Economics
Real Estate Holdings Drop by Record $322 Billion in Canada
- Household net worth falls 6.1% amid interest-rate hikes
- But rising commodity prices bolster corporate bottom line
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Canadian households experienced a decline of almost C$1 trillion ($775 billion) in net worth in the second quarter amid plunging prices for homes and stocks.
The value of residential real estate holdings held by households fell by C$419 billion in the three months between April and June, while financial assets dropped by C$531 billion, Statistics Canada reported Monday in Ottawa.