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


On the bright side almost 30% of Canadian families are debt-free

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.

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.

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.

Source: http://business.financialpost.com/news/economy/statistics-canada-says-median-net-worth-of-families-in-2016-up-14-7-from-2012

December 7, 2017 11:00 AM EST

Last Updated December 7, 2017 11:51 AM EST