Canadians getting richer
A report by the Environics Analytics of Canada shows that Canadians are getting wealthier with average net worth topping CDN$ 400,000. This is despite the fact that they are amongst the most indebted in the world. Part of this rise in wealth is due to a tighter control by the government on mortgages and a slow down of debt accumulation. Whilst personal debt rose by a much more modest 3.3%, a gain in liquid assets and real estate achieved an increase of 5.4% and 5.1% respectively. The report also showed that Canadian households are, on average, richer than their American counterparts. Vancouver, Calgary and Toronto remain Canada’s wealthiest cities.