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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





12 September 2017

Home prices growth led to Canadians’ increasing wealth

Amid the sharp economic growth in the country, more Canadians today have an access to impressive wealth due to their residential real estate.

According to the latest report by Environics Analytics, the nationwide net worth rose by 12% from 2015 to 2016, and the largest part of it was because of growing home prices.

The report says that almost 20% of Canada’s houses are located at neighbourhoods with the average net worth exceeding one million dollars. This means Canadian homeowners are facing rising wealth amid strong economic growth and a possibility of this trend to continue.

Last year, Vancouver’s net worth was up by 19.4% from 2015 and reached $1,217,630. In case of Toronto, the increase was 17% to $1,154,107, and Victoria showed a 15.4% gain to $1,055,468.


In addition to it, even despite the unstable oil market, Calgary reported a 9% increase of its household net worth average to $1,039,607.

Although there is a risk of asset overvaluation, most households are successfully creating a strong financial footing for their future. In 2016, the Canadians’ savings and investments rose by 5.6% to $95,710 and by 13.2% to $182,238, respectively. Meanwhile, the consumer and credit card debts moderated, growing by 2.6% and 3.3%.

 

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