Toronto is getting richer while the rest of Canada loses money
The average Canadian family had a net worth of roughly $678,792 in 2018, according to newly-released data from the Toronto-based analytics firm Environics.
Unfortunately, that's $7,594 less than what was observed the previous year thanks to growing debts, shrinking pensions and "a sharp drop in liquid assets."
There's a silver lining for Torontonians, however, who are sick of defending their city against haters from other parts of Canada.
The average household net worth in Toronto actually grew by 0.1 per cent between December of 2017 and December of 2018, according to an analysis of Environics Analytics' WealthScapes 2019 financial database.
The average GTA household net worth now sits at about $977,698.
Only two other cities on the list of Canada's 10 largest Census Metropolitan Areas (London, ON, and Ottawa-Gatineau) saw an increase in value during the time period surveyed.
The rest saw declines of up to 3.6 per cent.
"Toronto continues to be home to Canada's second-highest net worth population," reads the latest WealthScapes report, released on September 18.
"This growth was due to an above-average savings rate as well as slightly above-average real estate performance in 2018," it continues. "Similar to Vancouver, a significant portion of this wealth is tied up in real estate and the expensive Toronto real estate market has left these households the second most indebted in Canada, again after Vancouver."
So... yeah — we may be gaining in terms of net worth, but we're also gaining in terms of debt. Take that as you will.
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