Investor Presentation February 2024
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Canadian housing market
The Canadian housing market weakened in 2023 due to high interest rates and poor affordability, but it is beginning to
stabilize and is expected to strengthen in 2024 in response to easier monetary policy and strong population growth
Mortgage arrears remain close to record lows and are expected to rise only modestly this year
Household debt payments (relative to income) are at record highs and will continue to restrain consumer spending
Sound lending standards across the banking system and the prevalence of full-recourse lending limit risks to credit quality
and financial stability
400
Canadian House Price Index
350
300
250
200
150
100
50
0
2000
2001 -
2002 -
2003 -
2004 -
2005 -
. 900Z
2007 -
2008 -
2009 -
2010 -
2011-
2012 -
2013 -
2014 -
2015 -
2016-
forecast
2017-
2018 -
2019 -
2020
2021 -
2022
2023 -
2024 -
2025 -
2026 -
2027-
Sources: BMO CM Economics as at February 23, 2024, Ministry of Immigration, Refugees & Citizenship Canada and MLS
This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2
BMOM
Year-over-Year Population Growth
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
Canada's Population Growth Benefits from
Immigration
forecast
600
500
400
300
200
Canada's Immigration
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Canada
Eurozone
2024
2025
U.S.
-U.K.
Investor Presentation ⚫ February 2024
40
Canada's Immigration (000's)
100View entire presentation