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Monthly credit aggregates, November 2021

Released: 2022-01-19

Household borrowing

Households added $16.3 billion in mortgage debt in the month of November, representing a rise of 0.8% from October. Compared with November 2020, mortgage debt was up 10.4%, while over the same period, residential construction investment rose 11.8%. Nationally, new home prices increased by 0.8% in November, continuing the string of monthly increases since May 2020. While the volume of existing home sales were lower in November on an unadjusted basis, the average sale price remained well above the $700,000 mark.

Non-mortgage debt grew 1.1% in November to reach $708.7 billion, and increased household credit card debt with chartered banks was the main contributor. The usual seasonal effect related to the holiday period, fewer restrictions and strengthening consumer demand contributed to the growth. Credit card liabilities with banks reached $82.8 billion at the end of November, while an advance estimate of retail sales indicated that sales increased by 1.2% in the same month, following a 1.6% increase in October. Home equity lines of credit also contributed to the growth in household non-mortgage debt, advancing $1.2 billion to reach $168.0 billion by the end of November.

Overall, the total credit liabilities of households was $2,649.3 billion in November, a 0.9% rise from October. Real estate secured debt, composed of both mortgage debt and home equity lines of credit, increased by 0.8% (+$17.5 billion) to reach $2,108.6 billion. On a seasonally adjusted basis, total credit liabilities of households were up 0.9% in November.

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.

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

In November, total non-mortgage loan liabilities of private non-financial corporations rose 0.7% (+$5.5 billion) to $773.1 billion. The increase in non-mortgage loans provided by chartered banks (+$3.4 billion) was accompanied by an additional $2.1 billion of non-mortgage debt with non-banks.

For the third consecutive month, private non-financial corporations reduced their outstanding debt with Canadian governments as financial support programs continued to experience modest net repayments of borrowed funds. The Canada Business Emergency Account, which recently extended its repayment deadline to December 31, 2023, represents the largest of these programs. According to the Survey of the Canada Emergency Business Account, three-quarters (75.4%) of businesses expect to repay their loan by December 31, 2022.

In terms of debt securities, private non-financial corporations recorded net issuances of $6.9 billion in November, mainly in the form of long-term instruments (i.e., bonds).

The mortgage debt of private non-financial corporations rose 0.7% (+$2.3 billion) to reach $340.0 billion. Overall, total credit liabilities of private non-financial corporations reached $2,992.5 billion in November, an increase of 0.8% (+$22.7 billion).

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


The release of the monthly credit aggregates for the month of October 2021 includes revised estimates from January 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 December 2021 will be released on February 18, 2022.


As a complement to this release, the documents "Guide to the Monthly Credit Aggregates" and "An overview of revisions to the Financial and Wealth Accounts, 1990 to 2020," which are part of Latest Developments in the Canadian Economic Accounts (Catalogue number13-605-X), are available.

As a complement to this release, the data visualization products "Financial accounts on a from-whom-to-whom basis, selected financial instruments," "Distributions of Household Economic Accounts, Wealth: Interactive tool" and "Securities statistics," which are part of Statistics Canada – Data Visualization Products (Catalogue number71-607-X), are also 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; or Media Relations (

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