A new report from Statistics Canada shows Canadian family net worth is increasing. It’s good news in light of highly-publicized facts about the growth of household debt and recession downturn. Despite the results showing that the median net worth increased for family units of two or more persons to $243,800 in 2012, the same family units had accumulated a total of $1.3 trillion of debt. According to the report, about $1 trillion of the total is attributed to mortgage debt. Total Canadian family assets accounted for $9.4 trillion in 2012, nearly seven times the accumulated debt.
By province, British Columbia showed $344,000 as the highest family median net worth. Newfoundland, Labrador, and Prince Edward Island were each nearer to half that total. As might be expected, families for which the highest income family member was in the 55 to 64 age group (presumably individuals with a mature career or other source of income) also showed the highest median net worth. That group had a median net worth of $533,600. The lowest of the five groups surveyed, the poorest 20% of families, had more debt than assets and had negative net worth.