Calgary struggled more than any other big city in Canada, dropping 2.1% of its net worth between 2010 and 2011 to $541,000 according to a study conducted by Environics Analytics. The study which is now in its 5th year looks at Canadians’ financial health with data from Statistics Canada, the Bank of Canada, census figures, financial reports and more.
Net worth is defined as the sum of a household’s assets, such as real estate and savings, minus their debts, like mortgages and credit cards.
Calgary’s net worth was a big drop from 5 years ago when it lead the country. Part of its decline can be attributed to a declining housing market, which is cooling after a boom caused by oil sands development.
Vancouver led the country in net worth for its 2nd consecutive year with more than $612,000 per household.
To view how your Calgary neighborhood did in 2011 in terms of net worth change, click here