Canadian Bail-in Regulations and Economic Fundamentals
Canadian Household Credit
Public policy changes are moderating growth in household credit
Total household credit grew at 3.3% Y/Y in nominal terms in Q1 of 2019 vs 2008 peak of 12.4% Y/Y
Consumer loans excluding mortgages (i.e., cards, HELOCs, unsecured lines, auto loans, etc.)
grew at 3.4% Y/Y in Q1 of 2019 vs > 5% in late-2017
Mortgage credit grew at 3.2% Y/Y in Q1 of 2019 vs 2008 peak of 13%
Household Credit Growth
25
%, 3-month moving average
20
20
15
10
10
yly %
change
5
m/m%
change,
SA
0
Consumer Loan Growth
25
%, 3-month moving average
20
15
10
Residential Mortgage Growth
25
%, 3-month moving average
20
y/y %
change
15
y/y %
change
5
m/m %
change, SA
0
10
m/m%
5
change,
SA
0
00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
-5
-5
-5
00 02 04 06 08 10
12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
Scotiabank®
50
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