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June 11, 2021CANADA NATIONAL BALANCE SHEET ACCOUNTS, Q1 2021 
In the first quarter of 2021, Canadian national wealth increased 8.2% (or +$1,032.0 billion) to $13,575.2 billion. This follows a revised increase of 3.4% in the fourth quarter of 2020. As with the previous quarter, the growth was largely attributable to an increase in the value of residential real estate by 9.4%, the third consecutive quarterly increase. Natural resource asset values increased for the third consecutive quarter while the stock of machinery and equipment declined for the third consecutive quarter on weak investment. Net foreign assets increased for the fourth consecutive quarter as foreign equity prices continue to increase in Q1 2021.
Total assets, including financial and non-financial assets increased by 3.4% to $52,617 billion at the end of Q1 2021, following a 4.1% increase in Q4 2020.
Household sector
In Q1 2021, Canada’s household sector net worth increased 6.0% to $13,700.5 billion. Financial assets increased $193.3 billion, with its main contributors were pension and mutual fund shares. The Toronto Stock Exchange Composite Index increased 7.3% and international markets also posted strong gains as the Standard and Poor’s 500 increased 5.8%. Financial liabilities increased 0.7%.
The value of residential real estate grew $595.5 billion in Q1 2021, largely attributable to higher home prices of new and existing houses. The average selling price of a home increased 87.0% while household disposable income increased 51.0% over the last 10 years. Real estate as a percentage of disposable income increased 487.4%, up from 440.3% at the end of 2019 which reduced the overall affordability. Homeowners net worth increased around $730 billion while renters net worth increased around $43 billion.
Household borrowing was $32.1 billion in Q1 2021. Non-mortgage lending increased to $3.2 billion. Mortgage lending declined to $29.0 billion, following a record higher value in fourth quarter of 2020.
Household saving rate was 13.1% in Q1 2021, up from 11.9% in Q4 2020. It has remained at double digit levels since Q2 2020.
Household credit market debt as a proportion of household disposable income decreased to 172.25% in Q1 2021.
In Q1 2021, household debt payments decreased from 13.55% to 13.45% of disposable income (before interest payments). The obligated principal rose for the third consecutive quarter in Q1 2021.
Government sector
At the end of Q1 2021, general government net debt (book value) increased to 50.64% of GDP. The federal government's net debt to GDP ratio increased to 37.94%, as federal government net debt increase was impacted by COVID-19. Net debt of other levels of government edged up to 28.24% of GDP.
Corporate sector
The credit market debt to equity ratio of non-financial private corporations decreased to 62.27 cents of credit market debt for every dollar of equity in the Q1 2021, down from 63.85 cents (revised) in Q4 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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