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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

June 13, 2024

In the first quarter of 2024, Canadian national wealth (the total value of non-financial assets) increased 1.1% to $17,013.6 billion. This follows a decline of 0.1% in the last quarter of 2023. The residential real estate bounced back with an increased activity and notable price growth, this was offset by decline in the value of Canada's natural resources (including land) assets, particularly energy, mineral reserves and timber.

Total assets, including financial and non-financial assets rose by 2.1% to $64,998.4 billion at the end of Q1 2024, following a 2.8% growth in Q4 2023.

Household sector

Household credit market debt as a proportion of household disposable income decreased to 176.42% in Q1 2024. 

In Q1 2024, household debt payments decreased to 14.91% of disposable income. Mortgage interest payments were up 6 basis points to 5.45% of disposable income, while non-mortgage interest payments were up 5 baisis points to 3.83% of disposable income. Principle payments contracted for mortgages and non-mortgage loans as a share of disposable income.

Government sector

At the end of Q1 2024, federal government net debt (book value) increased to 32.70% of GDP. Net debt of other levels of government increased to 17.63% of GDP.

Corporate sector

The credit market debt to equity ratio of non-financial private corporations rose to 56.36 cents of credit market debt for every dollar of equity in Q1 2024, up from 56.13 cents in Q4 2023.

Source: Statistics Canada. Table 11-10-0065-01 Debt service indicators of households, national balance sheet accountsTable 36-10-0580-01 National Balance Sheet Accounts (x 1,000,000)Table 38-10-0235-01 Financial indicators of households and non-profit institutions serving households, national balance sheet accountsTable 38-10-0236-01 Financial indicators of corporate sector, national balance sheet accountsTable 38-10-0237-01 Financial indicators of general government sector, national balance sheet accountsTable 38-10-0238-01 Household sector credit market summary table, seasonally adjusted estimates

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