In a report that will likely have Canada's central bankers heaving a modest sigh of relief, RBC says the pace of household credit growth in 3Q as a whole was the slowest since 1Q of 2002. "Moreover, the easing in credit growth reflected a deceleration in mortgage growth, which fell to a three-year low," it says. Recent indications of a pullback in residential real estate activity likely mean a further slowing in the pace of mortgage growth is in the cards for the coming months. RBC says that's consistent with its expectation the overall pace of household debt growth will slow through the end of the year and into 2013.
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