Stats Canada says family net worth rises from 2005

By Staff, The Canadian Press
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British Columbia reported the highest family median net worth, more than double the median of those in Newfoundland and Labrador and Prince Edward Island.

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[OTTAWA, ON] - Statistics Canada says the median net worth of Canadian family units was $243,800 in 2012, up 44.5 per cent from 2005.

The agency says the median net worth was highest for families where the person with the highest income was 55 to 64 years old in 2012. For that group it came in at $533,600.

British Columbia reported the highest family median net worth of at $344,000, more than double the median of those in Newfoundland and Labrador and Prince Edward Island which came in at $167,900 and $150,300 respectively.

The total value of assets held by Canadian families in 2012 was $9.4 trillion with their home making up one-third of the total value of assets.

Meanwhile, Canadians owed $1.4 trillion including $1.0 trillion in mortgages.

Lines of credit amounted to $144.9 billion, up from $77.5 billion in 2005.

Organizations: Statistics Canada

Geographic location: Canada, British Columbia, Newfoundland and Labrador Prince Edward Island

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