Colombian Economy & Banking Sector Analysis
Canadian Consumer Indebtedness
Total household credit grew at 4.6% in annual nominal terms in March 2020 vs the 2008 peak of 12.2%
annually
• Consumer loans excluding mortgages (i.e., cards, HELOCS, unsecured lines, auto loans, etc.)
grew at 2.7% annually in Q1/20 vs > 5% in late 2017
Mortgage credit grew at 5.3% annually in Q1/20 vs 2008 peak of 13%. Lower five-year rates are driving a
rebound in the pace of growth, as is strength of underlying demand
HOUSEHOLD CREDIT GROWTH
CONSUMER LOAN GROWTH
RESIDENTIAL MORTGAGE GROWTH
25
25
20
20
%, 3-month moving average
15
y/y %
change
10
25
25
%, 3-month moving average
20
15
15
10
25
25
%, 3-month moving average
20
y/y %
change
15
5
m/m%
change, SA
0
15
y/y %
change
10
10
5
m/m%
change,
SA
-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.
00 02 04 06 08 10 12 14 16 18 20
Sources: Scotiabank Economics, Bank of Canada.
5
m/m%
change,
SA
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