National net worth rises $9B in Q3; consumer credit level hits $474B: StatsCan

OTTAWA – Statistics Canada says the country’s national net worth increased by more than $9 billion to $6.8 trillion in the third quarter.

However, it says an increase in net foreign indebtedness dampened the gain.

This higher net foreign debt was largely a result of increased Canadian borrowing abroad, as well as a decrease in the value of Canadian investments denominated in foreign currency because of the rising value of the loonie.

Meanwhile, the report says new household borrowing was $27.3 billion in the third quarter.

Mortgages increased $18.4 billion to $1.1 trillion, although the increase was at a slower pace than in the previous quarter.

Consumer credit levels hit $474 billion in the third quarter compared with $467 billion in the second quarter.