Household net worth highest in mid-sized cities

Calgary homes deepest in debt in 2009, says survey

Mid-sized Canadian cities like Quebec City, Winnipeg, Halifax and Saskatoon saw household net worth jump by nearly 10 per cent in 2009, according to WealthScapes 2010, a national survey of household financial statistics. Canada’s commercial hubs, like Toronto, Vancouver and Montreal, posted net worth growth that hovered around or below the national average of 6.7 per cent. Calgary’s average household income, at $119,681, was $23,000 higher than any other city, but the figures can be misleading: The average household in Calgary had $184,850 dollars of debt. That’s nearly $25,000 more than Vancouver, and more than double Montreal. Cities where household net worth grew the most maintained the lowest levels of household savings. The level in Saskatoon grew 9.6 per cent in 2009, while each household has managed to save about $35,696 total. Torontonians have saved the most over all, with an average of $118,388 per household.

Globe and Mail