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Monthly credit aggregates, October 2021

Released: 2021-12-20

Household 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.

Households added $11.5 billion in mortgage debt during the month of October, representing a rise of 0.6% from the previous month. Non-mortgage debt remained nearly unchanged, edging up to reach $701.0 billion.

On a seasonally adjusted basis, household mortgage debt advanced $12.0 billion (+0.6%) to reach $1,918.3 billion in October.

Overall, the total credit liabilities of households increased by 0.4% from the previous month to reach $2,624.7 billion by Halloween. Real estate secured debt, composed of both mortgage debt and home equity lines of credit was up 0.6% (+$12.4 billion) to reach $2,090.5 billion.

Chart 1  Chart 1: Month-over-month change in household mortgage loans
Month-over-month change in household mortgage loans

Private non-financial corporation borrowing

Total non-mortgage loan liabilities of private non-financial corporations increased by $2.3 billion (+0.3%) in October. Non-mortgage loan balances with chartered banks (+$1.5 billion) and non-banks (+$1.0 billion) were both up. Government loans to private corporations declined as businesses began repaying amounts at a faster pace than funds were borrowed under support programs such as the Canadian Emergency Business Account.

In terms of debt securities, private non-financial corporations recorded net issuances of $6.7 billion in October, mainly in the form of long-term instruments (i.e., bonds).

The mortgage debt of private non-financial corporations rose 0.4% (+$1.2 billion) to reach $337.7 billion. Overall, total credit liabilities of private non-financial corporations reached $2,969.5 billion in October, an increase of 0.5% (+$15.0 billion) from September.

Chart 2  Chart 2: Changes in stock of non-mortgage loans to private non-financial corporations, by lender
Changes in stock of non-mortgage loans to private non-financial corporations, by lender

  Note to readers

Revisions

This release of the Monthly Credit Aggregates for the month of October 2021 includes revised estimates from January of 1990. These data incorporate new and revised data including updated benchmarks from the National Balance Sheet Accounts (NBSA), as well as updated information on seasonal trends. An overview of the conceptual, methodological and statistical revisions implemented as part of the comprehensive revision to the NBSA is available in "An overview of revisions to the Financial and Wealth Accounts, 1990 to 2021."

Overview of the monthly credit aggregates

The monthly credit aggregates break down a portion of the quarterly NBSA by month. They provide details on lending to households and non-financial corporations—in other words, 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. The aggregates cover 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. In addition, 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—they present stocks at 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 more 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 November will be released on January 19, 2022.

Products

The document "Guide to the Monthly Credit Aggregates," which is part of Latest Developments in the Canadian Economic Accounts (Catalogue number13-605-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 (Catalogue number13-605-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 (Catalogue number71-607-X), is available.

The data visualization product "Distributions of Household Economic Accounts, Wealth: Interactive tool," which is part of Statistics Canada – Data Visualization Products (Catalogue number71-607-X), is available.

The data visualization product "Securities statistics," which is part of Statistics Canada – Data Visualization Products (Catalogue number71-607-X), is available.

The Economic Accounts Statistics Portal, accessible from the Subjects module of the Statistics Canada website, provides an up-to-date portrait of national and provincial economies and their structure.

The User Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-606-G) is available.

The Methodological Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-607-X) is available.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).

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