Apply For a MortgageCanadians are healing from the 2008 Economic Crash
Canadian household net worth hit $6 trillion in the first quarter of 2010. It increased by 1.3 per cent, and is the fourth consecutive quarterly improvement in household net worth. This means 96 per cent of net worth lost during the economic crash has been recovered, according to David Onyett-Jeffries, economist with RBC Economics, as reported on Muddy York’s Toronto Real Estate blog.
Other numbers from RBC show a strong Canadian housing market. Non-financial assets, where real estate contributes 85.5 per cent, is up 0.8 per cent to $24.9 billion from the previous quarter.
Mortgage debt increased by $16.4 billion in the first quarter, signalling continued growth in the real estate market. Over all, household liabilities rose by 1.5 per cent to $1.4 trillion.
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Ross Taylor
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Ross Taylor is recognized by his peers as one of Canada's pre-eminent difficult mortgage specialists. His ASKROSS blog and column in Canadian Mortgage Trends are focused on the intersection between mortgage financing and personal credit.
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