Americas Wholesale and Retail Banking Overview
Growth in Household Credit
• Total household credit, in annual nominal terms, has slowed considerably since the 2007 peak of
13.4% y/y. However, Q1-2021 growth of 5.1% y/y is the fastest pace of expansion since Q3-2017.
• Consumer loans excluding mortgages (i.e., cards, HELOCS, unsecured lines, auto loans, etc.)
fell by 0.7% y/y in Q1-2021. Consumer loan growth has trended downward since late-2000 highs of over
16.6% y/y, with negative growth in recent months induced by consumer spending pullbacks.
Mortgage credit grew at 7.3% y/y in Q1-2021 vs the 2007 peak of 13.7% y/y. Underlying demand coupled
with lower five-year rates drove a rebound in the pace of growth.
Household Credit Growth
20
%, 3-month moving average
yly%
15
change
%, 3-month moving average
yly%
change
Consumer Loan Growth
Residential Mortgage Growth
10
m/m%
5
change,
SA
15
10
22505052 12
-5
-10
-15
20
%, 3-month moving average
15
yly%
change
10
m/m%
change, SA
5
m/m%
change,
SA
0
01 03 05 07 09 11 13 15 17 19
Sources: Scotiabank Economics,
Statistics Canada.
-20
T
21
21
01 03 05 07 09 11 13 15 17 19 21
Sources: Scotiabank Economics,
Statistics Canada.
01 03 05 07 09 11 13 15 17 19 21
Sources: Scotiabank Economics,
Statistics Canada.
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