Well-Diversified and Profitable Business
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 CONSUMER LOAN GROWTH
RESIDENTIAL MORTGAGE GROWTH
25
%, 3-month moving average
25
25
%, 3-month moving average
%, 3-month moving average
20
20
20
20
15
10
10
yly %
change
5
m/m%
change,
SA
0
15
10
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®
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