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January 24, 2023HOUSEHOLD WEALTH, Q3 2022 Household Assets, Liabilities and Net Worth
Canada’s average assets were $1,102,154 in the Q3 2022. Nova Scotia’s assets were well below the national average at $732,418. Nova Scotia also had one of the lowest liabilities amounts at $98,391. As a result, Nova Scotia's net worth came to $634,027 per household. Nova Scotia’s average household wealth was the highest among the Atlantic provinces. British Columbia and Ontario had the highest household wealth among all provinces.
Nova Scotia's net worth declined by 2.6% from Q2 to Q3 2022. Canada's household net worth in declined 2.8% with all provinces reporting similar declines. Saskatchewan and Quebec reported the smallest declines while British Columbia had the largest decline.
Compared to Q3 2021, national assets per household decreased by $55,504 while liabilities increased by $3,802, bringing national net worth down by $59,306. Nova Scotia’s assets decreased by $59,652 while liabilities fell by $1,945 from 2021 Q3 to 2022 Q3, reducing Nova Scotia's net worth per household by $57,706.
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 $496,169.
The national level for Mortgage Liabilities in Q3 2022 was $127,735. Nova Scotia mortgage liabilities per household were the second lowest among provinces at $56,016. Other non-mortgage liabilities for Nova Scotia were below average at $42,375 per household.
Nova Scotia's per household life insurance and pension assets decreased by $28,875 from Q3 2021 to Q3 2022, the largest decrease among all provinces. Nova Scoita's other financial assets in Nova Scotia decreased by $16,940. Nova Scotia’s real estate assets fell by $13,744 per household from Q3 2021 to Q3 2022.
Nova Scotia's mortgage liabilities rose by $74. The national average mortgage liability per household increased by $4,324. Nova Scotia's other liabilities decreased by $2,019 while the national average over the four quarters decreased by $522.
Household net worth has declined in each province during the last two quarters.
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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