($230,200).
The differences were driven, at least in part, by home values.
Home equity was up 12.8% from 2012 and up 115.2% from 1999 to a median reported value of $238,000 in 2016.
What about debt?
Total debt was $1.76 trillion, up 24.2% in the four-year period, while mortgage debt was up 30.4% to $330 billion. Almost 30% of families were debt free in 2016.
The median family debt increased 27.1% from $63,400 in 2012 to $80,600 in 2016. Mortgage debt increased to a median $190,000, 20% higher than in 2012.
