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December 11, 2020CANADA NATIONAL BALANCE SHEET ACCOUNTS, Q3 2020 
In the third quarter of 2020, Canadian national wealth increased 4.1% (or +$478.2 billion) to $12,066.8 billion. This follows a revised decrease of 1.0% in the second quarter of 2020. As with the previous quarter, the positive growth was largely attributable to an increase in the value of residential real state by 3.2%, the largest quarterly increase since 2017 as property prices increased with lower interest rates. Natural resource asset values increased on a rebound in energy prices and production following a weak first half of 2020. Net foreign assets increased for the second consecutive quarter as equity prices increased at the end of Q3 2020.
Total assets, including financial and non-financial assets increased by 2.7% to $48,766 billion at the end of Q3 2020, following a 5.1% increase in Q2 2020.
Household sector
In Q3 2020, Canada’s household sector net worth increased 3.0% to $12,301.2 billion, following a record rebound of 5.3% in Q2 2020. Financial assets increased $188.6 billion, as its main contributors were equity and mutual fund shares. The Toronto Stock Exchange increased 3.9% following a 16.0% increase in Q2 2020. Financial liabilities increased 1.9%.
The household savings rate decreased from 27.5% to 14.6% in Q3 2020, while household saving rate is still significantly higher than its long run average.
The value of non-financial assets grew $214.6 billion in Q3 2020, largely attributable to an increase of $183.8 billion in residential real estate. Residential resale sales volumes, reflecting activity in the resale housing market, were rebounded 88.8% in the third quarter and pent-up demand increased housing prices. Year-over-year sales volumes increased 60.4% compared to Q3 2019.
Household borrowing increased to $38.4 billion in Q3 2020 from $7.2 billion in Q2 2020. Non-mortgage net lending increased to $9.7 billion. Mortgage lending increased to $28.7 billion, setting a new high after a record higher value in second quarter of 2020.
Household credit market debt as a proportion of household disposable income increased to 170.70% in Q3 2020.
In Q3 2020, household debt payments increased from 12.36% to 13.22% of disposable income (before interest payments), following the largest decline on the record. Payment deferrals related to the COVID-19 continued to reduce the obligated principal in Q3 2020.
Government sector
At the end of Q3 2020, general government net debt (book value) increased to 45.49% of GDP. The federal government's net debt to GDP ratio increased to 33.99%, as federal government net debt increase was impacted by COVID-19. Net debt of other levels of government is decreased to 26.86% of GDP.
Corporate sector
The credit market debt to equity ratio of non-financial private corporations decreased to 64.82 cents of credit market debt for every dollar of equity in the Q3 2020, down from 66.96 cents (revised) in Q2 2020.
Statistics Canada: Daily
Table 11-10-0065-01 Debt service indicators of households, national balance sheet accounts
Table 36-10-0580-01 National Balance Sheet Accounts (x 1,000,000)
Table 38-10-0235-01 Financial indicators of households and non-profit institutions serving households, national balance sheet accounts
Table 38-10-0236-01 Financial indicators of corporate sector, national balance sheet accounts
Table 38-10-0237-01 Financial indicators of general government sector, national balance sheet accounts
Table 38-10-0238-01 Household sector credit market summary table, seasonally adjusted estimates
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