Paul Martin commentary
$448,000. That’s the per capita worth of Canadians.
The latest assessment of all our assets and liabilities shows Canadians own or have a net worth totalling more than $18 trillion.
That’s an increase from the two previous quarters and translates into the $448,000 figure when measured on a per capital basis. The reason for the increase is largely the stock market’s performance as people continued to invest – at record levels – in mutual funds in the first quarter of this year, a development that coincides with RRSP season.
We were also saving less in the form of cash or savings accounts preferring to hold equities instead.
StatsCanada says rising real estate values also contributed to our improved financial standing as a country, even though cities like Toronto and Vancouver are experiencing falling condo prices which are putting some owners in the difficult position of carrying a mortgage that is higher than the property’s valuation.
On the other side of the balance sheet, debt levels also rose as Canadians borrowed more in the first quarter of this year.
