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January 22, 2024HOUSEHOLD WEALTH, Q3 2023 Household Assets, Liabilities and Net Worth
Canada’s average assets were $1,148,681 in Q3 2023. Nova Scotia’s assets were well below the national average at $750,018. Nova Scotia had the second lowest liabilities at $99,669 per household. As a result, Nova Scotia's net worth came to $650,348 per household. Nova Scotia’s average household wealth was the highest among the Atlantic provinces. British Columbia and Ontario had the highest per household wealth among all provinces while New Brunswick had the lowest net worth per household.
Nova Scotia's net worth increased by 0.7% from Q3 2022 to Q3 2023. Canada's household net worth grew 1.7% with all provinces except Prince Edward Island reporting gains over the last year. Saskatchewan and Québec reported the fastest gains in net worth.
Compared to Q3 2022, national assets per household increased by $17,706 while liabilities increased by $1,811, bringing national net worth up by $15,896. Nova Scotia’s assets increased by $5,873 per household while liabilities grew by $1,130 from 2022 Q3 to 2023 Q3, increasing Nova Scotia's net worth per household by $4,742.
In detailed assets and liabilities Nova Scotians continued to have the highest life insurance and pension assets per household. British Columbia and Ontario had real estate assets far above the national average of $534,507.
The national level for mortgage liabilities in Q3 2023 was $129,434. Nova Scotia mortgage liabilities per household were the second lowest among provinces at $57,399. Other non-mortgage liabilities for Nova Scotia were below national average at $42,270 per household.
Nova Scotia's per household life insurance and pension assets decreased by $3,403 from Q3 2022 to Q3 2023. Nova Scotia’s other financial assets in Nova Scotia increased by $8,940 over this period. National life insurance/pension assets were down $1,830 per household with declines in all provinces (steepest in Prince Edward Island) while other national financial assets were up by $16,290 per household with gains in all provinces (led by Saskatchewan)
Nova Scotia’s real estate asset values rose fell by $1,128 per household from Q3 2022 to Q3 2023. Nationally, average real estate assets per household increased by $3,672 per household with the largest gain in Ontario.
Nova Scotia's mortgage liabilities rose by $1,355. The national average mortgage liability per household increased by $1,630. Nova Scotia's other liabilities decreased by $224 while the national average over the four quarters increased by $181.
Household net worth declined in every province from Q2 to Q3 2023.
Source: Statistics Canada. Table 36-10-0661-01 Distributions of household economic accounts, wealth, Canada, regions and provinces, quarterly (x 1,000,000)
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