Canada
Canadian Housing Market Not Overvalued
In a recent IMF Working Paper titled “Canadian Housing Market Overvalued? A Post-Crisis Assessment”, Evridiki Tsounta argues that the Canadian housing market is at equilibrium. Unlike the US and UK, house prices in Canada did not get too overvalued. In th US, prices Florida, Las Vegas, California, etc. soared in the past few years before the credit crunch/recession began. This type of frenzy did not occur in Canada. The stable housing market is one reason why Canadian banks are in much better shape than their US peers.
The abstract from Tsounta’s paper:
“Canadian house prices have increased significantly between 2003 and early 2008, with a marked downward trend since mid-2008, especially in the resource-rich western provinces. This paper estimates the evolution of equilibrium real home prices during this period in key provinces and finds that, following recent declines, home prices are now generally close to equilibrium throughout Canada. However, house prices in Alberta and British Columbia remain around 8 percent overvalued at the end of the sample (second quarter of 2009). Despite the limitations of econometric estimates of house-price dynamics, the measured small degree of overvaluation suggests that the Canadian housing market is essentially at equilibrium.”
Charts – House Price Increases over the years
Home Prices Overvaluation in Canada Provices
Existing Homes Price Change
For more details, go here.
Toronto-Dominion Bank Financial Information
This page contains the important financial ratios of Toronto-Dominion Bank (TD). The data presented will be yearly and quarterly when available. This is a work in progress page. So more data will be added on a regular basis. So visit often.
Bank: Toronto-Dominion Bank
Profile:Headquartered in Toronto, Canada, with offices around the world, TD Bank Financial Group offers a full range of financial products and services through the many businesses.
Financial Ratios:
Tier 1 Ratio by Year
| Year | Tier 1 Ratio |
|---|---|
| 2008 | 9.8% |
| 2007 | 10.3% |
| 2006 | 12.0% |
| 2005 | 10.1% |
| 2004 | 12.6% |
Toronto-Dominion Bank Dividend History by Year
| Year | Dividends in C$ |
|---|---|
| 2008 | $2.36 |
| 2007 | $2.11 |
| 2006 | $1.78 |
| 2005 | $1.58 |
| 2004 | $1.36 |
Net Interest Margin by Year
| Year | Net Interest Margin |
|---|---|
| 2008 | 2.2% |
| 2007 | 2.1% |
| 2006 | 2.0% |
| 2005 | 2.1% |
| 2004 | 2.3% |
Return on Equity (ROE) by Year
| Year | Return on Equity (ROE) |
|---|---|
| 2008 | 14.4% |
| 2007 | 19.3% |
| 2006 | 25.5% |
| 2005 | 15.3% |
| 2004 | 18.5% |
Return on Assets (ROA) by Year
| Year | Return on Assets (ROA) |
|---|---|
| 2008 | 2.2% |
| 2007 | 2.7% |
| 2006 | 3.4% |
| 2005 | 1.9% |
| 2004 | 2.2% |
Investor Relations:
TD Bank Financial Group – Investor Relations – IR Homepage
Bank of Montreal Financial Information
This page contains the important financial ratios of Bank of Montreal (BMO). The data presented will be yearly and quarterly when available. This is a work in progress page. So more data will be added on a regular basis. So visit often.
Bank:Bank of Montreal
Profile: A Canadian-based North American bank, established in 1817, BMO® Financial Group is highly diversified. We work with millions of personal, commercial, corporate and institutional customers through our operating groups: Personal and Commercial Banking Canada, Personal and Commercial Banking U.S., Private Client Group and BMO Capital Markets.
Financial Ratios:
Tier 1 Ratio by Year
| Year | Tier 1 Ratio |
|---|---|
| 2008 | 9.0% |
| 2007 | 9.4% |
| 2006 | 9.6% |
| 2005 | 9.6% |
| 2004 | 8.9% |
Bank of Montreal Dividend History by Year
| Year | Dividends in C$ |
|---|---|
| 2008 | $2.00 |
| 2007 | $1.80 |
| 2006 | $1.44 |
| 2005 | $1.19 |
| 2004 | $1.01 |
Net Interest Margin by Year
| Year | Net Interest Margin |
|---|---|
| 2008 | 1.44% |
| 2007 | 1.33% |
| 2006 | 1.35% |
| 2005 | 1.53% |
| 2004 | 1.53% |
Return on Equity (ROE) by Year
| Year | Return on Equity (ROE) |
|---|---|
| 2008 | 18.00% |
| 2007 | 24.60% |
| 2006 | 23.50% |
| 2005 | 18.00% |
| 2004 | 15.60% |
Return on Assets (ROA) by Year
| Year | Return on Assets (ROA) |
|---|---|
| 2008 | 0.70% |
| 2007 | 0.95% |
| 2006 | 0.94% |
| 2005 | 0.76% |
| 2004 | 0.67% |
Gross Impaired Loans by Year
| Year | Gross Impaired Loans |
|---|---|
| 2008 | 0.60% |
| 2007 | 0.45% |
| 2006 | 0.38% |
| 2005 | 0.33% |
| 2004 | 0.46% |
Royal Bank of Canada Financial Information
This page contains the important financial ratios of Royal Bank of Canada (RY). The data presented will be yearly and quarterly when available. This is a work in progress page. So more data will be added on a regular basis. So visit often.
Bank:Royal Bank of Canada
Profile: Royal Bank of Canada (TSX:RY and NYSE: RY) and its subsidiaries operate under the master brand name of RBC. It employs 80,000+ full and part-time employees who serve more than 18 million personal and business clients through offices in Canada, the U.S. and 53 other countries worldwide.
Financial Ratios:
Tier 1 Ratio by Year
| Year | Tier 1 Ratio |
|---|---|
| 2008 | 9.0% |
| 2007 | 9.4% |
| 2006 | 9.6% |
| 2005 | 9.6% |
| 2004 | 8.9% |
Royal Bank of Canada Dividend History by Year
| Year | Dividends in C$ |
|---|---|
| 2008 | $2.00 |
| 2007 | $1.80 |
| 2006 | $1.44 |
| 2005 | $1.19 |
| 2004 | $1.01 |
Net Interest Margin by Year
| Year | Net Interest Margin |
|---|---|
| 2008 | 1.44% |
| 2007 | 1.33% |
| 2006 | 1.35% |
| 2005 | 1.53% |
| 2004 | 1.53% |
Return on Equity (ROE) by Year
| Year | Return on Equity (ROE) |
|---|---|
| 2008 | 18.00% |
| 2007 | 24.60% |
| 2006 | 23.50% |
| 2005 | 18.00% |
| 2004 | 15.60% |
Return on Assets (ROA) by Year
| Year | Return on Assets (ROA) |
|---|---|
| 2008 | 0.70% |
| 2007 | 0.95% |
| 2006 | 0.94% |
| 2005 | 0.76% |
| 2004 | 0.67% |
Gross Impaired Loans by Year
| Year | Gross Impaired Loans |
|---|---|
| 2008 | 0.60% |
| 2007 | 0.45% |
| 2006 | 0.38% |
| 2005 | 0.33% |
| 2004 | 0.46% |
Investor Relations: http://rbc.com/investorrelations/index.html
