Monthly credit aggregates, November 2020
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Released: 2021-01-19
Total credit liabilities of households rise on expanded mortgage borrowing
Household sector borrowing is divided into financing in the form of non-mortgage loans, or funds principally for consumption, and mortgage loans, or debt acquired to finance the purchase of a property. In November, household mortgage debt grew 7.4% year over year, while non-mortgage debt edged down 0.6%. Overall, mortgages represented a larger share of household credit debt, with mortgage growth pushing the total credit liabilities of households up to $2,452.9 billion.
Real estate secured debt, composed of both mortgage debt and home equity lines of credit (HELOC), reached $1,918.0 billion at the end of November, fuelled by mortgages, as growth in HELOC balances remained nearly unchanged.
Chart 1
Year-over-year growth in household non-mortgage and mortgage loans
Total loan balances of non-financial private corporations edge down
After a record increase in their outstanding loan liabilities with chartered banks in March of this year, non-financial private corporations posted eight consecutive months of declining loan balances with this lending sector. Altogether, non-mortgage and mortgage debt was $1,038.7 billion at month end, down slightly from the previous month. In terms of other financing, liabilities in the form of debt securities fell $11.2 billion from the previous month, as a result of net retirements of bonds and a decrease in the value of foreign currency-denominated debt as the Canadian dollar appreciated against the US dollar. Overall, total credit liabilities of private non-financial corporations stood at $2,754.5 billion at the end of November.
Chart 2
Changes in stock of non-mortgage loans to private non-financial corporations, by lender
Note to readers
Overview of the monthly credit aggregates
Monthly credit aggregates decompose a portion of the quarterly National Balance Sheet Accounts (NBSA) into the monthly space, providing details on lending to households and non-financial corporations, or the stock of these sectors' outstanding liabilities from the debtor perspective, across a range of credit instruments including mortgage loans, non-mortgage loans, and debt and equity securities. It covers all lending sectors including chartered banks, non-bank deposit-taking institutions, other financial corporations, government, and other lenders. The estimates are presented as booked-in-Canada to capture activity within Canada with either domestic or non-resident lenders. Additionally, amounts are reported on an end-of-period basis (i.e., the value of the stock of an asset on the final day of the month). The third month of each quarter is benchmarked to the corresponding quarterly release of the NBSA.
The NBSA are composed of the balance sheets of all sectors and subsectors of the economy. The main sectors are households, non-profit institutions serving households, financial corporations, non-financial corporations, government and non-residents. The NBSA cover all national non-financial assets and all financial asset-liability claims outstanding in all sectors and similarly present stocks as of the end of each quarter.
Estimates are available on a seasonally adjusted basis to improve the interpretability of period-to-period changes in debt. For information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions.
For further information on the concepts, methodologies, and classifications used to compile these monthly estimates, please see the document Guide to the Monthly Credit Aggregates.
Next release
Data on the monthly credit aggregates for December 2020 will be released on February 19, 2021.
Products
The document "Guide to the Monthly Credit Aggregates," which is part of Latest Developments in the Canadian Economic Accounts (13-605-X), is available.
The document "An overview of revisions to the Financial and Wealth Accounts, 1990 to 2020," which is part of Latest Developments in the Canadian Economic Accounts (13-605-X), is available.
The data visualization product "Financial accounts on a from-whom-to-whom basis, selected financial instruments," which is part of Statistics Canada – Data Visualization Products (71-607-X), is available.
The data visualization product "Distributions of Household Economic Accounts, Wealth: Interactive tool," which is part of Statistics Canada – Data Visualization Products (71-607-X), is available.
The data visualization product "Securities statistics," part of the series Statistics Canada – Data Visualization Products (71-607-X), is available.
The Economic accounts statistics portal, accessible from the Subjects module of our website, features an up-to-date portrait of national and provincial economies and their structure.
The User Guide: Canadian System of Macroeconomic Accounts (13-606-G) is available.
The Methodological Guide: Canadian System of Macroeconomic Accounts (13-607-X) is available.
Contact information
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