Scotiabank Business Overview and Economic Outlook
Housing Market
Population Growth
1.8
annual % change
1.6
1.4
Canada
Euro Area
Japan
France
0.90
United States
United Kingdom
Italy
0.80
Housing Market Supply Conditions
Ratio of total home completions on 18-
month rolling basis relative to population
change
1.2
0.70
1984-present avg.
1.0
0.8
0.60
0.6
0.4
0.50
0.2
0.40
0.0
-0.2
0.30
-0.4
87
90
08
09
10
11 12
13 14 15
16 17 18
19
20
84
93
99 02
Sources: Scotiabank Economics, Statistics Canada.
96
05
08
11
14
17
20
90
80
70
60
50
40
30
88 48322
Sources: Scotiabank Economics.
Housing: Sales-to-Listings Ratio
sa sales-to-new listings ratio, %
Government Support of Households
2.5
arrears rate, %
2.0
1.5
1.0
0.5
20
10
0.0
0
20
88 90 92 94 96 98
00
02
04
06
08 10 12
123
14 16 18 20
Sources: Scotiabank Economics, CREA.
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.
19
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