Private pensions form 29% of Canadian families’ net worth: Statistics Canada

couple reading paper

Private pensions was the second-largest asset category at 29.2 per cent of assets, rising 17.7 per cent from 2012 to $3.5 trillion, in determining the net worth of Canadian families, says Statistics Canada.

The majority of this growth came from employer-sponsored registered pension plans which increased 17.4 per cent to $2.3 trillion in 2016. For those Canadians holding these plans, the median value rose 20.1 per cent to $156,200. The median net worth of Canadian families was $295,100 in 2016, up 14.7 per cent from 2012 ($257,200), the last time the survey was conducted. The 2016 median was more than double that of 1999 ($144,500).

Housing is both the largest asset and the largest debt for Canadians. In 2016, 61.7 per cent of Canadian families reported a principal residence as an asset and 57.3 per cent of these families reported holding a mortgage on their principal residence. Housing accounted for more than one-third of the total value of assets. For those who owned their principal residence, the median reported value was $349,000, up 10.3 per cent from 2012 and double that of 1999.

Overall, 29.6 per cent of Canadian families were debt-free in 2016. The share was highest among senior-led families, where 58 per cent were debt-free. However, this was down from 1999 when 72.6 per cent of senior-led families were debt-free. Mortgage debt, on principal residences and all other real estate such as cottages, remained the top debt incurred by Canadians in 2016. Total mortgage debt rose by $330 billion, up 30.4 per cent from 2012 and 196 per cent higher compared with 1999.


Share This Story!

We need your help in raising DB awareness!

Join and help to spread the word so that together we can help others learn about the value of defined benefit pensions.

I'm in!