These data provide additional perspectives on trends and developments in Canadian credit markets.
Note: The Financial Conditions Index (FCI) has been discontinued. The FCI was introduced in April 2009, during a period of severe financial market dislocation, as a summary measure of overall Canadian financial conditions combining data from several relevant markets. At the time of its introduction, the Bank emphasized that such an index needed to be interpreted with caution, given the inherent difficulty of quantifying the effects of changes in financial variables on the real economy and the short span of some of the data used. Since that time, the FCI's value as an accurate depiction of financial conditions has diminished to the point where it risks being misinterpreted. Moreover, this index misrepresents the Bank's approach to the ongoing assessment of financial conditions, which is based on a much wider set of information from a variety of sources. Other detailed financial indicators can be found below; further, the Bank regularly provides a comprehensive assessment of financial conditions in Canada, as well as globally, in its quarterly Monetary Policy Report.
Housing Affordability Index
The Bank of Canada housing affordability index is meant to measure the share of disposable income that a representative household would put toward housing-related expenses. Learn more.
SLOS and BOS Business-Lending Conditions
- The Business Outlook Survey data can now be found on this page.
- The Senior Loan Officer Survey data can now be found on this page.
Measures of Wholesale Bank Funding Costs
This chart shows the 3-month Canadian Dollar Offered Rate (CDOR), 5-year debt swapped into 3-month floating-rate debt, and the 3-month overnight index swap (OIS) rate. The 3-month CDOR is the average bid-side rate for Canadian bankers' acceptances determined daily from a survey of market makers and can be used as a proxy for the cost of 3-month bank funding. Five-year debt swapped into 3-month floating rate debt is an indicator of the rate for senior deposit notes, and provides an indication of the longer-term cost of bank funding. The level shift in this series on 22 March 2012 is driven by a change in the reference bonds used to calculate the 5-year bank debt spreads, rather than an increase in bank funding costs.The 3-month OIS rate represents the expected overnight interest rate over the 3-month period and can be used as a point of reference to compare the two measures of the cost of wholesale bank funding.
Trends in Key Interest Rates
The data series previously displayed here can now be retrieved from the Canadian Interest Rate lookup tool.
Weekly Effective Interest Rates
The effective interest rate for households is a weighted-average of various mortgage and consumer credit interest rates. The weights are derived from residential mortgage and consumer credit data, adjusted for additional information provided by financial institutions. The effective interest rate for businesses is a weighted-average borrowing rate for new lending to non-financial businesses, estimated as a function of bank and market interest rates. The weights are derived from business credit data. Learn more.