Canadian overall national net worth declined by 1.3% and stood at $129.4 billion. This is because of fall in oil prices. The natural resources wealth of the economy is declined by $285 billion.
However, the fall in energy prices was marginally balanced by continued gains in real estate wealth and an improvement in Canada's international financial position. The real estate wealth increased to $48.7 billion and Canada's international financial position stood at +$61 billion.
"We continue to expect a further deterioration in the balance sheet position of most sectors of the economy. Oil prices have continued to tumble through the fourth quarter of the year, hitting a new low of below US$35 per barrel this morning, while equity prices are down a further 4% since the end of September. Canadian economic growth is also losing momentum, and following a disappointing 1% gain in 2015, real GDP growth is expected to remain sub 2% in 2016", states TD Economics.
