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July 16, 2025HOUSEHOLD WEALTH, Q1 2025 Household Assets, Liabilities and Net Worth
Canada’s average assets were $1,212,314 in Q1 2025. Nova Scotia’s assets were well below the national average at $809,051. Nova Scotia's household liabilities were $115,731 per household. As a result, Nova Scotia's net worth came to $693,320 per household, the second highest among the Atlantic provinces. British Columbia and Ontario had the highest per household wealth among all provinces while New Brunswick had the lowest net worth per household.
Nova Scotia's net worth increased by 1.6% from Q1 2024 to Q1 2025, slower than the national average (+2.8%). All provinces reported gains over the same quarter the previous year. Québec and Saskatchewan reported the fastest gains in net worth. British Columbia reported the slowest gains.
Compared to Q1 2024, national assets per household increased by $34,249 while liabilities increased by $5,965, bringing national net worth up by $28,286. Nova Scotia’s assets increased by $15,668 per household while liabilities grew by $4,542 from Q1 2024 to Q1 2025, increasing Nova Scotia's net worth per household by $11,127.
In detailed assets and liabilities Nova Scotians continued to have the highest life insurance and pension assets per household. British Columbia and Ontario had real estate assets far above the national average of $513,887.
The national level for mortgage liabilities in Q1 2025 was $133,158. Nova Scotia mortgage liabilities per household were the second lowest among provinces at $72,770. Other non-mortgage liabilities for Nova Scotia were below national average at $42,962 per household.
Nova Scotia's per household life insurance and pension assets increased by $6,670 from Q1 2024 to Q1 2025. Nova Scotia’s other financial assets increased by $12,078 over this period. National life insurance/pension assets were up $8,485 per household with gains in all provinces (steepest in Ontario, followed closely by Newfoundland and Labrador) while other national financial assets were up by $31,441 per household with gains in all provinces (led by Alberta).
Nova Scotia’s real estate asset values declined by $4,641 per household from Q1 2024 to Q1 2025. Nationally, average real estate assets per household fell by $7,513 per household with declines in all provinces, led by British Columbia.
Nova Scotia's mortgage liabilities rose by $3,130. The national average mortgage liability per household increased by $4,438. Nova Scotia's other liabilities increased by $1,413 while the national average over the four quarters increased by $1,527.
Household net worth grew in all provinces from Q4 2024 to Q1 2025.
Source: Statistics Canada. Table 36-10-0661-01 Distributions of household economic accounts, wealth, Canada, regions and provinces, quarterly (x 1,000,000)
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