Monetary liabilities, primarily mortgage and non-mortgage debt, rose by $8.7bn, marking the slowest quarterly growth (+0.3 p.c) because the first quarter of 2023, as excessive rates of interest influenced family selections.
Wealth distribution stays uneven throughout Canadian households. As of the fourth quarter of 2023, over 90 p.c of web price belonged to householders. The best wealth quintile averaged over $3.3m per family, whereas the bottom quintile had liabilities exceeding property.
The family saving fee elevated to six.9 p.c within the first quarter of 2024, the best because the first quarter of 2022. Disposable earnings good points (+1.8 p.c) outpaced nominal consumption expenditure will increase (+1.2 p.c).
Households added $15.5bn to their foreign money and deposits, the smallest accumulation because the third quarter of 2021. In response to rising rates of interest, preferences shifted in direction of fixed-term deposits, which comprised 47.8 p.c of non-public deposits at chartered banks by the tip of the primary quarter of 2024.
Households invested $23.8bn in mutual fund shares, with most inflows directed to equity-focused exchange-traded funds, pushed by robust efficiency in international equities, significantly in expertise corporations. Inflows to cash market funds have been at their lowest because the first quarter of 2022.
