Covered Bond Program Overview
Canadian House Prices
•
Absolute price level is moderate compared to major global urban centers
Average Home Price
•
Growth rates of house prices in Canada have diverged across regions
Region
CAD1
USD Eq.²
YoY %
Increase³
•
Canadian housing could be less vulnerable to interest rate increases
when compared to other jurisdictions
House of scorecards
Housing-risk indicators, selected countries
Canada
746K
591K
19%
Toronto
1354K
1072K
22%
Vancouver
1375K
1088K
17%
House-price
increase,
Share of
homeowners with
Variable-rate
mortgages as a share
(Ranking out of 20")
Q4 2019-Q4 2021, % a mortgage, 2019+, % of total, 2018+, %
Total outstanding
residential loans to
disposable income of
households, 2019+, %
Calgary
512K
405K
8%
Sweden (1)
28
43
69
177
Montreal
573K
454K
16%
Netherlands (=2)
30
49
16
182
New Zealand (=2)
46
67
18
142
Ottawa
754K
597K
18%
Norway (4)
16
50
94
169
Australia (=5)
28
32
81
150
Luxembourg (=5)
31
34
47
147
Canada (7)
26
39
28
137
Housing Index Year over Year Change, by City4
Denmark (=8)
17
38
16
170
35%
-Canada
Toronto
-Vancouver
-Calgary -Montreal
Ottawa
United States (=8)
31
40
15
70%
30%
Finland (10)
9
31
96
73
25%
Poland (11)
22
11
100
33
Ireland (12)
20%
17
26
39
70
Britain (13)
18
31
7
101
15%
Germany (=14)
22
18
12
71
10%
Lithuania (=14)
15
9
97
28
5%
Hungary (=16)
24
12
16
17
0%
Spain (=16)
2
24
36
64
France (18)
14
24
2
71
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec. 12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
-5%
Romania (19)
Italy (20)
10
75
13
-10%
6
10
33
32
-15%
CIBC
Source: The Economist
1 Source: CREA, April 2022 21 USD = 1.2628 CAD 3 Source: Teranet - National Bank House Price Index 4 Source: Bloomberg, Teranet - National Bank House Price Index
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