Net Worth Increases For Canadian Families

    0
    8

    The median net worth of Canadian family units was $243,800 in 2012, up 44.5 per cent from 2005 and almost 80 per cent more than the 1999 median of $137,000, adjusted for inflation, says Statistics Canada. Median net worth was highest for family units where the person with the highest income was 55 to 64 years old ($533,600) in 2012. This was almost three times higher than for family units where the highest income recipient was 35 to 44 ($182,500). For senior family units, those where the highest income recipient was 65 or older, median net worth was lower as they begin to draw on their assets as they transition from the workforce ($460,700). Lone parent families had the lowest median net worth in 2012 ($37,000) and senior families had the highest median net worth ($650,400). Among unattached persons, seniors ($246,000) had a substantially higher median net worth compared with non-seniors ($22,700). The principal residence remained the largest asset in 2012, representing one-third of the total value of assets. Following closely behind the principal residence were private pension assets. About seven in 10 Canadian family units had private pension assets in 2012, the same as in 1999 and 2005. However, the median amount held increased to $116,700 in 2012, up from $65,500 in 1999 and $77,400 in 2005.