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Investor Presentaiton

Canadian Housing Market Strength Strong demand continues to confront insufficient supply Housing Market is Historically Undersupplied 90 0.9 Ratio of total home completions on 18-month rolling basis relative to population change 0.8 0.7 mm 1982-pres. avg. 0.6 0.5 0.4 0.3 84 87 90 93 96 99 02 05 08 11 14 17 20 Sources: Scotiabank Economics, Statistics Canada. Canada's Five Largest Metropolitan Areas* 13 MLS Home Price Index Benchmark 11 Price Y/Y Percentage Change 11.81 9 7 8.18 5 Average 3.72 3 3.46 1 -1 80 70 60 60 50 40 40 Listings Falling More Rapidly than Sales sa sales-to-new listings ratio, % Sellers' Market Buyers' Market 30 30 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, CREA. Policy Support Providing Large Assistance to Households 2.5 % 2.0 1.5 1.0 -2.83 -2.03 0.5 0.0 Edmonton 20 -5 -3 35 GTA GVA Montreal Calgary Sources: Scotiabank Economics, CREA. Data reflects June 2020 *Actual - not seasonally adjusted; Hypothetical arrears rate on mortgages simulated by BoC for 19% fall in GDP in 2020 Arrears without existing household support measures Arrears with existing support measures 21 22 Sources: Scotiabank Economics, Bank of Canada Financial System Review. 75
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