Investor Presentaiton
Canada: Growth in Household Credit
HIGHLIGHTS
Household credit growth picked up rapidly throughout 2021 and into 2022, peaking at 9.2% y/y in spring 2022 (but lower than its previous
2007 peak of 13.4%). It has since slowed with recent figures at 4.9% y/y for the rolling quarter ending in May 2023.
Consumer loans excluding mortgages (i.e., cards, HELOCs, unsecured lines, auto loans, etc.) grew by 3.5% y/y for the rolling quarter ending
May 2023. While consumer loan growth has not slowed in line with household credit and residential mortgage growth, signs of potential
slowing are emerging as of late.
Mortgage credit grew at 5.1% y/y in the rolling quarter ending May 2023 (vs the 2007 peak of 14.0% y/y). Mortgage growth is slowing amidst
higher rates.
HOUSEHOLD CREDIT GROWTH1
CONSUMER LOAN GROWTH1
MORTGAGE GROWTH 1
16
%, 3-month moving average
16
%, 3-month moving average
14
30
%, 3-month moving average
20
14
61
12
12
10
10
yly%
change
y/y %
change
10
8
8
6
6
-10
4
m/m % change,
SA
4
m/m%
-20
2
change, SA
2
0
-30
0
01 03 05 07 09 11 13 15 17 19 21 23
01 03 05 07 09 11 13 15 17 19 21 23
1 Sources: Scotiabank Economics, Statistics Canada
m/m%
y/y%
change
change, SA
T
01 03 05 07 09 11 13 15 17 19 21 23
72
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