BUSINESS

Canadian Families' Net Worth Jumps 14.7% In A Year, To $295,100, StatsCan Says

Housing is Canadians' biggest asset and biggest debt.

12/07/2017 12:03 EST | Updated 12/08/2017 12:00 EST
Houses under construction in Toronto on Friday, June 26, 2015. Statistics Canada says the median net worth of Canadian families totalled $295,100 in 2016, up 14.7 per cent from 2012 the last time the survey was conducted.

OTTAWA — Statistics Canada says the median net worth of Canadian families totalled $295,100 in 2016, up 14.7 per cent from 2012 the last time the survey was conducted.

Housing was both the largest asset and the largest debt for Canadians.

The total value of assets held by Canadians in 2016 was $12 trillion, up from $9.9 trillion in 2012. The median value of total assets owned by families amounted to $440,200, up from $391,700 in 2012.

Watch: 3 questions to answer before deciding whether to buy or rent

Meanwhile, total debt reached $1.76 trillion in 2016, up from $1.41 trillion in 2012. The median value of total debt owed by families was $80,600 in 2016, up from $63,400 in 2012.

The report also found that 29.6 per cent of Canadian families were debt-free in 2016.

Statistics Canada says the share was highest among senior-led families with 58.0 per cent debt-free.

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