(Bloomberg) — A global rally in bonds and equities supported Canadians’ wealth at the end of last year, offsetting continued declines in real estate values.
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Canadians’ household net worth rose 1.8% to C$16.42 trillion ($12.2 trillion) in the fourth quarter, Statistics Canada said Wednesday. The increase was driven by a 5% jump in the value of household financial assets, the biggest increase since 2010, outside the pandemic.
The value of residential real estate fell 1.9% in the last three months of 2023, the agency said, the second quarterly decline. Household incomes rose 1.3%.
Household debt rose 3.4% in 2023, the slowest pace of accumulation since 1990, as higher interest rates weighed on housing activity and limited mortgage growth. The debt to income ratio fell to 178.7% at the end of last year, the lowest level since the second quarter of 2021.
The data point to the financial resilience of Canadian…
