Real-estate binge pushes Canadian household debt to new record
BNN Bloomberg
Canadians continued to pile into real estate last year, pushing prices and debt levels to new records.
Canadians continued to pile into real estate last year, pushing prices and debt levels to new records.
The value of real estate owned by households in Canada rose $1.5 trillion (US$1.2 trillion) to $8.3 trillion in 2021, according to national balance sheet data released Friday by Statistics Canada.
Low interest rates, a larger appetite for space during the COVID-19 pandemic, and strong immigration flows led to a record 22 per cent appreciation in the price of dwellings, land and other buildings held by Canadians, the data show.
That increase lifted net worth per person in the country to $449,450 at the end of last year, up by nearly a quarter from 2020.
