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“Real estate has just been one of the fastest-growing assets,” said Porter, adding land and residential structures now account for about 39 per cent of total Canadian assets. “It’s above average [historically] but I don’t think it’s wildly out of balance.”

That percentage has been stable over the last five years but the economist notes that at one point – at the peak of the technology boom in 2000 – it was as low as 31 per cent.

Those percentages are likely even higher in some pockets of the country, such as British Columbia, where the average principal residence was $3.9 million for the high net worth crowd. Those people carry $236,100 in debt, according to the survey.

Do Canadians own too much property?

Most wealthy Canadians surveyed are free and clear of their mortgage and even among those with debt, the average amount they have outstanding is $176,000.

On the second property front, 80 per cent of respondents who have one, say it is in Canada. Another 27 per cent have property in U.S., 11 per cent in Europe, eight per cent in Central America, South America or the Caribbean, seven per cent in either Mexico or Asia and five per cent in Australia.

It’s the one word that scares people more about the condominium market than any other and it’s the word “flipping.”

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Vacation purposes were cited by 47 per cent of respondents with second properties as the number one reason for owning. The second reason for owning was for investment purposes at 39 per cent, followed by income-generating property at 36 per cent.