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Notably Less Credit Tightening In Q2, Especially For Mortgages - BoC


The belatedly released Q2 Senior Loan Officer Survey (found here) showed a notable pullback in the scale of credit tightening seen in Q1, on the back of outright easing in price components for household lending but not businesses.

  • Mortgage lending: sharp pause in tightening, with 0.4% after the surge to 35.6% in Q1. Led by a correction in price component whilst non-price conditions still tighten but by less than Q1.
  • Non-mortgage lending: less tightening, with 2.9% after 11.6% in Q1, but non-price conditions tightened by the most since the admittedly much larger tightening in conditions during the pandemic.
  • Business lending: slightly less tightening, with 7.6% from 11.3% in Q1
  • Survey conducted near the end of the Q2.

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