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Winnipeg Free Press - PRINT EDITION
Real estate market buoys household net worth in province
TORONTO -- Manitoba's household net worth increased by 5.9 per cent last year, while Canada's richest provinces saw smaller increases, as real estate values in some of the country's major markets declined.
Household net worth in Manitoba rose to $263,658 last year from $248,912 in 2008, while British Columbia and Alberta posted the smallest increases by far in Canada, with gains of 2.8 per cent and 2.5 per cent respectively, according to a survey by WealthScapes 2010, a division of Environics Analytics.
Ontario did slightly better with a gain of 4.7 per cent, but still lagged provinces like Quebec (6.2 per cent), Saskatchewan (6.5 per cent) and Newfoundland and Labrador (9.7 per cent).
B.C. still ranks as Canada's wealthiest province, with an average net worth of $489,812 compared with a national average of $351,282. Alberta came in second, with $415,712, while Ontario followed close behind at $403,194.
Vancouver clung to its No. 1 spot as the city with the highest household net worth in Canada, with an average of $572,988. However, its net worth also grew at a rate of only 3.1 per cent, compared with a national average of 4.6 per cent. This is largely due to the city's declining real estate values, which fell 0.6 per cent in 2009.
Toronto, meanwhile, knocked Calgary out of second place thanks to a strong housing market. In 2009, Calgary's real estate market fell 3.7 per cent while Toronto's gained 2.3 per cent.
Toronto's average household net worth now stands at $531,621 compared to Calgary's $526,534.
-- The Canadian Press / Staff
Republished from the Winnipeg Free Press print edition July 16, 2010 B5
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