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

September 13, 2023

In the second quarter of 2023, Canadian national wealth (the total value of non-financial assets) increased by 0.9% to $16,108.8 billion. This follows an increase of 0.2% in the first quarter of 2023. Residential real estate values continued to rebound, but falling energy prices continued to erode the value of natural resource assets (excluding land).

Total assets, including financial and non-financial assets increased by 1.1% to $60,853.6 billion at the end of Q2 2023, following a 1.5% increase in Q2 2023.

Household sector

Household credit market debt as a proportion of household disposable income decreased to 180.54% in Q2 2023. 

In Q2 2023, household debt payments declined to 14.79% of disposable income. Mortgage interest payments were up 11 basis points to 5.29% of disposable income, while non-mortgage interest payments rose 6 basis points to 3.68% of disposable income. Principle payments for both mortgages and non-mortgage loans contracted as a share of disposable income.

Government sector

At the end of Q2 2023, federal government net debt (book value) increased to 33.10% of GDP. Net debt of other levels of government decreased to 16.03% of GDP.

Corporate sector

The credit market debt to equity ratio of non-financial private corporations declined to 56.20 cents of credit market debt for every dollar of equity in Q2 2023, down from 56.75 cents in Q1 2023.

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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