GlobalEconStats » Canada

Canadian Housing Market Not Overvalued

David — Sat, 31 Oct 2009 12:56:19 +0000

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

David — Sun, 09 Aug 2009 22:36:07 +0000

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

David — Sun, 09 Aug 2009 13:06:35 +0000

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%

Investor Relations

Royal Bank of Canada Financial Information

David — Sun, 19 Jul 2009 00:11:04 +0000

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