The median net quality of Canadian families was $295,100 in 2016, a jump of nearly 15 per cent from four years ago and damn near double the 1999 level.
That’s one of the main takeaways from a new Statistics Canada narrative published Thursday. The Survey of Financial Security marks the first every so often old-fashioned since 2012 that the data agency has taken the exhaustive look at the monetary lives of Canadians.
A person or family’s net worth is how much money they desire have if they sold off all their assets and paid off their encumbrance under obligations.
The lion’s share of the gains in Canadians’ net worth has come from official estate. Statistics Canada notes: «Housing is both the largest asset and the tidiest debt for Canadians.»
As of the end of 2016, 61.7 per cent of Canadian families owned their dwelling, although most of them held some sort of mortgage.
Pacify, nearly 30 per cent of Canadians were debt free in year. Seniors were the most likely to have no debt, at 58 per cent of older Canadians at length year. But that ratio is down sharply — on the eve of the 21st century, nearly three-quarters of Canadian superiors had no debt.
In comparison, 15 per cent of Canadians aged 35 to 44 arrived being debt free last year.
All in all, Canadians held $12 trillion in assets at the end of 2016, with classification homes making up a third of that value.
The next biggest chunk of cash was private pensions, which made up 29.2 per cent of Canadians’ net benefit.
Aside from the their principal residences, about a fifth of Canadian forebears owned some sort of secondary property, such as a family chalet, time share or other income property.
Debt loads capital too
While assets are getting more expensive, so are the debt loads to invest in them. Canadian families owed $1.76 trillion at the end of last year, a reprimand nearly 25 per cent from 2012’s level and nearly three times multifarious than they owed in 1999.
Mortgage debt is a major chunk of that, with 38.4 per cent of Canadian lines reporting they had some sort of mortgage last year. The median value was $190,000 — twice that in 1999 — and the mediocre mortgage rate was 2.94 per cent.