Canadian now owe almost two-thirds more in debt than they use, or have available, for available income according to Statistics Canada. For 2012, the rise in debt was higher in every category with mortgage and consumer debt surpassing a combined $1.6 trillion.
As Canadians continue to enjoy spending without restraint or apparent interest in saving the debt rose 5.5% higher int he last three months of 2012. Not all is bad though because household debt to disposable income stayed constant from the previous quarter at 165% according to the agency.
Assets bumped up during the period resulting in a higher net worth per person. The nation’s net worth rose to an impressive $6.9 trillion in the fourth quarter which represents an up tick of 1% from the previous quarter. The rise was due mostly to a continuing boom in real estate, pension holdings, and the stock market. The per capita net worth for each Canadian is $195,500. One of the highest in history.
It’s really a shame that despite Canadians doing well through net worth we are really suffering from too much debt. We need better education to control this.
Conservative party is continuing to do unrestrained spending which will continue to spike our debt. The per caita value is not a surprise because it will adjust down int he coming months. It’s very cyclic.
Seriously the average Canadian is worth nearly $200,000? Where’s my cut? I feel left behind.
But wait if one carries so much debt then ho wcome their assets are so high still? Seems like they would be bankrupt when they settle their liabilities.
This is not a surprise. We have quality controls and regulations on banks to keep our economy moving.
Are my eyes reading things right: $195,500? Maybe i missed the memo but my net worth is still a lousy $50K. What did i do wrong in life? woo is me 🙁
I have said this before. Our debt is more dangerous than people are giving it. We need to look to cut our debt or we will be heading into a deep recession not unlike the US had (and still has).
I’d love to see a break down by province because my thinking is BC and Ontario are the biggest carriers.