Growth of Asset Worth pushes Median Family net worth to $295.1K - Stats Can
The results of the latest Survey of Financial Security released by Statistics Canada late last week showed that the median net worth of Canadian families stood at $295,100 in 2016, representing an increase of almost 15% from four years ago and nearly two-fold the level seen in 1999. The report defined “family net worth” as the sum that would remain should a family sell off all its assets and fulfilled its debt obligations. Real estate is responsible for majority of the gains in the median net worth nationwide, the Statistics Canada study noted. “Housing is both the largest asset and the largest debt for Canadians,” the report stated, as quoted by CBC News. As of the end of 2016, 61.7% of the study respondents reported owning their residences. Overall, Canadians held $12 trillion in assets at the end of last year. Family homes accounted for fully one-third of that amount.
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