Our household net worth for the country is about $6.4 Trillion. On a per capita basis, the average person living in Canada has a net worth of $184,300. I am surprised at how low this number is but I think as the population ages, we should see this figure grow. If not, then we are in deep trouble.
What might be worrying now is seeing household debt continue to grow as a result of both higher mortgages and more consumer borrowing (this, I am guilty of.) I still have a long way to go before my net worth reaches the national average but I wonder how much of that number is over inflated due to the prolonged environment of low interest rates.
A big chunk of Canadians’ net worths are in our homes. Our housing prices are 7% higher year over year, but our GDP growth hasn’t even come close to that. If rates continue to stay this low I wouldn’t be surprised if real estate prices grow by another 7% by this time next year. In any case it would certainly be nice to have at least a million dollars in investable assets before I retire.
