Fourth Quarter 2018 Investor Presentation
Canadian Household Credit Growth Moderating
Public policy changes are moderating growth in household credit
• Total household credit growing 4.4% in nominal terms in 2018, vs 2008 peak of 12% y/y
Consumer loans excluding mortgages (cards, HELOCs, unsecured lines, auto loans, etc.)
are growing 4.4% in 2018 vs >6% in late-2017
• Mortgage credit growing 4.4% year-to-date vs 2008 peak of 13%
HOUSEHOLD CREDIT GROWTH
CONSUMER LOAN GROWTH
RESIDENTIAL MORTGAGE GROWTH
20
20
%, 3-month moving average
%, 3-month moving average
18
15
yly %
change
16
14
yly %
change
12
10
5
8
20
%, 3-month moving average
18
16
y/y %
14
change
12
m/m%
change,
10
SA
10
8
6
CO
6
st
4
2
0
m/m%
change, SA
4
2
0
-5
0
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
m/m%
change,
SA
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
Scotiabank®
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