Credit Unions in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: October 2023
NAICS 52213CARevenue
$26.9bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
58,187
Businesses
509
Wages
$X.Xbn
Credit Unions in Canada industry analysis
The Credit Unions industry in Canada experienced growth over the past five years. As household incomes and borrowing needs have grown, credit unions' balance sheets have continued to expand. Encouraged by improving macroeconomic developments, the Bank of Canada raised the overnight rate target several times in 2018 and 2019, in turn raising the price of borrowing and boosting credit unions' incomes. Easing financial conditions in 2020 in response to the coronavirus compressed interest margins but expanded demand for credit, namely residential mortgages offered by industry players. Additionally, expanding disposable incomes and high savings rates due to government stimulus and altered household behavior during the coronavirus grew credit unions' deposits swiftly. Overall, revenue for the Credit Unions industry in Canada is expected to increase at a CAGR of 2.7% to $26.9 billion over the next five years, including an increase of 1.6% in 2023 alone.This industry has consolidated significantly over the past decade. Tough external competition in the form of commercial banks (IBISWorld report 52211CA) and economies of scale have pushed operators to merge to compete with banks and other competitors. These trends will continue as these systemic factors will further pose a threat to smaller operators. Consequently, the industry is seeing larger, more competitive entities emerging in the sector, capable of taking on the traditional banking industry.Over the five years to 2028, industry revenue is expected to grow at a CAGR of 0.6% to $27.8 billion as the industry benefits from a recovery in the Canadian economy. An increase in housing starts, new vehicle sales and per capita disposable income will positively affect revenue. However, the overnight rate in Canada is expected to decrease over the next five years. As a result, industry profit growth will be pressured.
Trends and Insights
- Volatile economic conditions have affected the industry over the past five years. Specifically, disruptions from the coronavirus caused large swings in interest rates and shifted industry revenue.
- Agricultural loans are highly demanded in rural areas. Because these areas are often overlooked by other financial institutions, credit unions have the opportunity to provide needed agricultural loans.
- The location of establishments is largely dependent on population trends. Supportive government policies also attract credit unions to certain provinces.
- Credit Unions in Canada compete based on services offered, price, quality of customer service and location. Larger operators can take advantage of economies of scale and typically provide better rates for their members.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 2.7 % over the past five years, to reach an estimated $26.9bn in 2023.
Trends and Insights
Volatile interest rates have challenged the industry
- Over the past five years, Credit Unions in Canada have had to adapt to significant fluctuations in interest rates.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Credit unions will expand financial services
- Operators in the Credit Unions in Canada industry will expand their services to compete with external competition.
Biggest companies in the Credit Unions in Canada
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Desjardins Group | 9,139.3 | 1,516.3 | 16.6 | |
Vancouver City Savings Credit Union | 1,030.9 | N/A | N/A | |
Coast Capital Savings Federal Credit Union | 859.1 | N/A | N/A |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Credit Unions in Canada
Products & Services
Industry revenue is measured across several distinct product and services lines, including Residential mortgages, Commercial and agricultural loans and Consumer, credit card and other personal loans. Residential mortgages is the largest segment of the Credit Unions in Canada.
Trends and Insights
Residential mortgages are the largest product segment
- Residential mortgages include mortgage product offerings for home purchases and refinancing options for existing homeowners.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Commercial Banking in Canada
Complementors
- There are no industries to display.
International industries
- Credit Unions in the US
- Credit Unions and Building Societies in Australia
- Non-Banks and Other Financial Institutions in New Zealand
Table of Contents
About this industry
Industry definition
The Credit Unions industry in Canada 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.
What's included in this industry?
Accepting members' share depositsOffering members consumer loansCompanies
Desjardins GroupVancouver City Savings Credit UnionCoast Capital Savings Federal Credit UnionPurchase this report to view all 4 major companies in this industry.
Related Terms
MORTGAGECAISSES POPULAIRESPROVISION FOR CREDIT LOSSESCOMMON BONDDELEVERAGEMATERIAL DEPRIVATIONDEPENDENCYIndustry Code
NAICS 522130 - Credit Unions in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Volatile economic conditions have affected the industry over the past five years. Specifically, disruptions from the coronavirus caused large swings in interest rates and shi...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Agricultural loans are highly demanded in rural areas. Because these areas are often overlooked by other financial institutions, credit unions have the opportunity to provide...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The location of establishments is largely dependent on population trends. Supportive government policies also attract credit unions to certain provinces.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each province in 2023
- Number and share of revenue each province accounts for in 2023
- Number and share of wages each province accounts for in 2023
- Number and share of employees in each province in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Credit Unions in Canada compete based on services offered, price, quality of customer service and location. Larger operators can take advantage of economies of scale and typi...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Desjardins is the largest company in the Credit Unions in Canada industry. The company has continued to gain market share by acquiring smaller companies and assets.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Desjardins Group's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Vancouver City Savings Credit Union's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Coast Capital Savings Federal Credit Union's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Desjardins Group, and factors influencing its performance in the industry
- Description and key data for Vancouver City Savings Credit Union, and factors influencing its performance in the industry
- Description and key data for Coast Capital Savings Federal Credit Union, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Credit Unions industry in Canada has a low level of industry assistance. However, they benefit from some favourable government regulations on a provincial level and natio...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Cost structures for operators in the Credit Unions industry in Canada vary greatly. Operators range from small credit unions that only service small, rural communities, to la...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Assets (2016-2021)
- Liabilities (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Credit Unions industry in Canada in 2024?
The market size of the Credit Unions industry in Canada is $26.9bn in 2024.
How many businesses are there in the Credit Unions in Canada industry in 2023?
There are 509 businesses in the Credit Unions industry in Canada, which has declined at a CAGR of 0.7 % between 2018 and 2023.
Has the Credit Unions industry in Canada grown or declined over the past 5 years?
The market size of the Credit Unions industry in Canada has been growing at a CAGR of 2.7 % between 2018 and 2023.
What is the forecast growth of the Credit Unions industry in Canada over the next 5 years?
Over the next five years, the Credit Unions industry in Canada is expected to grow.
What are the biggest companies in the Credit Unions market in Canada?
The biggest companies operating in the Credit Unions market in Canada are Desjardins Group, Vancouver City Savings Credit Union and Coast Capital Savings Federal Credit Union
What does the Credit Unions in Canada include?
Accepting members' share deposits and Offering members consumer loans are part of the Credit Unions industry.
Which companies have the highest market share in the Credit Unions in Canada?
The company holding the most market share in Canada is Desjardins Group.
How competitive is the Credit Unions industry in Canada?
The level of competition is high and steady in the Credit Unions industry in Canada.
