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March 31, 2023HOUSEHOLD WEALTH, Q4 2022 Household Assets, Liabilities and Net Worth
Canada’s average assets were $1,110,871 in the Q4 2022. Nova Scotia’s assets were well below the national average at $742,764. Nova Scotia also had one of the lowest liabilities amounts at $98,500. As a result, Nova Scotia's net worth came to $644,263 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 grew by 1.1% from Q3 to Q4 2022. Canada's household net worth in grew 0.7% with all provinces reporting growth. Quebec and Saskatchewan reported the largest growth and British Columbia and Ontario reported the smallest growth.
Compared to Q4 2021, national assets per household decreased by $57,352 while liabilities increased by $7,135, bringing national net worth down by $64,486. Nova Scotia’s assets decreased by $43,753 while liabilities grew by $1,068 from 2021 Q4 to 2022 Q4, reducing Nova Scotia's net worth per household by $44,822.
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 $484,523.
The national level for Mortgage Liabilities in Q4 2022 was $127,902. Nova Scotia mortgage liabilities per household were the third lowest among provinces at $56,148. Other non-mortgage liabilities for Nova Scotia were below average at $42,352 per household.
Nova Scotia's per household life insurance and pension assets decreased by $14,510 from Q4 2021 to Q4 2022, the largest decrease among all provinces. Nova Scoita's other financial assets in Nova Scotia decreased by $6,321. Nova Scotia’s real estate assets fell by $23,561 per household from Q4 2021 to Q4 2022. Nationally, average real estate assets per household declined $42,615 with the largest declines in British Columbia, Alberta and Ontario.
Nova Scotia's mortgage liabilities rose by $1,578. The national average mortgage liability per household increased by $6,216. Nova Scotia's other liabilities decreased by $510 while the national average over the four quarters increased by $919.
Household net worth has grow in each province during the last quarters following a two quarter decline.
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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