Toronto Star: Real estate making us richer

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Toronto Star: Real estate making us richer

We’re getting richer – and the biggest money maker is our homes, says a new Statistics Canada report.

The median net worth of Canadian families of two or more people was $243,800 in 2012 — up 44.5 per cent from 2005 and almost 80 per cent more than the 1999 median of $137,000, adjusted for inflation, the Survey of Financial Security shows.

The overview of Canadians’ financial footing, released Tuesday, also showed that overall debt grew at a faster pace than assets. But because assets are far larger than debt, net worth still increased.

Read More: http://www.thestar.com/business/personal_finance/2014/02/25/real_estate_making_us_richer.html

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