The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.
<--- Return to Archive
For additional information relating to this article, please contact:
March 11, 2022CANADA NATIONAL BALANCE SHEET ACCOUNTS, Q4 2021 
In the fourth quarter of 2021, Canadian national wealth increased 5.2% (or +$774.8 billion) to $15,576.0 billion. This follows a revised increase of 3.7% in the third quarter of 2021. As with the previous quarter, the growth was largely attributable to an increase in the value of residential real estate by $455.9 billion to $8,683.1 billion. In 2021, residential real estate increased $1.6 trillion over 2020 and $2.5 trillion over 2019. Natural resource asset values increased 16.0% compared with third quarter on higher energy and mineral prices. Net foreign assets increased ($297.0 billion) to $1,715.5 billion in Q4 on strong global equity markets in 2021.
Total assets, including financial and non-financial assets increased by 3.9% to $58,907 billion at the end of Q4 2021, following a 2.4% increase in Q3 2021.
Household sector
In Q4 2021, Canada’s household sector net worth increased $706.3 billion to $15,903.5 billion on the continued appreciation of housing. Financial assets increased 3.4%, with its main contributors were listed and unlisted shares as well as mutual and pension funds. The Toronto Stock Exchange Composite Index rebounded by 5.7% in Q4 following a 0.5% decline in Q3 and the Standard and Poor’s 500 increased 10.6%. Financial liabilities increased $49.4 billion on continued expansion of outstanding mortgage debt.
The value of residential real estate grew 5.6% in Q4 2021, largely attributable to higher value of residential land and structures. The national average selling price of a home increased 6.8% in Q4, as home resale inventory levels reached a record low.
Real estate as a percentage of disposable income continue to increase to 562.2% in Q4 2021 from 538.3% in Q3 2021.
Household borrowing increased to $50.0 billion in Q4 2021, on higher mortgages. Mortgage lending increased to $46.3 billion. In 2021, mortgage debt increased $187.5 billion compared with $118.9 billion in 2020. Non-mortgage lending declined to $3.7 billion in Q4, 2021.
Household saving rate was 6.4% in Q4 2021, down from 9.0% in Q3 2021. It declined to single digit levels in the second half of 2021 after five consecutive quarters of double digit levels.
Household credit market debt as a proportion of household disposable income increased to 186.23% in Q4 2021.
In Q4 2021, household debt payments increased from 13.55% to 13.84% of disposable income. Even with the growth in borrowing for mortgages, interest payments declined while principal payments grew in the quarter.
Government sector
At the end of Q4 2021, general government net debt (book value) edged up to 46.44% of GDP. The federal government's net debt to GDP ratio decreased to 37.20%. Net debt of other levels of government decreased to 24.79% of GDP.
Corporate sector
The credit market debt to equity ratio of non-financial private corporations decreased to 56.55 cents of credit market debt for every dollar of equity in Q4 2021, down from 57.29 cents (revised) in Q3 2021.
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
<--- Return to Archive
