Median net worth hit $243,800 in 2012
Statistics Canada says the median net worth of Canadian family units was $243,800 in 2012, up 44.5 per cent from 2005.
The agency says the median net worth was highest for families where the person with the highest income was 55 to 64 years old in 2012. For that group it came in at $533,600.
British Columbia reported the highest family median net worth of at $344,000, more than double the median of those in Newfoundland and Labrador and Prince Edward Island which came in at $167,900 and $150,300 respectively.
The total value of assets held by Canadian families in 2012 was $9.4 trillion with their home making up one-third of the total value of assets.
Meanwhile, Canadians owed $1.4 trillion including $1.0 trillion in mortgages.
Lines of credit amounted to $144.9 billion, up from $77.5 billion in 2005.
Comments on this story are pre-moderated. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.
Read more Business News
- Fire destroys log homePenticton / S. Okanagan - 11:10 am
- Fire lights up the skyVernon / N. Okanagan - 9:49 am
- More than 5,000 behind in taxesKelowna - 5:00 am
- Teachers picket Clark luncheonPenticton / S. Okanagan - 5:00 am
|QHR Technologies Inc||1.21||-0.01|
|Anavex Life Sciences||0.26||0.00|
|Copper Mountain Mining||2.80||-0.03|
|Sunrise Resources Ltd||0.03||-0.005|
|Mission Ready Services||0.15||0.00|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...