Total Public Sector Debt
Total public sector debt in NL has increased from $12 billion in 2015 to $22 billion in 2019. Public sector debt differs from net debt as reported in the Province’s public accounts. The public sector debt includes the funded debt of Government, debt of its Crown corporations and agencies, guaranteed debt, and debt incurred by municipalities.
Source: Gov NL
NL’s Net Provincial Debt in 2019/20 is projected to be over $15 billion, a $5 billion increase from 2014/15, and a total of $29,326 per capita. NL has had the highest net debt per capita of all provinces for the last four years.
Source: RBC Economics *projected
In 2017 consumer debt in NL was slightly higher than the national average. Consumer debt excludes mortgages and home equity lines of credit.
Source: NL Statistics Agency
Over the past ten years both consumer and business bankruptcies have decreased by 35% and 49% respectively. Source: NL Statistics Agency
In June 2019, the average house in NL cost $251,858, higher than $174,252 in New Brunswick but significantly lower than $687,326 in British Columbia.
Source: The Canadian Real Estate Association
The average family income in NL in 2017 was $81,500, an 18% increase from
2007 – the largest among the provinces.
In 2017, NL household debt to disposable income ratio was 144 (or $1.44 of debt for every $1 of disposable income in a household), significantly lower than the Canadian average ($1.83 of debt for every $1 of disposable income) and the fourth lowest amongst the provinces (though highest among the Atlantic provinces). The ratio has decreased from 150 in 2010, compared to the Canadian average which has increased from 167. Household debt refers to the sum of total financial liabilities including credit, mortgage and non-mortgage loans, etc.
Source: Statistics Canada
Nearly 68,000 NLers live in poverty: 44,070 of them live in families and 23,655 of them are single people not living in economic families. Couple-based families have a lower incidence of living in poverty, while lone-parent families, especially families with single mothers, have a higher incidence of living in poverty. Market Basket Measure refers to the measure of low income based on the cost of a specific basket of goods and services representing a modest, basic standard of living. Source: Statistics Canada
The average number of people receiving income support has decreased over the past eight years. Source: NL Statistics Agency
Taxes and Fairness
It’s a common past-time in NL to complain about taxes. Who pays too much, who pays too little, do we pay more taxes now than we used to, do we pay more than people living in Alberta or Nova Scotia? The debate is endless and complex.
Sweet Opportunity in Trinity
The Bonavista Peninsula has long been a prime tourist destination in the province.
With anchor businesses and organizations, like the Trinity Historical Society
and Rising Tide Theatre, as well as newer initiatives, such as Bonavista Living and
Bonavista Creative, the area is leading the way when it comes to capitalizing on creative
and cultural economic opportunities becoming a hotspot for innovative entrepreneurs.
Moving beyond craft shops and B&Bs, over the last few years newcomers and locals alike have been opening cafes, breweries, food trucks, and eco-tourism operations all over the peninsula.