Energy Portfolio and Canadian Mortgage Overview
Canadian Consumer Indebtedness
Public-policy changes moderated growth in household credit, but it's picking up again
Total household credit grew at 4.2% in annual nominal terms in January 2020 vs the 2008 peak of
12.2% annually
• Consumer loans excluding mortgages (i.e., cards, HELOCS, unsecured lines, auto loans, etc.)
grew at 2.4% annually in Q4/19 vs > 5% in late 2017
Mortgage credit grew at 4.8% annually in Q4/19 vs 2008 peak of 13%. Lower five-year rates are driving a
rebound in the pace of growth.
HOUSEHOLD CREDIT GROWTH
CONSUMER LOAN GROWTH
RESIDENTIAL MORTGAGE GROWTH
25
%, 3-month moving average
20
15
y/y %
10
5
0
change
m/m%
change,
SA
25
%, 3-month moving average
20
20
25
%, 3-month moving average
20
y/y %
15
change
15
y/y%
change
10
10
10
m/m%
5
change, SA
0
m/m%
5
change,
SA
0
00 02 04 06 08 10 12 14 16 18 20
Sources: Scotiabank Economics, Bank of Canada.
-5
-5
-5
00 02 04 06 08 10 12 14 16 18 20
Sources: Scotiabank Economics, Bank of Canada.
00 02 04 06 08 10 12 14 16 18 20
Sources: Scotiabank Economics, Bank of Canada.
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