International Banking Performance Overview
Canada: Housing Market Strength
Strong demand continues to confront insufficient supply
G7 Population Growth
2.0
annual % change
1.5
Canada
United States
Euro Area
1.0
0.5
0.0
Housing Market is Historically Undersupplied
0.9
Ratio of total home completions on 18-month rolling
basis relative to population change
United Kingdom
0.8
0.7
mm
1982-pres. avg.
0.6
0.5
0.4
w
-0.5
08
09
10
11
12
13
14
15
16
17
18
19
20
0.3
T
ד.
T
Sources: Scotiabank Economics.
84
87
90
93
96
99 02
05
08
11
14
17
20
Listings Falling More Rapidly than Sales
90
sa sales-to-new listings ratio, %
80
70
60
50
50
10
40
Sellers' Market
سمه
Buyers' Market
Sources: Scotiabank Economics, Statistics Canada.
Government Assistance Supporting Households
2.5
%
2.0
1.5
1.0
0.5
30
04
06
08
10
12
14
16
18
20
0.0
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.
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