CANADIAN IMMIGRATION NEWS

Net worth of Canadian households reaches new heights

Thursday, 3 January 2008

It is not hard to see why Canada is so attractive to immigrants, especially since new numbers from Statistics Canada have shown just recently that Canadians are saving a lot more than they are earning!

In the third quarter the net worth of all Canadian households reached a new high of $5.742 trillion, which was 6.5 times higher than the annual disposable income and part of a growing trend for most of the past 18 years.

In addition, the debt remains near a five-year low even though the mortgage and credit debt has been increasing this year as a percentage of the net wealth, to 17.9 per cent last quarter. Living in Canada has never looked rosier!

By comparison, these numbers are not nearly so bright in the United States as American households have continued to increase their borrowing as a percentage of their net personal wealth.

Canadian consumers therefore remain in a much better position than their U.S. counterparts to increase the growth of domestic demand going forward.

If you would like to live in Canada and enjoy its booming economy, find out if you qualify by taking the free assessment. Results will be available within minutes of completing the form.