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Investor Presentaiton

Canada: Homebuilders aren't keeping up with Population Growth 220 Thousands (quarterly data) 200 180 The ratio of home starts to population growth... Quarterly change in 160 population aged 15+ vs. quarterly residential home sales 140 NATIONAL BANK FINANCIAL WEALTH MANAGEMENT 120 100- 80 60 ри 40 ifin .fell to a record low of 0.27 in Q1 2023 Population growth Home starts 20 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 ANGUS WATT ADVISORY GROUP+ NBF Econmics and Strategy (data via Statcan and FRED)

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