According to figures releases by Environics Analytics, Vancouver was Canada’s wealthiest city last year. The study defined wealth as the sum of a household’s assets less debts (including mortgage).
Needless to say, a big part of Vancouver’s wealth came from the high housing prices in the city. But, in many ways, it is surprising that Vancouver ranked first on the list after mortgages were taken into consideration.
According to an article The Globe and Mail, “An average Vancouver household had a net worth around $612,000, compared to $541,000 for Calgary and $542,000 for Toronto.”
Overall, Canada’s net worth stagnated, dropping 0.04 per cent. According to The Globe and Mail, “the average Canadian household carried debt levels nearly double their disposable income, owing just under $116,000 on mortgages and other consumer debts.”
Canada’s Top 5 Cities for Wealth
- Vancouver household net worth: $612,000
- Toronto: $542, 000
- Calgary: $541,000
- Montreal: N/A
- Winnipeg: $297,000