Canadian household net worth rose by 3.3% in Q1 2024, largely due to equity and housing markets. Residential real estate values increased by 2.6%, and sales activity surged by 16%. Over 90% of net worth is held by homeowners. However, mortgage interest payments have doubled to $25 billion, affecting household budgets. The ongoing housing supply shortage poses affordability issues, with worries over future supply and increasing interest rates. Professional advice and exploring mortgage options are vital for managing costs in the current housing market.
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