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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

March 13, 2023

In the fourth quarter of 2022, Canadian national wealth contracted by 3.9% to $15,930.0 billion. This follows a contraction of 3.3% in the third quarter of 2022. Residential real estate values contracted for the third consecutive quarter, and falling commodity prices eroded the value of natural resource assets (excluding land) by 26.6%.

Total assets, including financial and non-financial assets increased by 0.7% to $59,367.5 billion at the end of Q4 2022, following a 0.1% increase in Q3 2022.

Household sector

Household credit market debt as a proportion of household disposable income decreased to 180.5% in Q4 2022. 

In Q4 2022, household debt payments rose to 14.33% of disposable income. Mortgage interest payments were up 0.53 percentage points to 4.50% of disposable income, while non-mortgage interest payments rose to 3.34% of disposable income after 10 quarters below this level.

Government sector

At the end of Q4 2022, federal government net debt (book value) declined again to 33.06% of GDP. Net debt of other levels of government increased to 16.36% of GDP.

Corporate sector

The credit market debt to equity ratio of non-financial private corporations fell to 55.95 cents of credit market debt for every dollar of equity in Q4 2022, down from 56.44 cents in Q3 2022.

Source: Statistics Canada. Table 11-10-0065-01 Debt service indicators of households, national balance sheet accountsTable 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 accountsTable 38-10-0236-01 Financial indicators of corporate sector, national balance sheet accountsTable 38-10-0237-01 Financial indicators of general government sector, national balance sheet accountsTable 38-10-0238-01 Household sector credit market summary table, seasonally adjusted estimates

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