According to the StatsCan report, B.C. families' net worth, which measures total assets minus total debts, jumped 128 per cent from $150,700 to $344,000 between 1999 and 2012 — the highest in the country, as compared to the national average of 78 per cent to $243,800 from $137,000 in other provinces over the same period of time.
The report did not feature a breakdown of B.C.'s demographics, but it did indicate that families with older income earners saw their net worth increase much more than families where the top income earner was younger.
But despite the gains, those families have also amassed more debt. In 2012, their debts totalled $1.34 trillion in 2012, a significant increase over the $864.6 billion total for 2005. Approxinately $1 trillion of the debt was used to finance home purchases. All figures are in inflation-adjusted dollars.
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