The Average Canadian is Now Richer than the Average American

• Cucurbita wrote on 2012-07-17 18:43
  The Average Canadian is Now Richer than the Average American
  
  sauce: http://newsfeed.time.com/2012/07/17/the-average-canadian-is-now-richer-than-the-average-american/
  
  

  Watch out, Americans: Your thrifty, socialist neighbors to the north have stealthily become richer than you.
  
  Over the past five years, the average net worth of Canadian households has exceeded that of American households. So for the the first time in history, Canadians are wealthier than Americans — by more than $40,000, on average. In 2011, the average net worth of a Canadian household was $363,202, compared to $319,970 in the U.S., according to Environics Analytics WealthScapes data published in the Globe and Mail. (‘Average net worth’ measures the total combined value of a household’s liquid and real estate assets, minus debt.)
  
  The figure takes into account the relative weakness of the U.S. economy right now, as well as the recent strength of the Canadian dollar, which is now almost on par with the U.S. dollar, the Globe and Mail points out. These figures also ignore public-sector debt, which accounts for a higher proportion of GDP in the U.S than in Canada. And according to the latest jobs numbers, Canada’s unemployment rate fell to 7.2%, while the United States’ remained stagnant at 8.2%.
  
  The major reasons for Canada’s economic triumph over its neighbor to the south, it seems, are rooted in the 2008 recession that rocked the United States’ economy and collapsed its housing market. American house prices plunged, and now Canadian real estate holds more value. And that’s not even taking into account the recent spike in Justin Bieber-inspired tourism.
  
  Read more: http://newsfeed.time.com/2012/07/17/the-average-canadian-is-now-richer-than-the-average-american/#ixzz20uHZuNm3

• Hitaki wrote on 2012-07-17 18:45
  We still have better internet though.
• paladin wrote on 2012-07-17 18:47
  I thought that was the always the case
• Yoorah wrote on 2012-07-17 18:55
  People coming to Canada because they were inspired by Justin Bieber?
  This is sad. :(
  
  Anyway, this is easily explained by the housing price crash in the US. People who thought they owned $300,000 worth of house suddenly owned a lot less than that.
• Cucurbita wrote on 2012-07-17 19:03

  Quote from Yoorah;911486:

  People coming to Canada because they were inspired by Justin Bieber?
  This is sad. :(
  
  Anyway, this is easily explained by the housing price crash in the US. People who thought they owned $300,000 worth of house suddenly owned a lot less than that.

  
  
  Best time for young bachelors to buy a house though :D
  
  And I dunno why but everywhere I go all I ever see is more houses being built :/
• BobYoMeowMeow wrote on 2012-07-17 19:17
  The U.S. government should've done it like Iceland
  http://mabination.com/threads/58109-Iceland-Has-Hired-An-Ex-Cop-To-Hunt-Down-The-Bankers-That-Wrecked-Its-Economy
• Yoorah wrote on 2012-07-17 19:24

  Quote from Cucurbita;911491:

  Best time for young bachelors to buy a house though :D
  
  And I dunno why but everywhere I go all I ever see is more houses being built :/

  
  
  Because many of the houses on foreclosure weren't taken good care of and some people are weary about buying them, I think.
  But yeah, it's a great time for younger people that have good paying jobs.
• Sekwaf wrote on 2012-07-17 19:38

  Quote from Yoorah;911510:

  Because many of the houses on foreclosure weren't taken good care of and some people are weary about buying them, I think.
  But yeah, it's a great time for younger people that have good paying jobs.

  
  
  I wasn't aware we had these at the current time...
• Yoorah wrote on 2012-07-17 19:45
  There's plenty of those, actually. It's the older people who are having the most trouble.
• Hexed wrote on 2012-07-17 19:55
  Now all Canada needs to do is get rid of those Justin Bieber fans...
• Cynic wrote on 2012-07-17 19:58

  Quote from paladin;911481:

  I thought that was the always the case

  
  
  Apparently, no. But I've always viewed Canada as a much better country than America, so this isn't news for people like me.
• Mentosftw wrote on 2012-07-17 20:14
  Don't forget about population; America easily has many times more people than Canada. In a weakened economic state like we're in right now, the middle class will dwindle down leaving much more of the population entering the lower class. This can easily skew the results of a comparison between two countries.
• Yoorah wrote on 2012-07-17 20:20
  But there are many more rich people, too. :V There might be subtle differences, but for the most part, population size doesn't matter once you have a good enough sample for viable statistical analysis.
• Mentosftw wrote on 2012-07-17 20:24
  But then if there is a large discrepancy between the rich and the poor the study is misleading because there is no average; not many people would actually represent this average because it's manufactured from taking the numbers of the very rich and very poor put together. The study would better off saying the average wealth of America vs Canada.
• Reptile wrote on 2012-07-17 20:42

  Quote from Sekwaf;911520:

  I wasn't aware we had these at the current time...

  
  
  I make amazing money.
  Money that'd make your momma cry.
  Well, not really
  
  

  Quote from Yoorah;911486:

  People coming to Canada because they were inspired by Justin Bieber?
  This is sad. :(
  
  Anyway, this is easily explained by the housing price crash in the US. People who thought they owned $300,000 worth of house suddenly owned a lot less than that.

  
  Well, that's why I'm buying an amazing house for cheap while I still can.