A recent study does by Statistics Canada reports that Canadians are becoming more wealthy, but why you ask? It has a lot to do with the homes they own. The study also found that the average net income of Canadian families was at $243,800.00 in 2012. This was 44.5% higher than the average net income in 2005 and a whopping 80% increase than 1999. We do have to take into account inflation, but that is still a positive increase. Based on the survey though, the largest asset most Canadian families owned was their property, particularly their principal residence. Average value for their principal residence came in around $300,000.00 in 2012, this was an increase of 83.2% from 1999 and a 46.6% increase from 2005. Keeping in mind that these are just median values, it is important statistics in understanding Canadians are today’s assets and real estate. Giving the idea that real estate could be your safest investment yet.
The survey also dived into other properties that Canadians owned, 1 in 5 Canadians owned other property than their primary residence. This includes cottages, timeshares, rental properties, and other commercial properties. These properties, as well, showed significant increases in value, essentially doubling since 1999.
Very interesting stats to consider when thinking of what is the best assets to have for you and your family’s security. Contact Robert Clancy today for all your mortgage needs, whether it be for a primary residence or any other venture!