Selected credit measures (formerly E2)

The Bank of Canada and Statistics Canada both produce aggregate measures of borrowing, or credit, for sectors of the Canadian economy. Notes explaining the differences between the two measures of household credit and business credit are available on Statistics Canada’s website. Reconciliation tables for household mortgages, consumer credit, non-residential mortgages, non-mortgage credit, and short term paper are updated quarterly.

On this page you can graph, download and view the latest monthly data. See the notes for this table for metadata and background information.

Through December 2020, the Bank is gradually phasing out the dissemination of credit aggregates and securities statistics. This table will be discontinued after the release of September 2020 data. Learn more.

Typically published on the last Friday of the month.

Monthly Series

Monthly average or average of month ends, Millions of dollarsCANSIM2020‑032020‑042020‑052020‑062020‑07
Household credit
Consumer credit
Chartered banks (Unadjusted)V122700536,665524,773517,127517,244518,756
Chartered banks (Seasonally adjusted)V122709541,635529,201518,610516,675517,084
Non-banks (Unadjusted)1 V12261100990,49686,56984,04583,91884,201
Non-banks (Seasonally adjusted)1 V12261101090,56686,63484,04483,87284,171
Off-balance sheet securitization (Unadjusted)V12270612,43212,53612,80613,07513,119
Off-balance sheet securitization (Seasonally adjusted)V12271512,43212,53612,80613,07513,119
Adjustments to consumer credit (Unadjusted)V12270500000
Adjustments to consumer credit (Seasonally adjusted)V12271400000
Total consumer credit (Unadjusted)V122698639,593623,878613,978614,237616,076
Total consumer credit (Seasonally adjusted)V122707644,709628,578615,391613,431614,167
Residential mortgage credit
Chartered banks (Unadjusted)V1227381,239,4281,247,3391,255,5441,263,4491,270,573
Chartered banks (Seasonally adjusted)V1227481,242,7941,252,3211,260,7741,266,5001,271,691
Non-banks (Unadjusted)2 V122611011345,354348,034350,587352,183353,954
Non-banks (Seasonally adjusted)2 V122611013345,839348,485350,833352,269353,693
Off-balance sheet securitization (Unadjusted)3 V12261101265,75365,27264,36663,95063,255
Of which: NHA mortgage-backed securities (Unadjusted)V12274455,58555,04254,04153,53052,833
Off-balance sheet securitization (Seasonally adjusted)3 V12261101465,75365,27264,36663,95063,255
Of which: NHA mortgage-backed securities (Seasonally adjusted)V12275455,58555,04254,04153,53052,833
Total residential mortgage credit (Unadjusted)V1227361,650,5351,660,6451,670,4971,679,5821,687,782
Total residential mortgage credit (Seasonally adjusted)V1227461,654,3861,666,0781,675,9731,682,7191,688,640
Total household credit (Unadjusted)V364082,290,1282,284,5232,284,4752,293,8192,303,858
Total household credit (Seasonally adjusted)V364152,299,0952,294,6562,291,3642,296,1502,302,807
Business credit
Business loans
Non-mortgage loans
Chartered banks
Chartered banks (Unadjusted)V122631526,947538,609531,785515,589506,059
Chartered banks (Seasonally adjusted)V122645528,209538,650528,855513,953501,014
Of which: Foreign currency loans to residents (Unadjusted)V122634116,986130,929122,715112,312107,295
Of which: Leasing receivables (Unadjusted)V12266115,04615,08915,07515,18215,285
Non-banks
Non-banks (Unadjusted)4 V122611004158,453157,501155,608156,012156,391
Non-banks (Seasonally adjusted)4 V122611005158,453157,501155,608156,012156,391
Off-balance sheet securitization (Unadjusted)V1226536,6516,7086,6536,5986,608
Total non-mortgage loans (Unadjusted)V105926373692,051702,818694,046678,199669,058
Non-Residential mortgages
Chartered banks (Unadjusted)V12265678,43678,96079,59279,79380,237
Non-banks (Unadjusted)2 V12261100696,94197,54698,33598,48099,021
Non-banks (Seasonally adjusted)2 V12261100796,94197,54698,33598,48099,021
Off-balance sheet securitization (Unadjusted)V1226552,8112,8813,0223,1643,228
Total non-residential mortgages (Unadjusted)V105926374178,188179,387180,949181,437182,486
Bankers' acceptances
Bankers' acceptances (Unadjusted)V12263588,177102,32093,23790,05286,491
Bankers' acceptances (Seasonally adjusted)V12264987,947101,32693,39489,22886,834
Total business loans (Unadjusted)V105926371958,416984,525968,232949,688938,035
Total business loans (Seasonally adjusted)V105926372959,448983,573965,459947,228933,622
Debt securities
Commercial paper issued by non-financial corporations (Unadjusted)V12265211,45010,00710,50110,36111,071
Commercial paper issued by non-financial corporations (Seasonally adjusted)V442786111,45010,00710,50110,36111,071
Bonds and debentures (Unadjusted)V122640610,559613,900625,709635,107637,299
Equity
Equity and warrants (Unadjusted)V122642668,825668,513667,879668,453669,657
Trust units (Unadjusted)V2063838052,87053,07053,07353,18753,336
Total business credit (Unadjusted)V1226432,302,1202,330,0152,325,3942,316,7962,309,398
Total business credit (Seasonally adjusted)V1226472,303,1522,329,0632,322,6212,314,3362,304,985
Total household and business credit (Unadjusted)V1226444,592,2494,614,5344,609,8674,610,6124,613,256
Total household and business credit (Seasonally adjusted)V1226484,602,2484,623,7154,613,9834,610,4834,607,793

Notes

Source: Bank of Canada, Canada Mortgage and Housing Corporation, Canadian Life and Health Insurance Association, Computershare Trust Company of Canada, Dominion Bond Rating Service, Globe Information Services, Investment Funds Institute of Canada, Investor Economics, Statistics Canada

Except where noted, the chartered bank data referenced in this table are published in Chartered bank selected assets: Monthly average (formerly C1) and Chartered bank selected liabilities: Monthly average (formerly C2) of the Bank of Canada Banking and Financial Statistics. The data relate to monthly average of Wednesdays until January 1994 and monthly average of days thereafter, except for data on non-bank financial institutions which are shown on an average of month-end basis.

In all cases, the seasonal adjustment is calculated by means of X-13 ARIMA Seasonal Adjustment Program, which employs a ratio-to-moving-average technique on an observed data series, which may be augmented by one year of ARIMA forecasted and backcasted data. The seasonal adjustment is recalculated annually; thus, the series are subject to annual revisions. The series outlining adjustments to the monetary aggregates include adjustments to historical data to take account of a number of discontinuities related to the changes associated with the 1980 Bank Act revision. The series outlining adjustments to the monetary and credit aggregates also include adjustments to take account of the discontinuities related to the incorporation over time of certain non-bank financial institutions as chartered banks and adjustment for the acquisition of certain non-bank financial institutions’ assets and liabilities by chartered banks. These discontinuities are documented in the notes to Chartered banks (formerly C1 to C10). With the adoption of International Financial Reporting Standards (IFRS) beginning in January, 2011, chartered banks consolidated some previously off balance sheet entities which resulted in decreases in deposit liabilities. As a result, continuity adjustments were made to the monetary aggregates from February 1998 to October 2011.

Each of the credit aggregates (consumer credit, residential mortgage credit, household credit, total business loans, and total business credit) includes an adjustment for the effects of "securitization." Securitization occurs when loans are removed from the balance sheets of financial institutions and sold to special-purpose corporations who issue commercial paper and other notes secured by the transferred assets. This credit, which is lost from the balance sheets of financial institutions, is recaptured by bringing into the credit aggregates loans held by the special-purpose securitization corporations. With the adoption of International Financial Reporting Standards (IFRS) beginning in January, 2011, financial institutions converting to IFRS now consolidate and re-recognize securitized assets. The most significant effect relates to the inclusion of securitized loans on financial institutions’ balance sheets, which were previously shown as loans held by Special Purpose Corporations or NHA mortgage-backed securities. These data are obtained from Statistics Canada’s Quarterly Survey of Securitized Receivables and Asset- backed Securities. Securitization data, excluding NHA-MBS, for the months between quarter-ends are created by linear interpolating Statistics Canada’s quarterly data and taking an average of month ends in addition to minor conceptually based adjustments.

There is a series break (decrease) of approximately $10 billion in consumer credit for the non-depository industry (sourced from Statistics Canada) effective 1 January 2010.

Beginning 1999Q1, data from Statistics Canada have been reclassified according to the North American Industry Classification System (NAICS). Data for the period 1998Q1 have been estimated to be consistent with this classification. Information on the enterprises that comprise the NAICS group “non-depository credit intermediation” can be obtained from the Statistics Canada.

Beginning January 2011, the Canadian Accounting Standards Board (AcSB) adopted International Financial Reporting Standards (IFRS). Financial institutions adopting IFRS converted at the start of their first fiscal year following 31 December 2010. For the credit data, the adoption of IFRS re-allocates credit across financial industries owing to the consolidation and re-recognition of securitized assets. This reallocation of credit primarily affects the January and November 2011 reference months.

Beginning November 2015, Bank of Canada has restructured Business Credit. The subcategories "short-term business credit" and "other business credit" were re-categorized into "loans" (which includes: non-mortgage loans, mortgages loans and banker’s acceptances), "debt securities" and "equity". The new classification distinguishes bank- based and market-based financing and does not require assumptions on the duration of bank loans. Total business credit is defined as total non-financial business sector financing.

Consumer credit

The consumer credit data published in the table show estimated amounts of consumer credit on the books of selected lenders. The data relate mainly to credit extended to individuals, but also include unidentifiable amounts of credit extended for non-consumer purposes. Credit extended through credit cards is included with the balances of the credit card issuer. The data do not include credit on the books of appliance and electronics stores; other retail outlets; motor vehicle dealers; public utilities; other credit card issuers not included elsewhere in the data; and credit card accounts of oil companies. Data on consumer credit on the books of these lenders are available up to December 1978 in the Statistics Canada publication Consumer Credit (Catalogue 61-004). In addition, data on loans between individuals or balances on bills owed to professional practitioners, clubs, hospitals or other personal service establishments are not included. Data for trust and mortgage loan companies since December 1989 include loans to unincorporated businesses and non-profit organizations.

Data for chartered banks are based on monthly average data reported to the Bank of Canada.

Non-banks include trust and mortgage loan companies, credit unions and caisses populaires, life insurance companies, and non-depository credit intermediaries and other institutions. Data for Non-banks are drawn from the Statistics Canada’s Quarterly Survey of Financial Statements program.  Data for trust and mortgage loan companies exclude bank mortgage and trust subsidiaries. Until January 2000, data for trust and mortgage loan companies for months between quarter-ends are estimated by a combination of interpolation of quarterly Statistics Canada data supplemented by some available monthly data. Since that time, data for the months between quarter-ends are derived using linear interpolation. Beginning December 2004, data includes Cooperative Retail Associations. Data for credit unions and caisses populaires for months between quarter-ends are estimated using monthly data obtained from selected provincial centrals and federations. Data for life insurance companies include policy loans and are created from quarterly Statistics Canada data. Data for the months between quarter-ends are derived using linear interpolation. Data on non-depository credit intermediaries and other institutions include personal loans held by ATB Financial and, until July 1999, consumer credit outstanding on the books of department stores as published in Statistics Canada’s Department Store Sales and Stocks (Catalogue 63-002). Personal loans at Quebec savings banks for the period prior to September 1987 and personal loans held by La Financière Coopérants Inc. are included for the period prior to December l991. Data for finance companies prior to January 1974 are obtained from the Statistics Canada publication Consumer Credit (Catalogue 61-004) and are not strictly comparable to data since January 1974 because of different estimation techniques. Since January 1970, finance company data have excluded outstanding loans for the financing of passenger cars used for commercial purposes and, since January 1971, the amounts shown have been net of unearned interest and finance charges.

Data for off-balance sheet securitization include credit card loans, auto loans, personal lines of credit, trade receivables and other personal loans or consumer credit that have been securitized. Beginning November 2004, as a result of Accounting Guideline ACG–15, and with the adoption of International Financial Reporting Standards (IFRS) starting January 2011, data exclude securitized loans that are consolidated on financial institutions’ balance sheets in the loan categories.

Adjustments to consumer credit include continuity adjustments. These include adjustments for securitization for the period January 1988 to November 1991.

Residential mortgage credit

The residential mortgage credit data published in the table show estimated amounts of residential mortgages outstanding at major private lenders and issued under the NHA-insured mortgage-backed securities program.

Data for chartered banks include mortgages held by bank mortgage loan subsidiaries. The figures for the period prior to November 1981 will therefore differ from those appearing in Chartered bank selected assets: Monthly average (formerly C1), which did not consolidate the mortgage loan subsidiaries.

Non-banks include trust and mortgage loan companies, credit unions and caisses populaires, life insurance companies, non-depository credit intermediaries and other institutions, and pension funds.  Data for trust and mortgage loan companies exclude bank mortgage and trust subsidiaries. Until January 2000, data for months between quarter-ends are estimated by a combination of interpolation of quarterly Statistics Canada data supplemented by some available monthly data. Since that time, data for the months between quarter-ends are derived using linear interpolation. Beginning December 2004, data includes Cooperative Retail Associations. Data for credit unions and caisses populaires are estimated for months between quarter-ends using monthly data obtained from selected provincial centrals and federations. Data for life insurance companies include life branches, accident and sickness branches, and segregated funds. Residential mortgage holdings for dates other than quarter-ends are estimated by interpolation. Data for pension funds include both residential and non-residential mortgages and mortgage fund. Data for non-depository credit intermediaries and other financial institutions include estimates for ATB Financial, CMHC direct lending, investment funds, property and casualty insurers, central credit unions, and real estate investment trusts (for which data are available only from December 1972 up to and including June 1985). Residential mortgages held on the books of real estate investment trusts amounted to less than $25 million in June 1985. Also included in these data are Quebec savings banks’ residential mortgage holdings prior to September 1987 and residential mortgages held by La Financière Coopérants Inc. prior to December 1991.

Data for off-balance sheet securitization include non-NHA-insured mortgages that have been securitized and NHA mortgages that have been securitized outside of the NHA-insured mortgage-backed securities program. Beginning November 2004, as a result of Accounting Guideline ACG–15 and with the adoption of International Financial Reporting Standards (IFRS) starting January 2011, data exclude securitized loans that are consolidated on financial institutions’ balance sheets in the loan categories. Prior to January 2000, NHA mortgage-backed securities data were obtained from the program trustee, Computershare Trust Company of Canada. Since January 2000, data have been obtained from Canada Mortgage and Housing Corporation. Prior to January 2011, data for NHA mortgage-backed securities represents the total amount outstanding of residential mortgages issued under the NHA-insured mortgage-backed securities program. Beginning January 2011, with the adoption of International Financial Reporting Standards (IFRS), data exclude NHA mortgage-backed securities consolidated on financial institutions’ balance sheets in the mortgage category.

Business credit

The business credit data published in this table show the estimated amounts of business credit outstanding at major private lenders and the securities issued by non- financial businesses. Total business credit is defined as total non-financial business sector financing.

Canadian dollar business loans held by chartered banks exclude reverse repurchase agreements and Canadian dollar loans to non-residents.

Non-banks for non-mortgage loans include data for non-depository credit intermediaries, trust and mortgage loan companies, ATB Financial, and estimates for credit unions and caisses populaires. Business loans and non-residential mortgages held by La Financière Coopérants Inc. are also included in these data for the period prior to December 1991. Beginning December 2004, data includes Cooperative Retail Associations.

Data for non-mortgage loans off-balance sheet securitization include corporate loans, leasing receivables and non-trade receivables that have been securitized. Beginning November 2004, as a result of Accounting Guideline ACG–15, and with the adoption of International Financial Reporting Standards (IFRS) starting January 2011, data exclude securitized loans that are consolidated on financial institutions’ balance sheets in the loan categories.

Non-banks for non-residential mortgages include data for trust and mortgage loan companies, credit unions and caisses populaires, life insurance companies, and non-depository credit intermediaries and other institutions.

Data for non-residential mortgages off-balance sheet securitization include commercial mortgages which have been securitized. Beginning November 2004, as a result of Accounting Guideline ACG–15, and with the adoption of International Financial Reporting Standards (IFRS) starting January 2011, data exclude securitized loans that are consolidated on financial institutions’ balance sheets in the loan categories.

  1. 1. Non-banks include trust and mortgage loan companies, credit unions and caisses populaires, life insurance companies, and non-depository credit intermediaries and other institutions.[]
  2. 2. Non-banks include trust and mortgage loan companies, credit unions and caisses populaires, life insurance companies, pension funds and non-depository credit intermediaries and other financial institutions.[]
  3. 3. Residential Mortgage Off-balance sheet securitization includes chartered bank and non-bank's NHA mortgage backed securities and traditional mortgage backed securities.[]
  4. 4. Non-banks include non-depository credit intermediaries and other institutions.[]