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July 04, 2023HOUSEHOLD WEALTH, Q1 2023 Household Assets, Liabilities and Net Worth
Canada’s average assets were $1,130,017 in Q1 2023. Nova Scotia’s assets were well below the national average at $752,925. Nova Scotia also had the lowest liabilities amounts at $98,094. As a result, Nova Scotia's net worth came to $654,832 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 2.7% from Q4 2022 to Q1 2023. Canada's household net worth in grew 3.0% with all provinces reporting growth. Newfoundland and Labradour reported the largest growth and Prince Edward Island reported the smallest growth.
Compared to Q1 2022, national assets per household decreased by $45,884 while liabilities increased by $5,052, bringing national net worth down by $50,936. Nova Scotia’s assets decreased by $30,947 while liabilities grew by $846 from 2022 Q1 to 2023 Q1, reducing Nova Scotia's net worth per household by $31,792.
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 $497,735.
The national level for Mortgage Liabilities in Q1 2023 was $128,134. Nova Scotia mortgage liabilities per household were the second lowest among provinces at $56,297. Other non-mortgage liabilities for Nova Scotia were below national average at $41,797 per household.
Nova Scotia's per household life insurance and pension assets decreased by $4,848 from Q1 2022 to Q1 2023, the largest decrease among all provinces. Nova Scoita's other financial assets in Nova Scotia decreased by $911. Nova Scotia’s real estate assets fell by $29,299 per household from Q1 2022 to Q1 2023. Nationally, average real estate assets per household declined $46,926 with the largest declines in British Columbia, Alberta and Ontario.
Nova Scotia's mortgage liabilities rose by $1,243. The national average mortgage liability per household increased by $4,486. Nova Scotia's other liabilities decreased by $398 while the national average over the four quarters increased by $567.
Household net worth has grown in each province during the last two quarters following two quarters of 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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