Q1 2022 Financial Performance
CA: Housing Finances
More than Half of Canadian Households
Don't Have a Mortgage or HELOC
5-Year Mortgage Rates
Resetting Higher
45
100
% of households (2020 est.)
5-year difference, basis points
forecast*
40
with HELOC
50
50
35
11.5
0
30
-50
25
1.9
-100
20
32.8
-150
15
29.1
24.3
-200
10
5
0
Owned dwelling w/ mortgage
Owned dwelling w/o
mortgage
Rented
Sources: Scotiabank Economics, Mortgage Professionals Canada.
-250
10 11 12 13 14 15 16 17 18 19 20 21 22 23
*Based on Scotiabank Economics forecast of 10-year government of Canada bond yields
and the 2006-20 average spread
Sources: Scotiabank Economics, Bank of Canada.
Higher Home Equity in Canada
80
equity as % of real estate assets
120
75
70
Cda estimate incl. HELOCS
65
60
Canadian Mortgage Delinquencies Declining
10
Official (excl. HELOCs)
% of total loans past due three
or more months
8
U.S. estimate with NFPs
excl. HELOCS
55
Official FRB with NFPS
(incl. HELOCs)
50
45
45
4
2
U.S. + foreclosures
U.S.
Canada
40
92 94 96 98 00
02 04 06 08
10
12 14 16 18 20
Sources: Scotiabank Economics, OSFI, FCAC, Statistics Canada, Federal Reserve Board.
92 94 96 98 00 02 04 06 08 10 12
Sources: Scotiabank Economics, MBA, CBA.
14
16 18 20
20
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