The first sixteen years of this century have been good ones for Saskatchewan families’ pursuit of wealth.
Every four years, StatsCan does a report on the net worth of families and households in the country. The latest one – for 2016 – has just been released and it showed a significant improvement in this province since 1999.
Back then the average family in the province had a net worth of $134,000. By last year that had risen to more than $300,000, roughly 2.5 times higher.
By the end of last year, the average net worth of a Saskatchewan family was fourth highest among the provinces. BC, Ontario and Manitoba were slightly ahead of us.
One of the big factors in the BC and Ontario numbers is real estate with housing prices have risen so dramatically in 15 or 16 years under review in this report.
One other interesting fact in the report is that while net worth grew 2.5 times on the growth in asset values, the level of debt we were carrying rose slightly faster. It went up about three times in that period.