Canadian households experienced a decline of almost $1 trillion in net worth in the second quarter amid plunging prices for homes and stocks.
The value of residential real estate holdings held by households fell by C$419 billion in the three months between April and June, while financial assets dropped by C$531 billion, Statistics Canada reported Monday in Ottawa.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
That drag on net worth from housing is likely to persist into the second half of this year, with Canadian home prices still falling and borrowing costs expected to rise further.Article content Still, households remain much better off than they did before the pandemic, with net worth C$2.9 trillion higher than at the end of 2019. The value of residential real estate held by households is up C$2.3 trillion over that time.
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