Canada’s a rich country with a gross domestic product of over $2 trillion and national wealth valued at over $11 trillion.
But just how much of those riches are wrapped up in real estate? A sizable share, it turns out.
Statistics Canada released last week its third-quarter report on national wealth, which is the “value of non-financial assets in the Canadian economy.”
Total national wealth hit $11.415 trillion in the third quarter, and at $8.752 trillion, real estate made up a 76-per-cent share of that figure — nearly all but a quarter.
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That was the highest that both figures had been, going back to the second quarter of 2007.
Analysis of data from the U.S. Federal Reserve indicates that this is a higher share of national wealth than real estate takes up in the United States.
But it wasn’t always this way.