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April 14, 2025HOUSEHOLD WEALTH, Q4 2024 Household Assets, Liabilities and Net Worth
Canada’s average assets were $1,206,939 in Q4 2024. Nova Scotia’s assets were well below the national average at $807,710. Nova Scotia's household liabilities were $115,289 per household. As a result, Nova Scotia's net worth came to $692,422 per household, the second 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 4.3% from Q4 2023 to Q4 2024, slower than the national average (+5.8%). All provinces reported gains over the same quarter the previous year. Saskatchewan and Québec reported the fastest gains in net worth. British Columbia reported the slowest gains.
Compared to Q4 2023, national assets per household increased by $60,621 while liabilities increased by $4,653, bringing national net worth up by $55,967. Nova Scotia’s assets increased by $31,693 per household while liabilities grew by $3,049 from Q4 2023 to Q4 2024, increasing Nova Scotia's net worth per household by $28,645.
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 $513,451.
The national level for mortgage liabilities in Q4 2024 was $132,321. Nova Scotia mortgage liabilities per household were the second lowest among provinces at $72,267. Other non-mortgage liabilities for Nova Scotia were below national average at $43,021 per household.
Nova Scotia's per household life insurance and pension assets increased by $10,485 from Q4 2023 to Q4 2024. Nova Scotia’s other financial assets increased by $19,246 over this period. National life insurance/pension assets were up $11,012 per household with gains in all provinces (steepest in Newfoundland and Labrador) while other national financial assets were up by $44,028 per household with gains in all provinces (led by Ontario, Alberta and Saskatchewan).
Nova Scotia’s real estate asset values increased by $1,475 per household from Q4 2023 to Q4 2024. Nationally, average real estate assets per household rose by $4,691 per household with the largest increase in Ontario and the largest decline in British Columbia.
Nova Scotia's mortgage liabilities rose by $2,012. The national average mortgage liability per household increased by $3,312. Nova Scotia's other liabilities increased by $1,036 while the national average over the four quarters increased by $1,340.
Household net worth grew in all provinces from Q3 2024 to Q4 2024.
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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