Earnings & Dividend Growth Presentation
CANADIAN HOUSEHOLD CREDIT GROWTH MODERATING
Public policy changes are having their intended effects
• Total household credit growing 4.7% in nominal terms year-to-date, vs 2008 peak of 12% y/y
• Consumer loans excluding mortgages (cards, HELOCs, unsecured lines, auto loans, etc.)
are growing 4.7% year-to-date, vs 11% in late-2007
Mortgage credit growing 4.7% year-to-date, vs 2008 peak of 13%
HOUSEHOLD CREDIT GROWTH
CONSUMER LOAN GROWTH
RESIDENTIAL MORTGAGE GROWTH
20
20
20
%, 3-month moving average
%, 3-month moving average
%,
3-month moving average
18
18
16
15
y/y %
y/y %
change
16
14
change
14
m/m%
12
change,
10
y/y %
change
12
SA
10
10
8
5
8
6
90
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.
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