Canadians' Wealth Rises Despite Housing Slump

• Global rally in bonds and equities supported Canadians' wealth, offsetting declines in real estate values • Household net worth rose 1.8% to $12.2 trillion in Q4 2022 • Increase driven by 5% jump in household financial assets, biggest since 2010 outside of pandemic • Value of residential real estate fell 1.9% in Q4 2022, second straight quarterly decline • Household debt rose 3.4% in 2023, slowest since 1990 as higher rates weighed on housing and mortgage growth