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The net worth of the average Canadian household fell for the first time in almost a decade as growing debts, shrinking pensions and declining liquid assets took their toll, according to a new report by Environics Analytics.

The average Canadian net worth dropped by $7,594 or 1.1 per cent to $678,792 last year as increases in the housing market were more than offset by the late 2018 stock market correction, higher debt levels and a downward tick in pension plan values, Toronto-based Environics reported.

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The average home gained $6,336 in equity or 1.6 per cent while the stock market downturn erased an average $10,045 and debt levels increased by an average of $3,309 or 2.3 per cent, the marketing and analysis company said. Pension plans lost an average of $576 or 0.4 per cent, it said.

“Canadian households felt the effects of a significant decline in equity market valuations over the fourth quarter of the year,” Peter Miron, senior vice president of Environics Analytics’ research and development, said in a statement.