‘s national balance sheet and financial flow accounts figures released on Monday, real estate wealth alone fell by $446.3 billion to $billion during the quarter, a marked reversal from the $344 billion rise recorded in the prior quarter.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Overall, non-financial assets including real estate declined by $389.8 billion while financial assets fells by a record $530.6 billion in the quarter. An increase in financial liabilities of $69.8 billion as outstanding mortgage debt continued to expand, helped drive the overall decline in household wealth to nearly $1 trillion, or 6.1 per cent, the steepest quarterly drop since data tracking began in 1990.
“Today’s release revealed that households faced rising financial headwinds in the second quarter,” Ksenia Bushmeneva of TD Economics said. Bushmeneva attributed the drop in household wealth to the selloffs in financial markets earlier this year combined with a decline in house prices. Average resale prices dropped to roughly $710,000, while home resale inventory levels remained lower than average. By July, the average resale price dropped further to $635,000.
Primary residence is, in all honesty, not real wealth.
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