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June 12, 2025CANADA NATIONAL BALANCE SHEET ACCOUNTS, Q1 2025 
In the first quarter of 2025, Canadian national wealth (the total value of non-financial assets) increased 1.0% to $17,300.4 billion. This follows growth of 0.5% in the fourth quarter of 2024. Residential real estate grew in the first quarter as affordability improved slightly. Financial assets increased as despite weaker equity markets amid notable uncertainty in the first quarter. Statistics Canada notes that wealth is not evenly distributed across households, as the wealthiest 20% of households held 68.1% of financial assets and 51.2% of real estate assets.
Total assets, including financial and non-financial assets rose by 0.8% to $69,172.0 billion at the end of Q1 2025, following 2.2% growth in Q4 2024.
Household sector
Household credit market debt as a proportion of household disposable income increased to 173.94% in Q1 2025.
In Q1 2025, household debt payments were unchanged at 14.40% of disposable income. Mortgage interest payments were down 2 basis points to 5.22% of disposable income, while non-mortgage interest payments were down 12 basis points to 3.57% of disposable income. Principle payments grew for both non-mortgage loans and mortgage loans as a share of disposable income.
Government sector
At the end of Q1 2025, federal government net debt (book value) declined to 33.12% of GDP. Net debt of other levels of government declined to 16.40% of GDP.
Corporate sector
The credit market debt to equity ratio of non-financial private corporations rose to 59.94 cents of credit market debt for every dollar of equity in Q1 2025, up from 59.63 cents in the fourth quarter.
Source: Statistics Canada. Table 11-10-0065-01 Debt service indicators of households, national balance sheet accounts; Table 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 accounts; Table 38-10-0236-01 Financial indicators of corporate sector, national balance sheet accounts; Table 38-10-0237-01 Financial indicators of general government sector, national balance sheet accounts; Table 38-10-0238-01 Household sector credit market summary table, seasonally adjusted estimates