at a faster pace than that of our American cousins, buoyed by a strong real estate market and stronger stocks pumped up by commodities prices.
“The rollicking stock market helped boost the net worth of American households in [the fourth quarter], though they remain nearly $9 trillion (or 13%) poorer than before the credit crisis because of depressed home values and the almost $2 trillion loss in equity values,” economist Sal Guatieri of BMO Nesbitt Burns said in a research note.
“Conversely, Canadian household wealth continues to scale new heights on the back of record house prices and a near-full recovery in equities (thanks to the commodities boom).”
Guatieri was referring to figures released last week by the Federal Reserve that showed household wealth in the US rose by $2.1 trillion in the final quarter of last year. That brought the total to $56.8 trillion, the central bank said. At the same time, Americans continued to cut back their debt levels.
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