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Lack of Tightening In BoC Loan Survey

CANADA
  • Surprising lack of tightening in lending conditions through Q1: lending to businesses and households both saw a net easing on the quarter, albeit at a slower pace than was the case in Q4.
  • The largest changes were in non-price terms, where standards on net didn’t ease for households (both mortgages and non-mortgages) for the first time since 3Q20 having eased each quarter since then.
  • Price conditions (i.e. spreads/fees) continued to see a net easing at broadly similar pace to Q4 as lenders don’t fully pass on higher yields.
  • In short, no sign of lenders taking additional actions to tighten conditions on top of what market rates are already doing but it could be a first step.
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  • Surprising lack of tightening in lending conditions through Q1: lending to businesses and households both saw a net easing on the quarter, albeit at a slower pace than was the case in Q4.
  • The largest changes were in non-price terms, where standards on net didn’t ease for households (both mortgages and non-mortgages) for the first time since 3Q20 having eased each quarter since then.
  • Price conditions (i.e. spreads/fees) continued to see a net easing at broadly similar pace to Q4 as lenders don’t fully pass on higher yields.
  • In short, no sign of lenders taking additional actions to tighten conditions on top of what market rates are already doing but it could be a first step.