Monday, July 20, 2009

vancouverites are richest canadians

An interesting article appeared on today's Vancouver Ousts Calgary as Canada's Highest Net Worth City

For Canadians as whole household net worth dropped 6.2% in 2008. Our net worth dropped by pretty much that exact percentage during calendar 2008; I guess that makes us average. We live in Brantford, Ontario. In Calgary, Alberta net worths actually dropped on average by 12.3% and in Vancouver wealth dropped by only 3.1%.

Vancouver real estate prices are holding up pretty well making them the richest Canadians with an average net worth of $575,826 per household versus Calgary's $569,926 and Ontario's $354,968. British Columbians are also piling back into the stock market faster than elsewhere while Quebecers and Ontarians are socking money away in safe places.


Sampson said...

Tells you a little about how much people's net worth are tied into their homes. That's why i've got a trackable goal (modeled after yours) of specifically reducing the % of net worth my home makes up.

Looks like my declines fell inline with the Calgary average.

For 2008,
Net Worth down 9.15%
w/o house down 0.35% (and that includes buying a new car).

Not too concerned, since housing prices have already stabilized and have bumped up a bit (recent appraisals show valuations near pre-crash levels).

But more importantly, our non-house assets are growing very rapidly.

MG (moneygardener) said...

Interesting Sampson.

BTW, did I ever mention that you are an MVP commenter on the moneygardener. Thanks for the great participation!

Sampson said...

Hey thanks MG. Just happy to engage in discussion.

These #'s really have me thinking lately, they really are mind bogglingly high. Just visited Montana where you can buy a 1200 Sqft house on a nice 5 acre!!! lot for a mere $250,000.

Are Vancouver and Calgary THAT nice to live in?

Anonymous said...

Well as I visited both 3 times in the past 3 years I can say:

1. Vancouver is by far the nicest city in Canada. It has a combination on scenary hard to beat. Mountains and ocean. All in one is a very nice city, very 21st century looking. In the marina area with those high rise buildings and all that.
Downsides: rain and the cost of real estate. Cost of live (food, gas etc all the rest aside from housing) is doable.

Calgary: a true shithole :) and pardon my french. All they have is because of the oil boom and it is the typical boom city. Houses all look alike and it is simply ugly and boring.
The only plus is that is 130km from Banff, which is one of the best places in the world in terms of scenary. If someone invites you to Calgary or Edmonton for that reason you can safely skip it :)