Across the country, the net worth of Canadians rose by almost 8% last year due to soaring investment and real estate values. This brought the level of average household wealth to an all-time high. According to a new report issued by Environics Analytics, the average Canadian household had $564,834 worth of assets at the end of last year while at the same time carrying a $122,705 debt on average. This brought the net average to $442,130.
These numbers were up 7.7% in 2013 compared to 2012. They were up 28% compared to the figures reported before the recession at the end of 2007. Overall, last year was a good one for the average Canadian household in terms of finances.
Real estate continues to play an important role when it comes to wealth gains as do investments. The average household last year saw their investments increase by 10.4% to $145,348. Other savings assets like term deposits and bank accounts went up to an average of $83,652 per household, which was a rise of 2.2%.
The WealthScapes 2014 report also shows that Calgary is getting closer to becoming the wealthiest city in Canada. The average net worth per household in Calgary was $680,377. Vancouver is currently the wealthiest city in the country with a household net average of $710,095 and Toronto is in second place with $693,652.
The differences between the cities are growing smaller with Vancouver's net worth growing by 6.5%, Toronto's growing by 8.8% and Calgary's increasing by 10.8%. In Calgary, the value of real estate was up 9.1% while in Vancouver and Toronto the values went up 2.8% and 6.6% respectively. These real estate gains were certainly an important differentiator between the 3 cities.