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Biannual Survey of Suppliers of Business Financing, second half 2015

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Released: 2016-06-02

Value of credit outstanding

$726.8 billion

December 2015

During the second half of 2015, the commodity sector continued to show growth and ongoing demand for financing. Conversely, credit conditions were tightened for firms involved in the energy sector, as the Canadian economy continued to adjust to lower oil prices, which resulted in lower investments.

Total credit outstanding increased 4.8% to $726.8 billion in the second half of 2015, up $33.3 billion from the first half. The main driver of this growth was the largest loan category, $5 million or more, which increased 6.3% or $29.7 billion.

The "all other industries" (up 7.3% or $9.7 billion), real estate and rental and leasing (up 5.4% or $6.9 billion), and finance and insurance (up 8.4% or $3.9 billion) industry categories were the top three contributors to the growth in total credit outstanding in the second half of 2015.

Despite lower oil prices, which can affect real estate markets, particularly in oil-producing areas, opportunities in other markets, such as Toronto, Montréal and Vancouver, sustained the industry's growth.

Chart 1  Chart 1: Total credit outstanding
Total credit outstanding

By the end of 2015, term instruments had increased the most, up 4.8% to $434.0 billion from the first half of the year. As mortgage rates continued at record lows, growth in business mortgage credit increased.

Chart 2  Chart 2: Total disbursements
Total disbursements

Total disbursements at the end of 2015 grew 6.9% to $96.9 billion, up $6.2 billion from the first half of 2015. The loan category that contributed most to this growth was the $5 million or more category, which increased $4.8 billion (+7.6%).

Contributing the most to the growth in disbursements were real estate and rental and leasing (up 8.9% or $1.3 billion), finance and insurance (up 16.0% or $1.2 billion), and all other industries (up 7.2% or $1.0 billion). In contrast, the only industry category to decline was other primary industries, down $449.0 million (-5.9%). The oil industry is included in this category.

The decrease in disbursements to companies directly involved in oil and gas reflected the tightening of lending practices due to lower oil prices and increased risk.

According to data from the Quarterly Financial Statistics for Enterprises, leverage for companies involved in the energy sector increased. There was an increase in the "all other debt" category, specifically from other sources of financing, while loans from credit intermediaries were stable. This reflected the results of the economy during the second half of 2015 in this sector.

Chart 3  Chart 3: Liabilities/assets ratio
Liabilities/assets ratio

  Note to readers

Data from the Biannual Survey of Suppliers of Business Financing have been revised for the first half of 2015.

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