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Kelowna residents are “living large,” with high incomes and high wealth but also huge levels of debt, according to a new national financial report.
The Neighbourhood Financial Health Index, put together by nonprofits Prosper Canada and the Canadian Council on Social Development, looks at 35 cities across Canada with populations over 100,000.
Among the factors assessed are income, debt, assets and poverty indicators.
Calgary and Edmonton were found to be at the top of the index “by a wide margin,” the report explains.
Kelowna was inside the “above average” dividing line.
It has:
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Above average income (top 17)
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Above average real estate assets (top 10)
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Above average household liquid assets (top 8)
But the city’s debt levels are astonishingly high.
It was found to be one of 10 census metropolitan areas (CMAs) to have a debt-to-income ratio (how much money is owed overall versus how much cash is coming in) of 150%.
The other cities in this “living large” category are: Toronto, Vancouver, Calgary and Guelph.
No city west of Manitoba is deemed to be a below-average CMA.
Quebec contains the worst-performing cities, with Trois-Rivieres the worst of all.
That’s followed by Sherbrooke, Saguenay and Montreal.
The best-performing cities in the report are:
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Calgary
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Edmonton
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Ottawa
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Guelph
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Victoria
Kelowna is ranked 12th.
"[The report] shows that our financial health is heavily influenced by where we live," said Elizabeth Mulholland, CEO of Prosper Canada.
"Assets and debt, not just incomes, matter when it comes to our overall financial health."
Lucy Becker, IIROC vice-president of public affairs and member education services, added: "This report provides important insight into Canadians' financial health – which is of great value to regulators, policymakers and those working with Canadians to help them make investment decisions.”
To learn more about, visit www.nfhi.ca.
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