Canadians' average household net worth increased nearly eight per cent in 2013 making it one of the best years since the recession, reports the Times Colonist.
According to data from financial research company Environics Analytics released August 11, the average net worth per Canadian household last year grew by 7.7 per cent to $442,130 mostly because of increasing stock and real estate values as well as moderating debt levels.
The wealth gap between households in Canada's three richest cities Vancouver, Toronto and Calgary is rapidly vanishing, according to the study. Average household net worth in each of those cities is now separated by only $29,718, or 4.4 per cent. In addition, the average household has $533,172 in real estate assets.
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