Sunday, July 28, 2013

Ottawa's net worth up 6%

Interesting note on how the rapidly increasing real estate markets in other cities have contributed to the networth increase, whereas, Ottawa residents have not had the same benefits.

Average net wealth of Ottawa residents up 6%

A new report by Environics Analytics says households in Ottawa-Gatineau were slightly poorer than the national average in 2012, with a net worth of $393,556. That’s less than the Canadian average of $400,151 - although the capital region’s six per cent spike in net worth was slightly better than the national average inCrease of 5.8 per cent.

Ottawa-Gatineau’s rise in wealth was driven by a low one per cent rise in debt to $129,009, but tempered by a below-average increase in liquid assets of 3.1 per cent to $199,329.

Overall, though, the region ranks far behind the Big Three of Vancouver, Calgary and Toronto. Vancouver, with its pricey real estate, has an average net worth of $662,600 per household, while Calgary sits second at $620,607 and Toronto is right behind at $617,846.

Even Regina, the capital of what the report calls “the new golden prairie province” of Saskatchewan, is quickly gaining on Ottawa-Gatineau. Driven by a red-hot housing market, the Queen City reported a whopping 11.2 per cent jump in net household worth to $391,826 - the largest increase in Canada in 2012.

It’s the first time in history the average household net worth of Canadians has topped $400,000. The data show the average Canadian household is richer than its U.S. counterpart by about $19,000- though that gap narrowed considerably over the past year. That’s because while Canadian household debt rose modestly by 3.3 per cent, in the U.S. debt actually declined by 2.4 per cent last year.

Published on July 26, 2013

OBJ Staff

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