(Bloomberg) -- A global rally in bonds and equities supported Canadians’ wealth at the end of last year, offsetting continued declines in real estate...
— A global rally in bonds and equities supported Canadians’ wealth at the end of last year, offsetting continued declines in real estate values.Canadians’ household net worth rose 1.8% to C$16.42 trillion in the fourth quarter, Statistics Canada said Wednesday. The increase was driven by a 5% jump in the value of household financial assets, the biggest increase since 2010, outside the pandemic.The value of residential real estate fell 1.
The data point to the financial resilience of Canadian households, which have continued to grow their wealth even as one of the most aggressive hiking cycles in Bank of Canada history restricts housing market activity. “It’s one more reason to think that the economy isn’t headed toward a cliff, and instead is just facing a persistent headwind from elevated borrowing costs.”The household debt service ratio, which tracks the total payments of principal and interest that Canadians make as a proportion of their disposable income, was 15% in the fourth quarter, little changed from the previous month, but still the highest level in the history of the data.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market today: S&P, Dow hit record highs as Nvidia ignites global rallyStocks powered higher as investors celebrated Nvidia's blowout results, which beat sky-high expectations and revived the AI frenzy.
Read more »
Stock market today: US futures take time out after breakout rallyStocks are consolidating after Nvidia results sparked a global rally that has the chipmaker eyeing a $2 trillion valuation.
Read more »
Stock market today: Stocks build on record-setting rallyThe market is kicking off March in a subdued mood as the relief sparked by the PCE reading wears off.
Read more »
Stock bubble fears are overblown despite Magnificent 7's rally: Wall Street analystsTop Wall Street strategists warn market bubble fears might be overblown.
Read more »
Air Canada stock falls 7% amid higher labour costs, but carrier says demand remains strongNorth American carriers with major international operations are facing cost pressures as pilots and other workers make gains in bargaining.
Read more »
Labour market gains 41K jobs in Canada, supports Bank of Canada holding rates for longerStatistics Canada said February's increase in the labour market was driven by a rise in full-time work.
Read more »