Credit Unions in Canada
The low interest environment has continued to challenge credit unions in Canada. Additionally, sluggish GDP growth, record levels of household debt and high unemployment had a negative effect on business conditions in Canada. The low point for the industry was in 2016, as the Bank of Canada lowered the overnight rate in a bid to stimulate the economy in the immediate aftermath of several commodity price collapses. However, conditions have turned around since then. This industry has consolidated significantly over the past decade. Tough external competition in the form of commercial banks and economies of scale have pushed operators to merge to compete with banks and other competitors. Over the five years to 2023, a rising homeownership rate and consumer spending are expected to positively affect revenue.
This industry consists of financial institutions known as credit unions or caisses populaires. These institutions are member owned and provide banking services, mainly deposit taking and lending, to these same members.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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