Canadian Economic and Housing Policy Overview
Canadian Household Credit
Public policy changes are moderating growth in household credit
Total household credit grew at 3.1% in nominal terms in 2018 vs 2008 peak of 12.4% y/y
• Consumer loans excluding mortgages (i.e. cards, HELOCs, unsecured lines, auto loans, etc.)
grew at 3.0% in 2018 vs > 5% in late-2017
Mortgage credit grew at 3.1% in 2018 vs 2008 peak of 13%
HOUSEHOLD CREDIT GROWTH
20
%, 3-month moving average
18
16
y/y %
14
change
m/m%
12
change,
SA
10
8
6
4
2
0
CONSUMER LOAN GROWTH
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
20
15
10
10
50
%, 3-month moving
average
-5
m/m%
change, SA
RESIDENTIAL MORTGAGE GROWTH
20
%, 3-month moving average
18
y/y %
change
16
14
y/y %
change
12
10
8
6
4
2
m/m%
change,
SA
0
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Bank of Canada.
Scotiabank®
52
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