Rising real estate market pushes up Canada's wealth
Last Updated: Friday, December 15, 2006 | 10:13 AM ET
CBC News
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The rising market value of Canadian homes helped push the country's national net worth to $4.8 trillion, or $146,700 per person, in the third quarter, Statistics Canada said Friday.
National net worth grew 2.8 per cent in the quarter for the largest increase in more than two years.
The national net worth is the sum of the wealth of all people, corporations and governments.
Statistics Canada noted that debt levels have also been on the rise.
"Households had 18 cents of debt for every dollar of net worth at the end of the third quarter," the federal government agency said.
The cost of servicing that debt, however, remained relatively stable at about eight per cent of personal disposable income, Statistics Canada added.
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