The country's net worth grew by 1.4 per cent, or $60.4 billion, over the last three months of 2005, up sharply from 0.7 per cent in the third quarter, when growth was constrained by an increase in net foreign debt.
The national net worth is the total of the non-financial assets, such as produced assets, land surrounding structures and agricultural land, less foreign-held debt.
Household net worth grew by 1.4 per cent, down from 2.4 per cent in the third quarter, due to slower increases in both residential real estate and equities.
At the same time, Canadians' appetite for debt eased on lower demand for consumer credit and mortgages. The ratio of household debt to net worth remained flat at 18.1 per cent in the quarter.
Growth in total household debt slightly outpaced that of personal disposable income, as Canadian households currently carry about $1.08 in debt for every dollar of their disposable income.
- Another volatile day on North American markets
- Nervous investors bailed out of stocks in Toronto and New York in early trading Thursday, prompting some bargain hunting that pared overall market losses.
- Severance charges weigh on BMO's Q1 profit
- A $135-million restructuring charge to cover severance payments for 1,000 job cuts pulled first-quarter earnings at Bank of Montreal lower.
- Last day for RRSP contributions
- Financial institutions are expecting a busy day Thursday as a midnight deadline looms to make RRSP contributions for the 2006 tax year.
- CIBC Q1 earnings up almost 33 per cent
- The Canadian Imperial Bank of Commerce said higher earnings at both its retail operations and its wealth management businesses helped it post a 32.8 per cent increase in its bottom line.
- Nortel announces another restatement
- Nortel Networks Corp. said Thursday it will have to make more financial restatements, and will delay filing its 2006 annual report with U.S. regulators.