Regina shows fastest growth, followed by Hamilton
The average Canadian household net worth topped $400,000 at the end of 2012, according to a new report by Environics Analytics, a Toronto-based marketing and analytical services company.
The average Canadian net worth was $400,151, the result of a 5.8 per cent pickup during the year. There was a 5.4 per cent gain in liquid assets and a 5.1 per cent increase in real estate values, in addition to a more modest 3.3 per cent rise in household debt, the report says.
Regina experienced the fastest growth in net worth among major cities, increasing by 11.2 per cent to $391,826. Hamilton experienced the second fastest growth, with local household net worth rising 9.5 per cent to $420,515.
Vancouver, Calgary and Toronto remain Canada’s wealthiest cities.
Canadian households remain wealthier than American households, which had an average wealth of US$381,086 ($391,690 Cdn) at the end of 2012.
That gap could be closing. While Canadian household debt rose modestly by 3.3 per cent, debt declined in the U.S. by 2.4 per cent last year.
The household wealth calculation does not take into account government debt, which is much higher in the U.S. than Canada.
