Canadians’ wealth suffers biggest drop on record ...News

Household net worth plunged 6.1% in the second quarter of 2022, Statistics Canada reports Canada’s households saw a decline of almost $1 trillion Canadian dollars ($775 billion) in net worth in the second quarter amid sliding real estate costs, Statistics Canada reported this week. That was the largest decrease since at least 1990, according to the report. It also eclipsed the 5% drop in the third quarter of 2008 during the global financial crisis. Statistics showed that household credit market debt as a proportion of disposable income rose to 181.7%, from 179.7% in the first three months of 2022. The value of res

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