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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA DATA
- Household credit liabilities increased a seasonally adjusted 0.29% M/M in April after 0.33% in March.
- The Y/Y growth rate held at 3.5% for a second month, having accelerated from historical lows of 3.1% seen in late 2023.
- The three-month run rate dipped in April although continues to run a little hotter, at 4.0% annualized after 4.2% in March.
- This bottoming/stabilization in credit growth came months ahead of the BoC cutting its overnight rate 25bps to 4.75% earlier this month.
- Within the details, the latest M/M moderation was led by mortgage loans (easing from 0.31% to 0.24% M/M) whilst non-mortgage loan growth accelerated (from 0.38% to 0.43% M/M).
- Non-mortgage lending has been increasing faster than mortgage for a little while now, with mortgage loans +3.4% Y/Y vs non-mortgage loans +3.8% Y/Y and more notably with three-month rates of 3.7% vs 4.9% annualized.
- One interesting observation within non-mortgage loans: credit card growth saw its weakest M/M increase since Mar’23 but at 0.4% M/M was still strong and followed a particularly strong 1.1% M/M averaged since November.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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