Victoria now part of ‘millionaires club’

The provincial capital joins Vancouver as one of only four cities in Canada with average net worth over $1 million.

A couple years ago Vancouver became the first Canadian city with an average household net worth of more than $1 million, but this year three other cities have joined the millionaires club — including Victoria.

With an average net worth of $1,055,468, Victoria is up 15 per cent over last year, due in large part to climbing real estate values.

According to the WealthScapes report by Environics Analytics, the figure is determined by looking at Canadians’ balance sheets as rising assets, pensions and real estate values all increased their net worth and modest borrowing kept their debt at a reasonable level — household net worth rose an average of 12 per cent, while household debt only grew 4.4 per cent.

Vancouver retains the top spot in this report and is closely followed by Toronto, Victoria and Calgary.

RELATED: Millenials in BC say they can’t afford a home

RELATED: Property sales down, according to real estate board

Among the other fastest wealth growth cities in Canada are the Golden Horseshoe areas of Ontario: Oshawa, Hamilton and St. Catharine’s-Niagara.

“For the most part, 2016 was a good-news financial story,” says Peter Miron, vice president of demographic and economic data at EA and the lead developer of WealthScapes 2017.

“Strong performance in the stock market buoyed Canadian investments. The biggest housing markets experienced strong real estate appreciation. And many Canadians increased their saving rates. This is the wealthiest Canadians as a whole have ever been.”

The report also illustrates how roughly 22 per cent of Canadian households are found in neighbourhoods that have a net worth above $1 million, and the possibility of housing bubbles in Vancouver, Toronto and Victoria, due to the run up in prices.

In Victoria, the average real estate holding increased 19 per cent, to $669,814.

Data for the report came from the Bank of Canada, Equifax, Statistics Canada and The Teranet-National Bank Regional and Property Type Sub-Indices.


 

@ragnarhaagen
ragnar.haagen@bpdigital.ca

Like us on Facebook and follow us on Twitter

Just Posted

Songhees and Esquimalt First Nations open new RV Park

Both nations excited about new economic venture

Parents grieving teen’s overdose death say it started with opioid prescription

Elliot Eurchuk, 16, died at his Oak Bay home Friday, after taking street drugs

UPDATE: Victoria hosts first National Cannabis Conference

Vendors, shoppers and cannabis-curious folk head to the Victoria Conference Centre

Victoria High School students find themselves in a ‘Hairy’ situation

Vic High drama students performing modern version of Broadway musical ‘Hair’

Ready for day two at the Home Expo

One exhibitor, Atlas Junk Removal, uses their trucks for a good cause

VIDEO: Moose found licking salt off B.C. man’s pickup truck

Tab Baker was in his garage in Prince George when the small moose gave his truck a clean

Spring Home Show this weekend in Colwood

West Shore Parks and Recreation will be transformed to showcase everything home related

B.C. student makes short-list for autism advocacy award

Brody Butts honoured for his role as a mentor and self-advocate

Austin Powers ‘Mini-Me’, Verne Troyer, dies at 49

Facebook page confirmed his death Saturday afternoon

Alberta man dead after snowmobile collision on B.C. mountain

The incident occurred on Boulder Mountain Friday morning

16 of 20 fastest improving B.C. schools are public: Fraser Institute

Independent elementary schools remain at top of the chart in think tank’s annual report card

Dinosaurs taking centre stage at National Geographic event

NatGeo Live series finale May 2 at the Royal features renowned paleontologist

UPDATED: 1 person dead after highway crash in Nanoose Bay

Accident happened just before 4 p.m. near Hillview Road

NAFTA: Talks continue through weekend in scramble to get a deal

Foreign Affairs Minister Chrystia Freeland called negotiations ‘perpetual’

Most Read