Report On Canadian Economic Statistics 1927-2008

TABLES 1A, 1B, 1C, 1D
BASIC VARIABLES - SINGLE YEAR CHANGES: YEAR-END TO YEAR-END

TABLE 1A: NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN
YEAR
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
CONSUMER
PRICE
INDEX
0.00
-1.09
2.20
-1.08
-1.09
1.10
2.17
-6.38
-10.23
-7.59
-2.74
1.41
2.78
1.35
4.00
-2.56
2.63
5.13
6.10
3.45
2.22
-2.17
2.22
5.43
14.43
9.01
0.83
5.74
10.85
-1.40
0.00
0.00
0.71
COMMON
STOCK
INDEX
.
11.25
28.74
24.42
44.92
32.92
-11.60
-30.90
-32.96
-12.92
51.63
20.26
30.63
25.35
-15.83
9.13
0.19
-19.13
1.93
13.99
19.67
13.47
36.05
-1.50
0.34
12.13
22.61
48.43
24.04
-0.42
2.15
39.05
27.80
CANADA
LONG
BONDS
.
7.84
5.17
5.39
10.18
0.56
2.34
9.26
-4.97
12.37
7.37
19.66
0.83
11.12
-0.58
5.63
-2.98
8.69
3.80
3.08
3.88
3.16
5.18
6.02
3.17
-2.38
4.85
-0.12
-3.13
1.99
3.64
9.99
-0.34
CONVENTIONAL
MORTGAGE
INDEX
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.18
2.08
7.48
6.73
91 DAY
T-BILLS
.
.
.
.
.
.
.
.
.
.
.
0.64
1.17
0.89
0.71
0.62
0.70
0.73
0.59
0.54
0.49
0.39
0.37
0.39
0.41
0.41
0.48
0.54
0.77
1.05
1.66
1.53
1.46
REAL
RETURN
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
U.S. COMMON
STOCKS IN
CANADIAN $
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
34.42
8.46
-9.98
-11.70
21.08
25.59
19.60
36.09
-16.45
5.27
5.08
29.78
24.63
21.35
11.96
-0.75
51.37
35.64
GDP PER
EMPLOYED
.
1.86
4.36
3.81
4.86
2.89
-1.37
-10.47
-15.81
-11.02
-1.30
6.05
5.41
5.76
4.40
3.50
11.24
19.22
20.12
12.66
6.82
4.11
-2.55
1.92
11.72
13.47
4.25
13.32
8.78
12.84
5.18
0.34
7.60
WAGE AND
SALARY
INDEX
.
0.11
-0.22
1.41
1.72
1.48
1.15
-1.35
-5.26
-6.12
-2.08
1.90
2.35
4.64
5.21
1.68
2.13
6.63
7.12
7.49
5.49
2.01
0.98
6.28
11.06
8.95
6.08
7.93
9.86
7.22
4.17
3.01
4.47
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2.82
2.05
2.68
1.31
1.29
0.00
1.91
1.88
1.84
3.01
3.51
3.95
4.35
4.69
1.00
4.93
5.16
9.38
12.65
9.42
5.63
9.40
8.60
9.76
11.06
12.12
9.27
4.59
3.72
4.40
4.21
4.19
3.88
5.26
4.99
3.75
2.17
1.65
0.23
1.74
2.16
0.78
1.00
2.63
13.22
-20.58
31.25
4.59
1.78
32.75
-7.09
15.60
25.43
6.68
-7.07
18.09
22.45
-0.81
-3.57
8.01
27.38
0.27
-25.93
18.48
11.02
10.71
29.72
44.77
30.13
-10.25
5.54
35.49
-2.39
25.07
8.95
5.88
11.08
21.37
-14.80
12.02
-1.43
32.55
-0.18
14.53
28.35
14.98
-1.58
31.71
-3.63
5.89
-5.69
-4.43
7.10
9.78
3.05
4.26
6.97
0.96
1.55
-2.20
-0.80
-2.01
21.98
11.55
1.11
1.71
-1.69
2.82
19.02
5.97
1.29
-2.62
2.06
-3.02
42.98
9.60
15.09
25.26
17.54
0.45
10.45
16.29
3.34
24.43
13.07
22.88
-10.46
26.28
14.29
17.45
14.13
-7.15
-2.42
3.23
8.86
1.75
10.32
7.12
7.12
7.12
7.12
2.59
1.58
2.21
2.97
-3.15
11.87
13.90
8.92
6.87
4.50
12.20
14.21
14.62
6.84
5.66
8.10
9.98
29.15
20.46
12.36
16.72
13.34
10.26
10.12
13.06
10.63
21.56
11.25
15.66
-0.15
16.47
13.80
7.19
7.73
2.10
2.91
3.86
2.16
4.78
3.52
2.89
4.05
3.66
3.80
4.03
5.14
4.62
6.47
7.43
6.57
3.79
3.59
5.46
8.23
7.56
9.44
7.86
8.93
12.54
13.71
20.38
15.25
9.86
11.95
9.77
9.47
8.46
9.77
12.91
13.98
9.57
6.49
5.27
5.33
7.43
4.48
3.30
4.81
4.83
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.46
19.33
-13.24
13.21
10.07
3.36
4.73
5.94
2.43
-9.20
41.33
10.36
3.76
34.58
-5.81
23.05
15.82
12.50
-9.43
23.56
10.26
-8.33
-1.55
12.22
18.62
-14.53
-27.20
40.76
24.18
-0.25
14.41
17.25
35.39
-5.91
26.93
23.26
12.37
38.65
17.63
-0.40
6.67
27.86
-3.20
28.86
19.55
15.10
5.71
35.71
22.27
39.72
38.99
15.63
8.65
0.49
5.53
2.74
1.50
3.19
6.92
4.16
4.51
7.42
6.78
5.04
7.55
7.63
5.01
7.83
9.20
13.80
13.25
11.04
10.29
9.37
7.06
10.07
9.77
10.68
8.88
6.75
5.94
4.82
1.85
6.95
6.48
3.99
2.91
2.50
3.27
3.40
3.72
2.77
3.53
1.95
1.00
6.15
5.48
4.51
3.97
3.77
3.24
3.11
1.53
4.08
4.77
6.48
5.47
6.78
7.29
6.32
8.90
10.67
7.74
6.88
13.36
14.42
11.20
8.04
6.41
8.60
11.45
11.41
9.54
7.69
3.10
3.93
2.73
4.60
4.19
5.00
4.68
4.34
3.32
0.84
1.83
1.40
2.65
0.87
1.70
1.62
2000
2001
2002
2003
2004
2005
2006
2007
2008
3.20
0.72
3.80
2.08
2.13
2.09
1.67
2.38
1.16
7.41
-12.57
-12.44
26.72
14.48
24.13
17.26
9.83
-33.00
13.64
3.92
10.09
8.06
8.46
15.05
3.22
3.30
13.65
9.36
11.94
7.60
7.82
7.15
6.08
4.70
3.11
8.84
5.63
4.13
2.55
2.93
2.25
2.67
4.05
4.33
2.74
14.90
-2.38
11.85
13.85
17.24
17.58
-4.86
-1.40
2.32
-6.07
-8.70
-23.00
8.34
2.97
-0.09
15.00
-8.22
-22.47
Source: Statistics Canada CANSIM Series Copyright 2009. All Rights Reserved.
Source: TSX Copyright 2009 TSX Inc. All Rights Reserved.
Source: Standard & Poor's, a division of The McGraw-Hill Companies, Inc. Copyright 2009. All Rights Reserved.
This table gives rates of change/return on Canadian stocks, bonds, mortgages and Treasury bills and on U.S. stocks on a
market basis assuming purchase on Dec. 31 of the previous year and sale on Dec. 31 of the current year, including reinvested
dividends, coupons or payments. Also given are the CPI, a productivity index (GDP/employed) and rates of wage and salary
increases. Details are given in Appendix C. U.S. stock returns are derived in Table 5. Values in bold are revised estimates.
6.54
-0.73
3.68
2.09
5.87
5.76
1.23
4.15
x
2.17
1.60
1.90
2.30
1.57
3.55
3.06
2.97
x
FIGURE 1A : NOMINAL RATES

CPI, Canadian and U.S. Stocks
60
50
40
30
20
10
0
-10
-20
-30
-40
1923 1928 1933 1938 1943 1948 1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008
CPI
Canadian Stocks
U.S. Stocks
Source: TSX Copyright 2009 The TSX Inc. All Rights Reserved.
Bonds, Mortgages and T-Bills

50
40
30
20
50
40
30
20
10
0
-10
-20
192319281933193819431948195319581963196819731978198319881993199820032008
Canadian Long Bonds
Mortgages
91 Day T-Bills
Real Return Bonds
TABLE 1B: REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN
YEAR
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
CONSUMER
PRICE
INDEX
0.00
-1.09
2.20
-1.08
-1.09
1.10
2.17
-6.38
-10.23
-7.59
-2.74
1.41
2.78
1.35
4.00
-2.56
2.63
5.13
6.10
3.45
2.22
-2.17
2.22
5.43
14.43
9.01
0.83
5.74
10.85
-1.40
0.00
0.00
0.71
2.82
2.05
2.68
1.31
COMMON
STOCK
INDEX
.
12.47
25.97
25.77
46.52
31.47
-13.48
-26.19
-25.32
-5.77
55.90
18.59
27.10
23.68
-19.07
12.01
-2.38
-23.08
-3.93
10.19
17.07
15.99
33.09
-6.58
-12.31
2.86
21.61
40.38
11.90
0.99
2.15
39.05
26.90
10.12
-22.18
27.82
3.24
CANADA
LONG
BONDS
.
9.03
2.91
6.53
11.39
-0.54
0.16
16.71
5.86
21.61
10.40
17.99
-1.90
9.64
-4.40
8.41
-5.46
3.39
-2.17
-0.35
1.63
5.45
2.89
0.55
-9.84
-10.45
3.99
-5.54
-12.61
3.44
3.64
9.99
-1.04
-6.27
3.76
-8.16
-5.67
REAL VALUES NET OF CPI INCREASES

CONVENTIONAL
REAL
MORTGAGE
91 DAY
RETURN
INDEX
T-BILLS
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
-0.75
.
.
-1.56
.
.
-0.45
.
.
-3.16
.
.
3.27
.
.
-1.88
.
.
-4.19
.
.
-5.19
.
.
-2.81
.
.
-1.70
.
.
2.62
.
.
-1.82
.
.
-4.79
.
.
-12.26
.
.
-7.89
.
.
-0.34
.
.
-4.92
.
.
-9.09
.
6.67
2.48
.
2.08
1.66
.
7.48
1.53
.
5.98
0.74
.
-5.09
0.09
.
1.15
1.76
.
6.02
-0.51
.
0.44
3.43
.
U.S. COMMON
STOCKS IN
CANADIAN $
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
37.95
5.68
-14.37
-16.78
17.04
22.86
22.26
33.13
-20.76
-8.01
-3.60
28.71
17.87
9.47
13.55
-0.75
51.37
34.69
-0.38
-11.03
37.64
8.94
GDP PER
EMPLOYED
.
2.98
2.12
4.93
6.01
1.77
-3.46
-4.37
-6.21
-3.71
1.48
4.58
2.56
4.35
0.38
6.22
8.39
13.40
13.22
8.90
4.50
6.42
-4.67
-3.33
-2.38
4.10
3.39
7.17
-1.87
14.44
5.18
0.34
6.84
5.68
-1.53
2.77
1.41
WAGE AND
SALARY
INDEX
.
1.21
-2.36
2.51
2.84
0.37
-1.01
5.38
5.53
1.60
0.68
0.49
-0.41
3.24
1.16
4.35
-0.49
1.43
0.97
3.90
3.20
4.28
-1.21
0.80
-2.95
-0.05
5.21
2.07
-0.89
8.74
4.17
3.01
3.74
2.59
2.40
1.25
2.43
YEAR
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
CONSUMER
PRICE
INDEX
1.29
0.00
1.91
1.88
1.84
3.01
3.51
3.95
4.35
4.69
1.00
4.93
5.16
9.38
12.65
9.42
5.63
9.40
8.60
9.76
11.06
12.12
9.27
4.59
3.72
4.40
4.21
4.19
3.88
5.26
4.99
3.75
2.17
1.65
0.23
1.74
2.16
COMMON
STOCK
INDEX
0.48
32.75
-8.84
13.47
23.17
3.56
-10.22
13.60
17.34
-5.25
-4.52
2.94
21.13
-8.32
-34.25
8.28
5.11
1.19
19.45
31.89
17.18
-19.95
-3.41
29.54
-5.89
19.80
4.55
1.62
6.93
15.31
-18.85
7.96
-3.53
30.39
-0.41
12.57
25.63
CANADA
LONG
BONDS
5.74
9.78
1.12
2.34
5.04
-1.99
-1.89
-5.92
-4.94
-6.39
20.78
6.32
-3.85
-7.01
-12.73
-6.03
12.68
-3.14
-6.73
-11.29
-8.10
-13.50
30.85
4.79
10.97
19.99
12.78
-3.59
6.32
10.49
-1.57
19.92
10.67
20.88
-10.67
24.12
11.87

CONVENTIONAL
REAL
MORTGAGE
91 DAY
RETURN
INDEX
T-BILLS
BONDS
8.91
2.20
.
7.12
2.89
.
5.11
2.10
.
5.15
1.76
.
5.19
1.92
.
-0.41
0.99
.
-1.86
1.58
.
-1.68
0.64
.
-1.32
2.03
.
-7.48
2.62
.
10.77
5.52
.
8.55
-1.08
.
3.57
-1.50
.
-2.29
-3.58
.
-7.24
-3.93
.
2.54
-1.70
.
8.12
3.60
.
4.76
-1.41
.
-1.62
0.31
.
-3.74
2.53
.
-2.66
2.39
.
-1.91
7.37
.
18.20
5.47
.
15.17
5.04
.
8.33
7.94
.
11.81
5.14
.
8.76
5.05
.
5.82
4.09
.
6.01
5.67
.
7.42
7.27
.
5.37
8.56
.
17.16
5.60
.
8.89
4.23
1.26
13.78
3.56
17.39
-0.38
5.09
-13.44
14.48
5.60
11.28
11.39
2.27
7.74
U.S. COMMON
STOCKS IN
CANADIAN $
2.44
34.58
-7.57
20.78
13.73
9.21
-12.50
18.86
5.67
-12.43
-2.52
6.95
12.79
-21.86
-35.38
28.64
17.57
-8.83
5.36
6.82
21.91
-16.08
16.17
17.85
8.35
32.81
12.87
-4.41
2.69
21.47
-7.80
24.20
17.01
13.23
5.47
33.39
19.68
GDP PER
EMPLOYED
0.20
3.19
4.91
2.24
2.62
4.28
3.16
1.04
3.07
2.81
3.98
2.76
3.83
4.04
0.53
1.48
4.41
-0.03
-1.41
0.28
-1.16
-1.28
-0.35
2.06
2.14
0.41
-2.26
2.65
2.51
-1.21
-1.98
-1.21
1.07
1.72
3.48
1.02
1.34
WAGE AND
SALARY
INDEX
1.93
3.11
-0.37
2.17
2.88
3.37
1.90
2.72
2.82
1.56
7.82
5.48
2.45
-2.28
0.62
4.57
5.27
-1.24
-2.01
-1.06
0.35
-0.63
0.25
2.96
-0.59
-0.44
-1.42
0.39
0.30
-0.24
-0.30
0.56
1.12
-0.80
1.60
-0.33
0.48
YEAR
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
CONSUMER
PRICE
INDEX
0.78
1.00
2.63
3.20
0.72
3.80
2.08
2.13
2.09
1.67
2.38
1.16
COMMON
STOCK
INDEX
14.09
-2.55
28.34
4.08
-13.20
-15.64
24.15
12.09
21.59
15.33
7.28
-33.77
CANADA
LONG
BONDS
16.54
13.01
-9.53
10.11
3.18
6.06
5.86
6.20
12.70
1.52
0.90
12.35

CONVENTIONAL
REAL
MORTGAGE
91 DAY
RETURN
INDEX
T-BILLS
BONDS
6.36
2.50
2.56
6.66
3.78
3.69
-0.52
2.14
3.23
5.97
2.36
11.34
11.13
3.38
-3.08
3.66
-1.20
7.75
5.63
0.84
11.54
4.91
0.12
14.79
3.91
0.57
15.18
2.97
2.34
-6.43
0.71
1.91
-3.69
7.59
1.56
1.15
U.S. COMMON
STOCKS IN
CANADIAN $
38.63
37.62
12.67
-8.98
-9.36
-25.82
6.14
0.82
-2.13
13.10
-10.36
-23.36
This table contains the values of Table 1A after the CPI is removed geometrically. Values in bold are revised estimates.
GDP PER
EMPLOYED
1.16
0.01
3.43
3.24
-1.45
-0.12
0.01
3.66
3.60
-0.43
1.73
x
WAGE AND
SALARY
INDEX
0.09
0.70
-0.98
-1.00
0.87
-1.83
0.22
-0.55
1.43
1.36
0.58
x
FIGURE 1B: REAL RATES

Canadian and U.S. Stocks
60
50
40
30
20
10
0
-10
-20
-30
-40
192319281933193819431948195319581963196819731978198319881993199820032008
Canadian Stocks
U.S. Stocks
Bonds, Mortgages and T-Bills

35
30
25
20
15
10
35
30
25
20
15
10
5
0
-5
-10
-15
192319281933193819431948195319581963196819731978198319881993199820032008
Canadian Long Bonds
Mortgages
91 Day T-Bills
Real Return Bonds
TABLE 1C: ACCUMULATION FACTORS
DEC. 31
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
CONSUMER
PRICE
INDEX
81.20
80.32
82.08
81.20
80.32
81.20
82.97
77.67
69.73
64.43
62.67
63.55
65.31
66.20
68.84
67.08
68.84
72.37
76.79
79.44
81.20
79.44
81.20
85.61
97.97
106.80
107.68
113.86
126.21
124.45
124.45
124.45
125.33
128.86
131.51
135.04
136.80
COMMON
STOCK
INDEX
0.40
0.44
0.57
0.71
1.03
1.37
1.21
0.84
0.56
0.49
0.74
0.89
1.16
1.46
1.23
1.34
1.34
1.08
1.10
1.26
1.51
1.71
2.32
2.29
2.30
2.58
3.16
4.69
5.82
5.79
5.92
8.23
10.51
11.90
9.45
12.41
12.98
CANADA
LONG
BONDS
5.94
6.40
6.74
7.10
7.82
7.86
8.05
8.79
8.36
9.39
10.08
12.06
12.16
13.52
13.44
14.20
13.77
14.97
15.54
16.02
16.64
17.17
18.05
19.14
19.75
19.28
20.21
20.19
19.56
19.95
20.67
22.74
22.66
21.84
23.13
21.81
20.84
CONVENTIONAL
MORTGAGE
INDEX
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.50
9.99
10.20
10.96
11.70
11.41
11.78
12.83
13.05
91 DAY
T-BILLS
.
.
.
.
.
.
.
.
.
.
29.16
29.35
29.69
29.96
30.17
30.36
30.57
30.80
30.98
31.15
31.30
31.42
31.53
31.66
31.78
31.92
32.07
32.24
32.49
32.83
33.38
33.89
34.38
35.38
36.74
37.53
39.33
REAL
RETURN
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
U.S. COMMON
STOCKS IN
CANADIAN $
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.63
0.85
0.92
0.83
0.73
0.89
1.11
1.33
1.81
1.51
1.59
1.68
2.17
2.71
3.29
3.68
3.65
5.53
7.50
7.68
6.98
9.86
10.88
GDP PER
EMPLOYED
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
WAGE AND
SALARY
INDEX
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
138.57
138.57
141.22
143.87
146.51
150.93
156.22
162.40
169.46
177.41
179.17
188.00
197.71
216.24
243.60
266.55
281.55
308.03
334.51
367.17
407.77
457.19
499.56
522.51
541.92
565.75
589.59
614.30
638.13
671.67
705.21
731.69
747.57
759.93
761.69
774.93
791.70
797.88
805.83
827.01
853.49
859.66
13.21
17.53
16.29
18.83
23.62
25.20
23.42
27.65
33.86
33.59
32.39
34.98
44.56
44.68
33.10
39.22
43.54
48.20
62.53
90.52
117.79
105.73
111.58
151.18
147.56
184.55
201.08
212.90
236.49
287.03
244.56
273.94
270.02
357.90
357.27
409.18
525.16
603.82
594.26
782.72
840.71
735.01
22.32
24.50
25.25
26.33
28.16
28.43
28.87
28.24
28.01
27.45
33.48
37.35
37.77
38.41
37.76
38.83
46.21
48.97
49.60
48.30
49.30
47.81
68.36
74.92
86.22
108.01
126.95
127.52
140.84
163.79
169.26
210.60
238.14
292.62
262.01
330.87
378.16
444.16
506.92
470.68
534.87
555.86
14.40
15.42
16.52
17.70
18.96
19.45
19.76
20.19
20.79
20.14
22.53
25.66
27.95
29.87
31.21
35.02
40.00
45.84
48.98
51.75
55.94
61.52
79.46
95.71
107.54
125.52
142.27
156.86
172.74
195.30
216.07
262.66
292.21
337.97
337.45
393.02
447.25
479.42
516.47
527.31
576.66
645.50
40.71
41.89
43.59
45.18
46.90
48.79
51.30
53.67
57.14
61.38
65.41
67.89
70.33
74.17
80.27
86.33
94.48
101.91
111.01
124.93
142.06
171.02
197.10
216.53
242.40
266.08
291.29
315.93
346.78
391.56
446.29
488.99
520.74
548.18
577.42
620.34
648.15
669.54
701.76
735.63
777.08
809.16
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
345.65
357.60
426.73
370.22
419.14
461.35
476.87
499.41
529.08
607.92
593.47
11.29
15.19
14.31
17.61
20.40
22.95
20.78
25.68
28.31
25.96
25.55
28.68
34.02
29.07
21.17
29.79
37.00
36.90
42.22
49.50
67.02
63.06
80.04
98.66
110.87
153.72
180.81
180.09
192.11
245.62
237.76
306.39
366.28
421.58
445.67
604.80
739.48
1033.17
1436.00
1660.48
1559.68
1423.97
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2002
2003
2004
2005
2006
2007
2008
892.32
910.86
930.27
949.69
965.58
988.53
1000.00
643.59
815.59
933.69
1158.95
1359.00
1492.61
1000.00
611.97
661.30
717.26
825.22
851.81
879.90
1000.00
694.54
748.85
802.38
851.14
891.11
918.80
1000.00
829.80
854.11
873.33
896.65
932.96
973.34
1000.00
663.78
755.72
886.02
1041.81
991.17
977.30
1000.00
1096.47
1187.94
1223.18
1222.09
1405.36
1289.77
1000.00
This table contains the values of Table 1A accumulated to $1000.00 at the end of 2008.
x
x
x
x
x
x
x
x
x
x
x
x
x
x
TABLE 1D: ACCUMULATION FACTORS NET OF CPI
DEC. 31
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
CONSUMER
PRICE
INDEX
81.20
80.32
82.08
81.20
80.32
81.20
82.97
77.67
69.73
64.43
62.67
63.55
65.31
66.20
68.84
67.08
68.84
72.37
76.79
79.44
81.20
79.44
81.20
85.61
97.97
106.80
107.68
113.86
126.21
124.45
124.45
124.45
125.33
128.86
131.51
135.04
COMMON
STOCK
INDEX
4.90
5.52
6.95
8.74
12.80
16.83
14.57
10.75
8.03
7.57
11.79
13.99
17.78
21.99
17.80
19.93
19.46
14.97
14.38
15.84
18.55
21.51
28.63
26.75
23.45
24.13
29.34
41.18
46.09
46.54
47.54
66.11
83.89
92.38
71.89
91.89
CANADA
LONG
BONDS
73.14
79.74
82.06
87.42
97.38
96.86
97.01
113.22
119.85
145.75
160.90
189.85
186.25
204.21
195.21
211.63
200.07
206.86
202.38
201.66
204.94
216.11
222.35
223.57
201.57
180.51
187.71
177.31
154.95
160.28
166.11
182.71
180.81
169.48
175.85
161.50
CONVENTIONAL
MORTGAGE
INDEX
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
75.25
80.27
81.93
88.06
93.32
88.57
89.59
94.98
91 DAY
T-BILLS
.
.
.
.
.
.
.
.
.
.
465.37
461.86
454.65
452.59
438.29
452.62
444.10
425.51
403.41
392.09
385.43
395.53
388.34
369.75
324.43
298.84
297.82
283.18
257.43
263.82
268.19
272.28
274.30
274.54
279.39
277.95
REAL
RETURN
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
U.S. COMMON
STOCKS IN
CANADIAN $
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.18
12.66
13.38
11.46
9.54
11.16
13.71
16.77
22.32
17.69
16.27
15.68
20.19
23.79
26.05
29.58
29.36
44.43
59.85
59.62
53.05
73.01
GDP PER
EMPLOYED
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
WAGE AND
SALARY
INDEX
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
136.80
138.57
138.57
141.22
143.87
146.51
150.93
156.22
162.40
169.46
177.41
179.17
188.00
197.71
216.24
243.60
266.55
281.55
308.03
334.51
367.17
407.77
457.19
499.56
522.51
541.92
565.75
589.59
614.30
638.13
671.67
705.21
731.69
747.57
759.93
761.69
774.93
791.70
797.88
805.83
827.01
853.49
94.86
95.32
126.53
115.35
130.89
161.22
166.96
149.90
170.28
199.81
189.32
180.77
186.08
225.40
206.64
135.87
147.13
154.64
156.48
186.92
246.53
288.88
231.25
223.36
289.34
272.30
326.20
341.05
346.57
370.60
427.34
346.79
374.40
361.19
470.96
469.04
528.02
663.33
756.78
737.45
946.45
985.03
152.35
161.09
176.84
178.82
183.00
192.21
188.39
184.83
173.88
165.30
154.73
186.88
198.68
191.02
177.63
155.01
145.66
164.13
158.98
148.29
131.55
120.89
104.57
136.83
143.38
159.11
190.91
215.31
207.58
220.70
243.85
240.02
287.83
318.55
385.06
343.98
426.97
477.65
556.67
629.07
569.14
626.69
95.39
103.90
111.30
116.99
123.01
129.39
128.86
126.46
124.34
122.69
113.51
125.74
136.49
141.36
138.12
128.12
131.38
142.06
148.82
146.42
140.94
137.19
134.57
159.06
183.18
198.44
221.87
241.31
255.36
270.69
290.77
306.39
358.98
390.88
444.73
443.02
507.17
564.92
600.87
640.92
637.61
675.66
287.48
293.81
302.31
308.66
314.07
320.11
323.26
328.36
330.45
337.16
346.00
365.09
361.14
355.73
342.98
329.50
323.89
335.57
330.83
331.87
340.25
348.39
374.06
394.54
414.41
447.30
470.31
494.06
514.29
543.44
582.96
632.85
668.31
696.57
721.36
758.07
800.51
818.67
839.15
870.86
889.51
910.48
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
472.40
478.35
561.54
486.05
540.87
582.74
597.67
619.75
639.76
712.28
79.54
81.48
109.65
101.35
122.41
139.21
152.03
133.02
158.12
167.07
146.31
142.63
152.54
172.05
134.45
86.88
111.77
131.40
119.80
126.22
134.83
164.36
137.93
160.23
188.83
204.59
271.71
306.68
293.16
301.05
365.69
337.15
418.74
489.96
554.76
585.10
780.46
934.04
1294.89
1782.02
2007.82
1827.42
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2001
2002
2003
2004
2005
2006
2007
2008
859.66
892.32
910.86
930.27
949.69
965.58
988.53
1000.00
855.00
721.26
895.41
1003.67
1220.35
1407.45
1509.94
1000.00
646.60
685.81
726.02
771.02
868.93
882.17
890.11
1000.00
750.88
778.35
822.13
862.52
896.23
922.88
929.47
1000.00
941.25
929.93
937.70
938.78
944.15
966.22
984.64
1000.00
690.35
743.88
829.69
952.43
1097.00
1026.51
988.65
1000.00
1656.42
1228.79
1304.20
1314.86
1286.83
1455.46
1304.74
1000.00
This table contains the values of Table 1A accumulated (net of CPI) to $1000.00 at the end of 2008.
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
TABLES 2A, 2B
BASIC VARIABLES - CHANGES FOR VARIOUS SUBPERIODS
YEAR-END TO YEAR-END
TABLE 2A
AVERAGE NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN
5 YRS
MEAN
S.DEV.
10 YRS
MEAN
S.DEV.
15 YRS
PERIOD
1924 - 1928
1929 - 1933
1934 - 1938
1939 - 1943
1944 - 1948
1949 - 1953
1954 - 1958
1959 - 1963
1964 - 1968
1969 - 1973
1974 - 1978
1979 - 1983
1984 - 1988
1989 - 1993
1994 - 1998
1999 - 2003
2004 - 2008
1959 - 2008
1959 - 2008
1929 - 1938
1939 - 1948
1949 - 1958
1959 - 1968
1969 - 1978
1979 - 1988
1989 - 1998
1999 - 2008
1959 - 2008
1959 - 2008
1934 - 1948
1949 - 1963
CONSUMER
PRICE
INDEX
0.00
-5.05
1.37
3.90
5.63
3.11
1.65
1.27
3.33
5.00
9.12
9.33
4.08
3.56
1.18
2.48
1.88
4.09
2.95
-1.89
4.76
2.37
2.30
7.04
6.67
2.36
2.18
4.09
2.51
3.62
2.01
COMMON
STOCK
INDEX
27.98
-11.57
12.59
2.41
11.34
18.09
15.96
8.70
12.45
5.70
6.95
19.31
9.36
8.64
10.67
6.54
4.16
9.18
4.29
-0.22
6.78
17.02
10.56
6.33
14.23
9.65
5.34
9.18
3.55
8.68
14.18
CANADA
LONG
BONDS
5.78
5.09
7.08
3.23
2.98
1.41
1.08
3.84
1.25
6.52
5.25
8.60
13.46
15.75
11.62
5.46
8.62
7.95
4.51
6.08
3.11
1.24
2.53
5.88
11.00
13.66
7.03
7.95
4.37
4.42
2.10
CONVENTIONAL
MORTGAGE
INDEX
.
.
.
.
.
.
4.70
6.65
3.27
7.51
10.40
14.34
12.53
14.37
8.85
7.71
5.96
9.10
3.70
.
.
.
4.95
8.95
13.43
11.57
6.83
9.10
3.44
.
.
91 DAY
T-BILLS
.
.
0.81
0.61
0.39
0.90
2.38
3.78
4.81
5.36
8.40
14.30
9.88
9.59
5.06
4.01
3.20
6.79
3.57
.
0.50
1.64
4.29
6.87
12.06
7.30
3.61
6.79
3.33
0.60
2.34
REAL
RETURN
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.20
8.64
5.76
.
.
.
.
.
.
.
.
.
7.19
.
.
.
.
U.S. COMMON
STOCKS IN
CANADIAN $
.
.
.
5.57
8.51
16.88
21.97
12.30
9.96
0.53
7.75
18.50
14.26
17.02
27.78
-3.72
-3.39
9.68
10.13
.
7.03
19.39
11.13
4.08
16.36
22.28
-3.55
9.68
10.14
.
16.98
GDP PER
EMPLOYED
3.55
-8.17
5.02
13.90
5.56
8.81
4.47
3.68
6.25
8.65
10.18
9.22
5.19
3.21
2.59
3.51
x
x
x
-1.80
9.65
6.61
4.96
9.42
7.19
2.90
x
x
x
8.09
5.63
WAGE AND
SALARY
INDEX
0.90
-2.77
3.15
5.75
5.79
7.04
4.29
3.14
6.16
8.09
10.64
9.73
3.71
3.63
1.69
1.92
x
x
x
0.14
5.77
5.65
4.64
9.36
6.68
2.65
x
x
x
4.89
4.81
1964 1979 1994 25 YRS 1934 1959 1984 50 YRS 1959 75 YRS 1934 ALL YRS
1978
1993
2008
1958
1983
2008
2008
2008
2008
5.79
5.62
1.85
3.12
5.56
2.63
4.09
3.76
2.96
8.33
12.33
7.09
11.94
10.52
7.85
9.18
10.09
9.65
4.31
12.56
8.54
3.13
5.06
10.92
7.95
6.32
6.22
7.02
13.74
7.50
.
8.37
9.84
9.10
.
8.51
6.18
11.23
4.09
1.01
7.26
6.31
6.79
4.83
4.83
.
.
5.84
.
.
.
.
.
6.45
6.00
16.58
5.93
.
9.65
9.71
9.68
.
10.93
Table 2A contains geometric averages of annual values from Table 1A over various periods. The mean and standard deviation for the 5 year
and 10 year averages are calculated over the period for which all series exist. This is done to allow comparability over all series. On the
following page are corresponding standard deviations of the same values as well as correlation coefficients. The correlations are calculated
only over the last ten year period and over all years for which data of both correlated series exist.
8.35
5.85
x
7.49
7.57
x
x
x
x
8.28
5.65
x
5.19
7.52
x
x
x
x
TABLE 2A (Cont'd)
STANDARD DEVIATIONS OF NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN
5 YRS
10 YRS
15 YRS
25 YRS
50 YRS
PERIOD
1924 1929 1934 1939 1944 1949 1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 1929 1939 1949 1959 1969 1979 1989 1999 1934 1949 1964 1979 1994 1934 1959 1984 1959 -
1928
1933
1938
1943
1948
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
1938
1948
1958
1968
1978
1988
1998
2008
1948
1963
1978
1993
2008
1958
1983
2008
2008
CONSUMER
PRICE
INDEX
1.55
4.81
2.47
1.66
6.35
5.05
1.25
0.77
0.97
2.97
2.51
2.89
0.28
1.62
0.77
1.18
0.48
4.92
4.49
3.56
1.36
3.38
3.39
1.74
0.90
4.19
2.94
3.31
3.24
0.97
3.92
3.84
1.41
3.24
COMMON
STOCK
INDEX
12.28
34.42
18.43
14.98
14.99
19.78
23.59
15.30
13.34
12.57
20.89
22.77
9.99
18.62
12.37
20.94
22.70
28.34
14.86
20.53
13.67
16.31
17.64
14.92
20.61
15.75
18.93
15.14
17.50
17.90
17.97
16.79
16.18
16.37
CANADA
LONG
BONDS
3.58
6.79
8.28
4.16
3.27
3.17
6.57
5.36
3.50
9.86
8.06
19.23
9.17
8.47
13.67
8.00
5.57
7.22
3.53
4.86
4.49
8.52
14.36
10.89
6.69
5.63
5.00
7.47
12.54
9.40
5.47
10.19
9.32
10.11
CONVENTIONAL
MORTGAGE
INDEX
.
.
.
.
.
.
4.53
3.09
2.20
6.63
4.55
9.87
2.70
4.44
6.47
3.61
2.20
.
.
.
3.10
5.56
6.91
5.96
2.97
.
.
5.41
6.04
4.33
.
6.68
4.95
5.86
91 DAY
T-BILLS
.
.
0.23
0.10
0.02
0.48
1.01
0.70
1.06
1.69
0.77
3.91
1.27
3.82
1.52
1.29
0.92
.
0.13
1.08
1.01
2.02
3.61
3.65
1.14
0.22
1.41
1.99
3.74
1.41
0.86
4.32
3.45
3.90
REAL
RETURN
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10.24
7.16
10.57
.
.
.
.
.
.
.
8.62
.
.
.
.
9.02
.
.
.
.
U.S. COMMON
STOCKS IN
CANADIAN $
.
.
.
17.20
19.49
12.04
26.23
15.91
12.25
13.88
25.76
15.59
14.83
12.99
14.54
15.14
13.90
.
17.41
19.58
13.46
20.09
14.53
14.20
13.71
.
18.24
17.54
13.56
20.30
.
16.91
18.01
17.29
GDP PER
EMPLOYED
1.20
6.42
1.06
5.60
6.74
4.20
3.91
2.04
1.40
3.23
2.27
1.53
2.04
0.56
1.13
3.01
x
8.12
7.29
4.46
2.13
2.75
2.72
0.90
x
6.33
4.01
2.80
2.94
x
5.61
3.12
x
x
WAGE AND
SALARY
INDEX
0.89
2.97
1.64
2.17
4.34
2.12
0.90
0.99
1.02
1.74
3.41
1.68
0.78
1.69
0.65
0.32
x
3.84
3.24
2.11
1.85
2.89
3.41
1.58
x
3.03
2.16
2.86
3.25
x
2.68
3.29
x
x
75 YRS 1934 - 2008

- 2008
ALL YRS
3.48
4.09
16.86
18.77
9.13
8.74
.
5.85
4.24
4.24
.
9.06
.
17.84
x
x
x
x
U.S. COMMON
STOCKS IN
GDP PER
CANADIAN $
EMPLOYED
LAST 10 YEARS
/
-0.10
x
0.88
x
-0.56
x
-0.51
x
0.27
x
0.00
x
x
x
x
x
WAGE AND
SALARY
INDEX
CORRELATIONS OF NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

CONSUMER
PRICE
INDEX
CPI
STOCKS
LONG BONDS
MORTGAGES
91 DAY T-BILLS
REAL RETURNS
U.S. STOCKS
GDP PER EMP
WAGE & SALARY
COMMON
STOCK
INDEX
CANADA
LONG
BONDS
CONVENTIONAL
MORTGAGE
INDEX
0.24
0.06
-0.40
-0.31
-0.61
0.56
0.09
-0.07
0.23
0.45
0.55
-0.19
x
x
0.02
0.11
-0.07
0.42
0.70
x
x
0.78
0.27
0.65
0.22
x
x
0.45
0.52
0.33
x
x
91 DAY
T-BILLS
0.13
0.20
-0.42
-0.15
-0.13
0.01
x
x
REAL
RETURN
BONDS
0.51
0.31
0.51
0.13
-0.35
0.03
x
x
/
ALL YEARS
x
x
x
x
x
x
x
x
TABLE 2B
AVERAGE REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN
5 YRS
MEAN
S.DEV.
10 YRS
MEAN
S.DEV.
15 YRS
PERIOD
1924 - 1928
1929 - 1933
1934 - 1938
1939 - 1943
1944 - 1948
1949 - 1953
1954 - 1958
1959 - 1963
1964 - 1968
1969 - 1973
1974 - 1978
1979 - 1983
1984 - 1988
1989 - 1993
1994 - 1998
1999 - 2003
2004 - 2008
1959 - 2008
1959 - 2008
1929 - 1938
1939 - 1948
1949 - 1958
1959 - 1968
1969 - 1978
1979 - 1988
1989 - 1998
1999 - 2008
1959 - 2008
1959 - 2008
1934 - 1948
1949 - 1963
1964 - 1978
1979 - 1993
1994 - 2008
CONSUMER
PRICE
INDEX
0.00
-5.05
1.37
3.90
5.63
3.11
1.65
1.27
3.33
5.00
9.12
9.33
4.08
3.56
1.18
2.48
1.88
4.09
2.95
-1.89
4.76
2.37
2.30
7.04
6.67
2.36
2.18
4.09
2.51
3.62
2.01
5.79
5.62
1.85
COMMON
STOCK
INDEX
27.98
-6.87
11.06
-1.43
5.40
14.53
14.09
7.33
8.83
0.67
-1.99
9.13
5.07
4.91
9.38
3.96
2.23
4.89
3.84
1.70
1.93
14.31
8.08
-0.66
7.08
7.12
3.09
4.89
3.68
4.89
11.93
2.40
6.35
5.15
CANADA
LONG
BONDS
5.78
10.68
5.63
-0.64
-2.51
-1.65
-0.56
2.53
-2.01
1.45
-3.55
-0.67
9.01
11.78
10.31
2.91
6.61
3.71
5.34
8.13
-1.58
-1.11
0.23
-1.08
4.06
11.04
4.74
3.71
4.74
0.77
0.09
-1.39
6.57
6.57

CONVENTIONAL
REAL
MORTGAGE
91 DAY
RETURN
INDEX
T-BILLS
BONDS
.
.
.
.
.
.
.
-0.55
.
.
-3.16
.
.
-4.96
.
.
-2.14
.
3.00
0.72
.
5.31
2.47
.
-0.05
1.43
.
2.40
0.34
.
1.17
-0.66
.
4.58
4.54
.
8.12
5.57
.
10.44
5.83
.
7.58
3.84
1.99
5.11
1.49
6.01
3.99
1.29
3.80
4.82
2.59
.
3.23
2.23
.
.
.
.
.
-4.07
.
.
-0.72
.
2.59
1.95
.
1.78
-0.16
.
6.34
5.06
.
9.00
4.83
.
4.55
1.39
4.90
4.82
2.59
.
2.92
2.26
.
.
-2.91
.
.
0.33
.
1.17
0.37
.
7.69
5.31
.
5.55
2.20
3.92
U.S. COMMON
STOCKS IN
CANADIAN $
.
.
.
1.61
2.72
13.36
19.99
10.89
6.42
-4.25
-1.25
8.39
9.78
13.00
26.29
-6.05
-5.17
5.37
10.18
.
2.16
16.63
8.63
-2.77
9.08
19.46
-5.61
5.37
10.11
.
14.68
0.20
10.37
4.01
GDP PER
EMPLOYED
3.55
-3.29
3.60
9.63
-0.07
5.53
2.77
2.38
2.83
3.48
0.98
-0.10
1.07
-0.33
1.40
1.00
x
x
x
0.10
4.67
4.14
2.60
2.22
0.48
0.53
x
x
x
4.31
3.55
2.42
0.21
x
WAGE AND
SALARY
INDEX
0.90
2.40
1.75
1.79
0.14
3.81
2.60
1.85
2.73
2.95
1.40
0.36
-0.36
0.07
0.50
-0.55
x
x
x
2.08
0.96
3.20
2.29
2.17
0.00
0.29
x
x
x
1.23
2.75
2.36
0.02
x
25 YRS
1934 1959 1984 50 YRS 1959 75 YRS 1934 ALL YRS
1958
1983
2008
2008
2008
2008
3.12
5.56
2.63
4.09
3.76
2.96
8.56
4.70
5.09
4.89
6.10
6.46
0.01
-0.47
8.08
3.71
2.47
3.12
.
2.66
7.02
4.82
.
4.64
-2.04
1.61
3.59
2.59
1.03
1.03
.
.
.
.
.
4.51
Table 2B contains values similar to those of Table 2A except that they are based on the real rates of return of Table 1B.
.
3.87
6.89
5.37
.
6.83
4.24
1.91
x
x
x
x
2.01
1.85
x
x
x
x
TABLE 2B (Cont'd)
STANDARD DEVIATIONS OF REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN
5 YRS
10 YRS
15 YRS
25 YRS
50 YRS
PERIOD
1924 1929 1934 1939 1944 1949 1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 1929 1939 1949 1959 1969 1979 1989 1999 1934 1949 1964 1979 1994 1934 1959 1984 1959 -
1928
1933
1938
1943
1948
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
1938
1948
1958
1968
1978
1988
1998
2008
1948
1963
1978
1993
2008
1958
1983
2008
2008
CONSUMER
PRICE
INDEX
1.55
4.81
2.47
1.66
6.35
5.05
1.25
0.77
0.97
2.97
2.51
2.89
0.28
1.62
0.77
1.18
0.48
4.92
4.49
3.56
1.36
3.38
3.39
1.74
0.90
4.19
2.94
3.31
3.24
0.97
3.92
3.84
1.41
3.24
COMMON
STOCK
INDEX
12.29
33.99
18.52
15.39
18.27
16.26
23.88
15.85
13.13
11.89
20.29
22.27
9.38
18.67
11.55
20.42
22.02
27.06
16.35
19.27
13.73
15.69
16.38
14.76
20.03
17.05
18.01
15.05
16.52
17.37
18.23
16.33
15.78
15.89
CANADA
LONG
BONDS
4.76
8.51
9.13
3.43
7.39
7.43
7.42
5.74
4.29
11.80
9.53
18.36
8.72
9.08
13.01
7.50
5.67
8.73
5.50
7.02
5.36
10.47
14.31
10.59
6.55
7.50
6.64
8.73
12.94
9.20
7.23
10.41
8.95
10.51
CONVENTIONAL
MORTGAGE
INDEX
.
.
.
.
.
.
5.17
3.17
2.96
7.56
5.95
10.73
2.44
4.84
5.65
4.21
2.53
.
.
.
4.04
6.45
7.52
5.18
3.33
.
.
5.49
6.84
4.31
.
6.50
4.44
5.91
91 DAY
T-BILLS
.
.
2.37
1.51
5.68
4.87
0.96
0.67
0.60
3.63
2.80
2.11
1.44
2.08
1.49
1.76
0.93
.
4.02
3.62
0.82
3.11
1.78
2.00
1.33
3.85
3.30
2.62
1.85
1.79
3.84
2.78
2.45
2.77
REAL
RETURN
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.49
6.17
10.21
.
.
.
.
.
.
.
8.02
.
.
.
.
8.30
.
.
.
.
U.S. COMMON
STOCKS IN
CANADIAN $
.
.
.
17.97
22.33
10.83
26.73
16.36
11.97
14.07
24.88
15.24
14.06
12.69
14.20
15.04
13.54
.
19.13
19.77
13.75
19.23
13.84
14.51
13.50
.
18.36
17.14
13.13
20.34
.
16.59
17.66
17.03
GDP PER
EMPLOYED
1.84
2.86
2.23
3.72
4.92
5.94
3.51
1.79
1.17
0.64
2.18
1.36
2.08
1.62
1.27
2.19
x
4.35
6.54
4.84
1.44
2.00
1.77
1.64
x
5.41
4.10
1.75
1.71
x
5.09
1.92
x
x
WAGE AND
SALARY
INDEX
2.08
2.91
1.98
1.76
2.69
3.59
0.91
1.32
0.53
3.86
3.33
1.56
0.74
0.76
0.73
1.08
x
2.37
2.31
2.56
1.06
3.50
1.22
0.74
x
2.17
2.27
2.83
1.06
x
2.48
2.45
x
x
75 YRS 1934 - 2008

- 2008
ALL YRS
3.48
4.09
16.69
18.43
9.68
9.54
.
5.74
3.83
3.83
.
8.44
.
18.20
x
x
x
x
U.S. COMMON
STOCKS IN
GDP PER
CANADIAN $
EMPLOYED
LAST 10 YEARS
/
-0.15
x
0.87
x
-0.54
x
-0.39
x
0.31
x
-0.01
x
x
x
x
x
WAGE AND
SALARY
INDEX
CORRELATIONS OF REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

CONSUMER
PRICE
INDEX
CPI
STOCKS
LONG BONDS
MORTGAGES
91 DAY T-BILLS
REAL RETURNS
U.S. STOCKS
GDP PER EMP
WAGE & SALARY
COMMON
STOCK
INDEX
CANADA
LONG
BONDS
CONVENTIONAL
MORTGAGE
INDEX
0.21
-0.08
-0.43
-0.55
-0.58
0.55
-0.12
-0.49
-0.33
-0.39
0.48
-0.37
x
x
0.08
0.17
0.04
0.41
0.73
x
x
0.84
0.47
0.63
0.33
x
x
0.45
0.45
0.42
x
x
91 DAY
T-BILLS
-0.57
0.02
-0.32
0.24
-0.36
0.24
x
x
REAL
RETURN
BONDS
0.43
0.29
0.46
0.02
-0.61
0.05
x
x
/
ALL YEARS
x
x
x
x
x
x
x
x
TABLES 3A, 3B, 3C

FIXED INTEREST SECURITIES
TABLE 3A
ANALYSIS OF INTEREST RATES BY CLASS OF SECURITY
MEDIUM AND LONG-TERM SECURITIES
NOMINAL YIELDS TO MATURITY COMPOUNDED SEMI-ANNUALLY
YEAR
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
FEDERAL
BONDS
V122487
2.93
2.87
2.86
3.23
3.56
3.71
3.18
3.14
3.63
4.11
4.15
5.08
5.19
5.05
5.11
5.09
5.18
5.21
5.69
5.94
6.75
7.58
7.91
6.95
7.23
7.56
8.90
CONVENTIONAL
MORTGAGES
V122497
.
.
.
5.46
5.77
5.97
6.01
5.88
6.23
6.85
6.80
6.98
7.18
7.00
6.97
6.97
6.97
7.02
7.66
8.07
9.06
9.84
10.45
9.43
9.21
9.59
11.24
5 YEAR
GICS
V122526
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.26
5.52
6.06
6.34
7.01
8.03
8.52
7.75
7.61
8.19
9.68
SAVINGS
ACCOUNTS
V122493
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.50
4.92
5.96
6.17
4.54
4.00
5.48
8.50
REAL RETURN
BONDS
V122553
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
CORPORATE
BONDS
C28720Y
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
9.04
9.18
8.70
9.27
10.21
12.48
15.22
14.26
11.79
12.75
11.04
9.52
9.95
10.22
9.92
10.85
9.76
8.77
7.85
8.63
8.28
7.50
6.42
5.46
5.69
5.89
5.78
5.66
5.28
5.08
4.39
4.30
4.34
4.04
11.43
11.78
10.36
10.59
11.98
14.32
18.15
17.89
13.29
13.61
12.18
11.22
11.14
11.60
12.05
13.24
11.16
9.52
8.70
9.34
9.22
7.94
7.07
6.90
7.39
8.20
7.18
6.70
6.04
5.80
5.48
5.98
6.36
6.41
9.57
10.11
8.96
9.25
10.40
12.32
15.40
13.65
11.25
11.90
10.50
9.56
9.42
10.00
10.17
10.98
8.94
7.33
6.20
7.34
7.06
5.64
4.71
4.38
4.81
5.34
4.05
3.91
3.13
2.92
2.71
3.16
3.30
3.01
7.00
7.83
6.00
7.04
10.13
11.15
15.42
11.50
6.85
7.69
6.08
6.02
4.81
5.69
8.08
8.77
4.48
2.27
0.77
0.50
0.50
0.50
0.50
0.24
0.10
0.10
0.10
0.05
0.05
0.05
0.05
0.05
0.08
0.10
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.41
4.62
4.28
4.41
4.68
4.61
4.14
4.02
4.07
3.69
3.58
3.50
3.05
2.34
1.83
1.69
1.98
1.90
Source: Bloomberg L.P.
The above values are arithmetic averages of the twelve monthly yields to maturity of medium and
long-term securities. Selected monthly values are shown in Appendix A.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
8.86
9.41
9.07
8.30
7.15
6.33
6.73
7.00
7.04
6.87
6.44
5.99
5.55
5.62
5.53
5.96
TABLE 3A (Cont'd)
ARITHMETIC AVERAGES OVER SELECTED INTERVALS
PERIOD
1949 - 1953
1954 - 1958
1959 - 1963
1964 - 1968
1969 - 1973
1974 - 1978
1979 - 1983
1984 - 1988
1989 - 1993
1994 - 1998
1999 - 2003
2004 - 2008
1969 - 2008
MEAN
S.DEV. 1969 - 2008
10 YRS 1949 - 1958
1959 - 1968
1969 - 1978
1979 - 1988
1989 - 1998
1999 - 2008
1969 - 2008
MEAN
S.DEV. 1969 - 2008
15 YRS 1949 - 1963
1964 - 1978
1979 - 1993
1994 - 2008
25 YRS 1959 - 1983
1984 - 2008
50 YRS 1959 - 2008
- 2008
ALL YRS
5 YRS
FEDERAL
BONDS
V122487
3.25
3.64
5.10
5.75
7.45
9.02
12.79
10.70
9.43
7.26
5.66
4.43
8.34
2.90
3.44
5.43
8.23
11.75
8.35
5.04
8.34
3.35
4.00
7.41
10.97
5.78
8.02
7.50
7.76
6.97
CONVENTIONAL
MORTGAGES
V122497
.
6.35
7.02
7.76
9.70
11.08
15.12
11.95
10.94
8.09
7.10
6.00
10.00
3.17
.
7.39
10.39
13.54
9.51
6.55
10.00
3.51
.
9.51
12.67
7.07
10.14
8.82
9.48
9.01
5 YEAR
GICS
V122526
.
.
.
6.04
8.02
9.51
12.60
10.28
8.72
5.82
4.25
3.02
7.78
3.47
.
.
8.77
11.44
7.27
3.63
7.78
3.91
.
7.86
10.53
4.36
.
6.42
.
7.58
SAVINGS
ACCOUNTS
V122493
.
.
.
.
5.23
7.28
11.01
6.06
4.88
0.45
0.08
0.07
4.38
4.24
.
.
6.25
8.53
2.66
0.07
4.38
4.33
.
.
7.31
0.20
.
2.31
.
4.40
REAL RETURN
BONDS
V122553
.
.
.
.
.
.
.
.
.
4.37
3.58
1.95
3.49
1.24
.
.
.
.
.
2.76
3.49
.
.
.
.
3.30
.
.
.
3.49
STANDARD DEVIATIONS OVER SELECTED INTERVALS
CORPORATE
BONDS
C28720Y
.
.
.
.
.
.
.
.
.
8.05
6.82
5.73
6.99
1.16
.
.
.
.
.
6.27
6.99
.
.
.
.
6.87
.
.
.
6.99
PERIOD
5 YRS 1949 1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 10 YRS 1949 1959 1969 1979 1989 1999 15 YRS 1949 1964 1979 1994 25 YRS 1959 1984 50 YRS 1959 ALL YRS
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
1958
1968
1978
1988
1998
2008
1963
1978
1993
2008
1983
2008
2008
2008
FEDERAL
BONDS
V122487
0.39
0.49
0.05
0.64
0.37
0.23
1.99
1.28
1.15
1.31
0.23
0.39
0.46
0.55
0.88
1.92
1.63
0.72
0.89
1.44
2.01
1.41
2.94
2.53
2.73
2.99
CONVENTIONAL
MORTGAGES
V122497
.
0.45
0.09
0.86
0.47
0.59
2.77
1.01
1.84
1.15
0.80
0.39
.
0.70
0.88
2.58
2.08
0.83
.
1.54
2.62
1.18
3.18
2.54
2.93
2.96
5 YEAR
GICS
V122526
.
.
.
0.69
0.36
0.44
1.98
1.00
1.97
1.34
0.86
0.23
.
.
0.87
1.92
2.20
0.88
.
1.55
2.29
1.47
.
2.99
.
3.10
SAVINGS
ACCOUNTS
V122493
.
.
.
.
0.93
0.94
3.07
1.04
3.51
0.12
0.03
0.02
.
.
1.39
3.39
3.30
0.02
.
.
3.75
0.19
.
3.06
.
3.96
REAL RETURN
BONDS
V122553
.
.
.
.
.
.
.
.
.
0.29
0.37
0.24
.
.
.
.
.
0.91
.
.
.
1.08
.
.
.
1.08
CORPORATE
BONDS
C28720Y
.
.
.
.
.
.
.
.
.
1.30
0.24
0.23
.
.
.
.
.
0.62
.
.
.
1.22
.
.
.
1.28
CORRELATIONS OF NOMINAL YIELDS TO MATURITY

FEDERAL
BONDS
V122487
FEDERAL BONDS
MORTGAGES
5 YEAR GICS
0.97
0.96
CONVENTIONAL
MORTGAGES
V122497
5 YEAR
GICS
V122526
SAVINGS
ACCOUNTS
V122493
0.70
0.77
0.97
0.28
0.79
0.66
0.98
REAL RETURN
CORPORATE
BONDS
BONDS
V122553
C28720Y
LAST 10 YEARS
/
0.95
0.93
0.78
0.79
0.84
0.79
SAVINGS ACCOUNTS
REAL RETURNS
CORPORATES
0.86
0.85
0.99
0.92
0.79
0.93
0.93
0.82
0.95
0.45
0.44
0.84
/
ALL YEARS
0.85
0.46
0.94
TABLE 3B
EFFECTIVE ANNUAL NOMINAL RATES OF TOTAL RETURN
YEAR
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
CONSUMER
PRICE INDEX
9.01
0.83
5.74
10.85
-1.40
0.00
0.00
0.71
2.82
2.05
2.68
1.31
1.29
0.00
1.91
1.88
1.84
3.01
3.51
3.95
4.35
4.69
1.00
4.93
5.16
9.38
12.65
9.42
5.63
9.40
8.60
9.76
11.06
FEDERAL CONVENTIONAL
BONDS
MORTGAGES
-2.38
.
4.85
.
-0.12
.
-3.13
.
1.99
5.18
3.64
2.08
9.99
7.48
-0.34
6.73
-3.63
-2.42
5.89
3.23
-5.69
8.86
-4.43
1.75
7.10
10.32
9.78
7.12
3.05
7.12
4.26
7.12
6.97
7.12
0.96
2.59
1.55
1.58
-2.20
2.21
-0.80
2.97
-2.01
-3.15
21.98
11.87
11.55
13.90
1.11
8.92
1.71
6.87
-1.69
4.50
2.82
12.20
19.02
14.21
5.97
14.62
1.29
6.84
-2.62
5.66
2.06
8.10
5 YEAR
GICS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.12
5.17
4.84
4.84
2.62
10.03
11.80
6.15
4.27
4.04
10.23
11.51
12.95
5.24
5.72
5.72
SAVINGS
ACCOUNTS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.99
6.06
6.28
4.60
4.05
5.57
8.71
7.14
8.01
6.11
7.19
10.43
11.51
REAL RETURN
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
CORPORATE
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
12.12
9.27
4.59
3.72
4.40
4.21
4.19
3.88
5.26
4.99
3.75
2.17
1.65
0.23
1.74
2.16
0.78
1.00
2.63
3.20
0.72
3.80
2.08
2.13
2.09
1.67
2.38
1.16
-3.02
42.98
9.60
15.09
25.26
17.54
0.45
10.45
16.29
3.34
24.43
13.07
22.88
-10.46
26.28
14.29
17.45
14.13
-7.15
13.64
3.92
10.09
8.06
8.46
15.05
3.22
3.30
13.65
9.98
29.15
20.46
12.36
16.72
13.34
10.26
10.12
13.06
10.63
21.56
11.25
15.66
-0.15
16.47
13.80
7.19
7.73
2.10
9.36
11.94
7.60
7.82
7.15
6.08
4.70
3.11
8.84
9.88
28.26
10.78
9.96
14.37
11.67
6.18
9.69
12.43
10.25
17.14
12.56
13.24
-6.36
15.66
13.86
3.51
7.09
-1.35
8.30
9.28
2.08
7.75
3.52
2.80
2.23
1.83
6.12
16.12
11.89
6.99
7.86
6.19
6.13
4.88
5.78
8.28
9.00
4.54
2.29
0.77
0.50
0.50
0.50
0.50
0.24
0.10
0.10
0.10
0.05
0.05
0.05
0.05
0.05
0.08
0.10
.
.
.
.
.
.
.
.
.
.
.
3.46
19.33
-13.24
13.21
10.07
3.36
4.73
5.94
14.90
-2.38
11.85
13.85
17.24
17.58
-4.86
-1.40
2.32
.
.
.
.
.
.
.
.
.
.
.
.
21.67
-5.53
26.43
16.18
17.93
10.21
-5.31
11.60
6.08
10.48
14.86
8.37
10.65
4.22
6.55
-13.03
This table provides values of total return rates on 18-year federal bonds, 28-year real-return bonds, 20-year
corporate bonds, 5-year mortgages, 5-year GIC and non-chequable savings accounts. These values, derived from
the basic monthly series, assume purchase on Dec. 31 of the previous year and sale on Dec. 31 of the current year,
with all income reinvested. See Appendices C and D for further description of data sources and methodology.
TABLE 3B (Cont'd)
GEOMETRIC AVERAGES OVER SELECTED INTERVALS
CONSUMER
PERIOD
PRICE INDEX
3.11
5 YRS 1949 - 1953
1954 - 1958
1.65
1959 - 1963
1.27
1964 - 1968
3.33
1969 - 1973
5.00
1974 - 1978
9.12
1979 - 1983
9.33
1984 - 1988
4.08
1989 - 1993
3.56
1994 - 1998
1.18
1999 - 2003
2.48
2004 - 2008
1.88
1969 - 2008
4.54
MEAN
3.36
S.DEV. 1969 - 2008
2.37
10 YRS 1949 - 1958
1959 - 1968
2.30
1969 - 1978
7.04
1979 - 1988
6.67
1989 - 1998
2.36
1999 - 2008
2.18
1969 - 2008
4.54
MEAN
2.54
S.DEV. 1969 - 2008
2.01
15 YRS 1949 - 1963
1964 - 1978
5.79
1979 - 1993
5.62
1994 - 2008
1.85
5.56
25 YRS 1959 - 1983
1984 - 2008
2.63
4.09
50 YRS 1959 - 2008
- 2008
3.88
ALL YRS
FEDERAL
BONDS
1.41
1.08
3.84
1.25
6.52
5.25
8.60
13.46
15.75
11.62
5.46
8.62
9.35
3.97
1.24
2.53
5.88
11.00
13.66
7.03
9.35
3.34
2.10
4.31
12.56
8.54
5.06
10.92
7.95
6.65
CONVENTIONAL
MORTGAGES
.
4.70
6.65
3.27
7.51
10.40
14.34
12.53
14.37
8.85
7.71
5.96
10.17
3.29
.
4.95
8.95
13.43
11.57
6.83
10.17
3.40
.
7.02
13.74
7.50
8.37
9.84
9.10
8.51
5 YEAR
GICS
.
.
.
4.49
6.92
8.74
11.78
10.34
13.10
6.45
5.13
3.29
8.17
3.61
.
.
7.82
11.06
9.73
4.20
8.17
3.63
.
6.86
11.74
4.95
.
7.60
.
7.83
SAVINGS
ACCOUNTS
.
.
.
.
5.31
7.43
11.35
6.16
4.92
0.45
0.08
0.07
4.40
4.36
.
.
6.36
8.73
2.66
0.07
4.40
4.44
.
.
7.44
0.20
.
2.30
.
4.42
REAL RETURN
BONDS
.
.
.
.
.
.
.
.
.
3.20
8.64
5.76
.
2.72
.
.
.
.
.
7.19
.
.
.
.
.
5.84
.
.
.
6.45
CORPORATE
BONDS
.
.
.
.
.
.
.
.
.
12.52
7.30
2.98
.
4.78
.
.
.
.
.
5.12
.
.
.
.
.
7.53
.
.
.
8.36
PERIOD
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
1958
1968
1978
1988
1998
2008
1963
1978
1993
2008
1983
2008
2008
2008
CONSUMER
PRICE INDEX
5.05
1.25
0.77
0.97
2.97
2.51
2.89
0.28
1.62
0.77
1.18
0.48
3.56
1.36
3.38
3.39
1.74
0.90
2.94
3.31
3.24
0.97
3.84
1.41
3.24
3.36
FEDERAL
BONDS
3.17
6.57
5.36
3.50
9.86
8.06
19.23
9.17
8.47
13.67
8.00
5.57
4.86
4.49
8.52
14.36
10.89
6.69
5.00
7.47
12.54
9.40
10.19
9.32
10.11
9.77
CONVENTIONAL
MORTGAGES
.
4.53
3.09
2.20
6.63
4.55
9.87
2.70
4.44
6.47
3.61
2.20
.
3.10
5.56
6.91
5.96
2.97
.
5.41
6.04
4.33
6.68
4.95
5.86
5.85
5 YEAR
GICS
.
.
.
0.93
3.86
3.93
9.34
2.99
2.51
8.84
4.62
1.70
.
.
3.80
6.60
6.99
3.43
.
3.56
5.54
5.60
.
5.72
.
5.71
SAVINGS
ACCOUNTS
.
.
.
.
0.96
0.98
3.27
1.08
3.61
0.12
0.03
0.02
.
.
1.45
3.58
3.39
0.02
.
.
3.93
0.19
.
3.12
.
4.14
REAL RETURN
BONDS
.
.
.
.
.
.
.
.
.
10.24
7.16
10.57
.
.
.
.
.
8.62
.
.
.
9.02
.
.
.
9.06
CORPORATE
BONDS
.
.
.
.
.
.
.
.
.
11.90
7.84
9.46
.
.
.
.
.
8.48
.
.
.
10.02
.
.
.
10.27
CORRELATIONS OF RATES OF CHANGE/RETURN

CONSUMER
PRICE INDEX
CPI
FEDERAL BONDS
MORTGAGES
5 YEAR GICS
SAVINGS ACCOUNTS
REAL RETURNS
-0.13
0.23
0.20
0.82
0.55
FEDERAL
BONDS
CONVENTIONAL
MORTGAGES
5 YEAR
GICS
SAVINGS
ACCOUNTS
0.06
-0.31
0.56
-0.39
0.50
0.89
-0.17
-0.27
0.17
0.22
0.78
0.79
-0.03
0.65
0.91
0.28
0.52
0.37
0.49
-0.07
REAL RETURN
CORPORATE
BONDS
BONDS
LAST 10 YEARS
/
0.51
0.39
0.51
0.28
0.13
0.18
0.06
0.25
-0.38
-0.53
0.49
CORPORATES
0.18
0.72
0.67
0.68
/
ALL YEARS
0.46
0.59
TABLE 3C
EFFECTIVE ANNUAL REAL RATES OF TOTAL RETURN
YEAR
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
CONSUMER
PRICE INDEX
9.01
0.83
5.74
10.85
-1.40
0.00
0.00
0.71
2.82
2.05
2.68
1.31
1.29
0.00
1.91
1.88
1.84
3.01
3.51
3.95
4.35
4.69
1.00
4.93
5.16
9.38
12.65
9.42
5.63
9.40
8.60
9.76
11.06

FEDERAL CONVENTIONAL
5 YEAR
SAVINGS
REAL RETURN
BONDS
MORTGAGES
GICS
ACCOUNTS
BONDS
-10.45
.
.
.
.
3.99
.
.
.
.
-5.54
.
.
.
.
-12.61
.
.
.
.
3.44
6.67
.
.
.
3.64
2.08
.
.
.
9.99
7.48
.
.
.
-1.04
5.98
.
.
.
-6.27
-5.09
.
.
.
3.76
1.15
.
.
.
-8.16
6.02
.
.
.
-5.67
0.44
.
.
.
5.74
8.91
.
.
.
9.78
7.12
.
.
.
1.12
5.11
.
.
.
2.34
5.15
.
.
.
5.04
5.19
.
.
.
-1.99
-0.41
0.11
.
.
-1.89
-1.86
1.61
.
.
-5.92
-1.68
0.85
.
.
-4.94
-1.32
0.47
0.61
.
-6.39
-7.48
-1.98
1.31
.
20.78
10.77
8.95
5.23
.
6.32
8.55
6.55
-0.31
.
-3.85
3.57
0.94
-1.06
.
-7.01
-2.29
-4.67
-3.48
.
-12.73
-7.24
-7.65
-3.50
.
-6.03
2.54
0.74
-2.08
.
12.68
8.12
5.57
2.26
.
-3.14
4.76
3.24
-3.02
.
-6.73
-1.62
-3.09
-1.30
.
-11.29
-3.74
-3.68
0.60
.
-8.10
-2.66
-4.80
0.41
.
CORPORATE
BONDS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
12.12
9.27
4.59
3.72
4.40
4.21
4.19
3.88
5.26
4.99
3.75
2.17
1.65
0.23
1.74
2.16
0.78
1.00
2.63
3.20
0.72
3.80
2.08
2.13
2.09
1.67
2.38
1.16
-13.50
30.85
4.79
10.97
19.99
12.78
-3.59
6.32
10.49
-1.57
19.92
10.67
20.88
-10.67
24.12
11.87
16.54
13.01
-9.53
10.11
3.18
6.06
5.86
6.20
12.70
1.52
0.90
12.35
-1.91
18.20
15.17
8.33
11.81
8.76
5.82
6.01
7.42
5.37
17.16
8.89
13.78
-0.38
14.48
11.39
6.36
6.66
-0.52
5.97
11.13
3.66
5.63
4.91
3.91
2.97
0.71
7.59
-2.00
17.38
5.91
6.02
9.55
7.15
1.91
5.60
6.82
5.01
12.90
10.17
11.40
-6.58
13.68
11.45
2.71
6.04
-3.88
4.94
8.49
-1.65
5.56
1.36
0.70
0.55
-0.54
4.90
3.56
2.40
2.29
4.00
1.72
1.84
0.66
1.83
2.87
3.81
0.75
0.11
-0.87
0.27
-1.22
-1.63
-0.28
-0.75
-2.46
-3.01
-0.62
-3.61
-1.99
-2.04
-2.00
-1.60
-2.24
-1.05
This table is based on Table 3B, adjusted for changes in the CPI.
.
.
.
.
.
.
.
.
.
.
.
1.26
17.39
-13.44
11.28
7.74
2.56
3.69
3.23
11.34
-3.08
7.75
11.54
14.79
15.18
-6.43
-3.69
1.15
.
.
.
.
.
.
.
.
.
.
.
.
19.69
-5.75
24.27
13.72
17.02
9.12
-7.73
8.13
5.31
6.44
12.53
6.11
8.39
2.51
4.07
-14.03
TABLE 3C (Cont'd)
CONSUMER
PERIOD
PRICE INDEX
3.11
5 YRS 1949 - 1953
1954 - 1958
1.65
1959 - 1963
1.27
1964 - 1968
3.33
1969 - 1973
5.00
1974 - 1978
9.12
1979 - 1983
9.33
1984 - 1988
4.08
1989 - 1993
3.56
1994 - 1998
1.18
1999 - 2003
2.48
2004 - 2008
1.88
1969 - 2008
4.54
MEAN
3.36
S.DEV. 1969 - 2008
2.37
10 YRS 1949 - 1958
1959 - 1968
2.30
1969 - 1978
7.04
1979 - 1988
6.67
1989 - 1998
2.36
1999 - 2008
2.18
1969 - 2008
4.54
MEAN
2.54
S.DEV. 1969 - 2008
2.01
15 YRS 1949 - 1963
1964 - 1978
5.79
1979 - 1993
5.62
1994 - 2008
1.85
5.56
25 YRS 1959 - 1983
1984 - 2008
2.63
4.09
50 YRS 1959 - 2008
- 2008
3.80
ALL YRS
FEDERAL
BONDS
-1.65
-0.56
2.53
-2.01
1.45
-3.55
-0.67
9.01
11.78
10.31
2.91
6.61
4.60
5.80
-1.11
0.23
-1.08
4.06
11.04
4.74
4.60
3.85
0.09
-1.39
6.57
6.57
-0.47
8.08
3.71
2.89
CONVENTIONAL
MORTGAGES
.
3.00
5.31
-0.05
2.40
1.17
4.58
8.12
10.44
7.58
5.11
3.99
5.39
3.07
.
2.59
1.78
6.34
9.00
4.55
5.39
2.24
.
1.17
7.69
5.55
2.66
7.02
4.82
4.64
5 YEAR
GICS
.
.
.
0.76
1.83
-0.35
2.24
6.02
9.22
5.21
2.58
1.38
3.48
3.25
.
.
0.73
4.11
7.20
1.98
3.48
2.62
.
0.74
5.79
3.04
.
4.85
.
3.23
SAVINGS
ACCOUNTS
.
.
.
.
0.30
-1.55
1.85
2.00
1.32
-0.72
-2.34
-1.79
-0.13
1.85
.
.
-0.63
1.93
0.29
-2.06
-0.13
2.01
.
.
1.72
-1.62
.
-0.32
.
-0.11
REAL RETURN
BONDS
.
.
.
.
.
.
.
.
.
1.99
6.01
3.80
.
2.01
.
.
.
.
.
4.90
.
.
.
.
.
3.92
.
.
.
4.51
CORPORATE
BONDS
.
.
.
.
.
.
.
.
.
11.34
4.32
2.26
.
4.76
.
.
.
.
.
3.28
.
.
.
.
.
5.90
.
.
.
6.83
PERIOD
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
1958
1968
1978
1988
1998
2008
1963
1978
1993
2008
1983
2008
2008
2008
CONSUMER
PRICE INDEX
5.05
1.25
0.77
0.97
2.97
2.51
2.89
0.28
1.62
0.77
1.18
0.48
3.56
1.36
3.38
3.39
1.74
0.90
2.94
3.31
3.24
0.97
3.84
1.41
3.24
3.36
FEDERAL
BONDS
7.43
7.42
5.74
4.29
11.80
9.53
18.36
8.72
9.08
13.01
7.50
5.67
7.02
5.36
10.47
14.31
10.59
6.55
6.64
8.73
12.94
9.20
10.41
8.95
10.51
10.22
CONVENTIONAL
MORTGAGES
.
5.17
3.17
2.96
7.56
5.95
10.73
2.44
4.84
5.65
4.21
2.53
.
4.04
6.45
7.52
5.18
3.33
.
5.49
6.84
4.31
6.50
4.44
5.91
5.74
5 YEAR
GICS
.
.
.
0.64
5.71
5.24
9.29
2.78
3.27
8.00
5.22
2.08
.
.
5.29
6.72
6.10
3.81
.
4.42
6.16
5.51
.
5.18
.
5.71
SAVINGS
ACCOUNTS
.
.
.
.
3.24
2.28
1.33
1.22
1.95
0.75
1.13
0.47
.
.
2.82
1.20
1.76
0.87
.
.
1.45
1.04
.
2.06
.
2.26
REAL RETURN
BONDS
.
.
.
.
.
.
.
.
.
9.49
6.17
10.21
.
.
.
.
.
8.02
.
.
.
8.30
.
.
.
8.44
CORPORATE
BONDS
.
.
.
.
.
.
.
.
.
11.11
7.19
7.60
.
.
.
.
.
7.06
.
.
.
9.15
.
.
.
9.64
CORRELATIONS OF RATES OF CHANGE/RETURN

CONSUMER
PRICE INDEX
CPI
FEDERAL BONDS
MORTGAGES
5 YEAR GICS
SAVINGS ACCOUNTS
REAL RETURNS
-0.43
-0.33
-0.36
0.01
0.48
FEDERAL
BONDS
CONVENTIONAL
MORTGAGES
5 YEAR
GICS
SAVINGS
ACCOUNTS
-0.08
-0.55
0.55
-0.58
0.51
0.92
-1.00
0.08
0.56
0.59
0.84
0.87
0.24
0.63
0.92
0.30
0.45
0.35
0.44
-0.43
REAL RETURN
CORPORATE
BONDS
BONDS
LAST 10 YEARS
/
0.43
0.07
0.46
0.30
0.02
0.24
-0.01
0.33
-0.44
-0.09
0.43
CORPORATES
0.01
0.76
0.74
0.76
/
ALL YEARS
0.11
0.59
TABLES 4A, 4B, 4C

GOVERNMENT OF CANADA BONDS BY TERM
TABLE 4A
ANALYSIS OF INTEREST RATES BY TERM OF SECURITY
GOVERNMENT OF CANADA SECURITIES
YEAR
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
91 DAY
V122541
0.85
0.72
0.60
0.71
0.71
0.58
0.54
0.48
0.39
0.36
0.39
0.41
0.41
0.49
0.55
0.79
1.07
1.72
1.43
1.63
2.96
3.81
2.28
4.90
3.24
2.84
4.12
3.61
3.80
1-3 YEAR
V122558
.
.
.
.
.
.
.
.
.
.
.
.
.
1.65
1.80
2.42
2.81
3.21
2.18
2.19
3.60
4.46
3.28
5.03
3.96
3.59
4.28
4.21
4.41
3-5 YEAR
V122485
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.61
3.24
3.45
2.67
2.79
3.76
4.57
3.47
4.94
4.52
4.38
4.60
4.48
4.72
5-10 YEAR
V122486
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.08
3.56
3.63
2.90
2.87
3.75
4.39
3.69
5.10
4.85
4.61
4.76
4.77
4.92
10+ YEAR
V122487
2.97
3.17
3.09
3.16
3.28
3.10
3.06
3.01
3.00
2.93
2.61
2.57
2.93
2.87
2.86
3.23
3.56
3.71
3.18
3.14
3.63
4.11
4.15
5.08
5.19
5.05
5.11
5.09
5.18
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
4.04
5.09
4.72
6.42
7.39
6.13
3.61
3.61
5.59
8.06
7.61
9.17
7.54
8.97
12.23
13.45
18.99
14.41
9.65
11.54
9.78
9.29
8.40
9.83
12.62
13.45
9.02
6.76
4.94
5.66
7.08
4.28
3.30
4.82
4.80
5.61
3.83
2.61
2.90
2.24
2.75
4.10
4.22
2.41
4.52
5.38
5.29
6.37
7.49
6.57
4.93
5.54
6.54
8.03
7.56
8.27
7.46
8.77
10.77
12.44
15.97
13.95
10.18
11.67
10.12
9.09
9.19
9.67
10.71
11.65
8.99
7.03
5.89
7.14
7.26
5.35
4.68
5.09
5.36
5.91
4.25
3.55
3.24
2.92
3.18
4.07
4.22
2.66
4.90
5.55
5.64
6.68
7.66
7.11
5.56
6.26
6.98
8.12
7.72
8.35
7.90
9.00
10.42
12.37
15.68
14.00
10.61
11.91
10.39
9.21
9.42
9.77
10.20
11.19
9.16
7.43
6.46
7.79
7.64
6.21
5.33
5.16
5.50
5.99
4.88
4.44
3.88
3.67
3.50
4.10
4.21
2.96
5.09
5.74
5.94
6.85
7.76
7.58
6.15
6.74
7.17
8.27
8.06
8.73
8.14
9.08
10.16
12.30
15.29
14.03
11.11
12.42
10.78
9.37
9.55
9.76
9.83
10.82
9.36
8.16
7.24
8.26
7.93
6.86
5.87
5.26
5.56
5.96
5.32
5.08
4.54
4.34
3.89
4.18
4.25
3.36
5.21
5.69
5.94
6.75
7.58
7.91
6.95
7.23
7.56
8.90
9.04
9.18
8.70
9.27
10.21
12.48
15.22
14.26
11.79
12.75
11.04
9.52
9.95
10.22
9.92
10.85
9.76
8.77
7.85
8.63
8.28
7.50
6.42
5.47
5.69
5.89
5.78
5.66
5.28
5.08
4.39
4.30
4.34
4.04
This table gives the 12 month arithmetic average of the yields to maturity on government
bonds of various durations. The given annual rate is that compounded semi-annually.
Averages, standard deviations and correlations are given on the next page.
TABLE 4A (Cont'd)
ARITHMETIC AVERAGES OVER SELECTED INTERVALS
PERIOD
1939 - 1943
1944 - 1948
1949 - 1953
1954 - 1958
1959 - 1963
1964 - 1968
1969 - 1973
1974 - 1978
1979 - 1983
1984 - 1988
1989 - 1993
1994 - 1998
1999 - 2003
2004 - 2008
1959 - 2008
MEAN
S.DEV. 1959 - 2008
10 YRS 1939 - 1948
1949 - 1958
1959 - 1968
1969 - 1978
1979 - 1988
1989 - 1998
1999 - 2008
1959 - 2008
MEAN
S.DEV. 1959 - 2008
15 YRS 1949 - 1963
1964 - 1978
1979 - 1993
1994 - 2008
25 YRS 1959 - 1983
1984 - 2008
50 YRS 1959 - 2008
- 2008
ALL YRS
5 YRS
91 DAY
0.60
0.39
0.92
2.42
3.74
4.82
5.27
8.27
13.74
9.77
9.36
5.03
3.95
3.14
6.71
3.43
0.50
1.67
4.28
6.77
11.76
7.19
3.55
6.71
3.23
2.36
6.12
10.96
4.04
7.17
6.25
6.71
4.92
1-3 YEAR
.
.
2.38
3.14
4.21
5.19
6.21
8.02
12.66
9.95
8.85
5.90
4.46
3.41
6.89
2.93
.
2.76
4.70
7.12
11.30
7.38
3.94
6.89
2.88
3.24
6.48
10.49
4.59
7.26
6.52
6.89
6.20
3-5 YEAR
.
.
.
3.45
4.58
5.50
6.71
8.22
12.62
10.14
8.89
6.43
4.94
3.69
7.17
2.79
.
.
5.04
7.47
11.38
7.66
4.31
7.17
2.77
.
6.81
10.55
5.02
7.53
6.82
7.17
6.64
5-10 YEAR
.
.
.
3.52
4.81
5.71
7.08
8.45
12.58
10.37
9.08
6.84
5.29
4.00
7.42
2.70
.
.
5.26
7.77
11.48
7.96
4.65
7.42
2.70
.
7.08
10.68
5.38
7.73
7.12
7.42
6.88
10+ YEAR
3.12
2.81
3.25
3.64
5.10
5.75
7.45
9.02
12.79
10.70
9.43
7.26
5.66
4.43
7.76
2.69
2.96
3.44
5.43
8.23
11.75
8.35
5.04
7.76
2.70
4.00
7.41
10.97
5.78
8.02
7.50
7.76
6.32
PERIOD
1939 1944 1949 1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 10 YRS 1939 1949 1959 1969 1979 1989 1999 15 YRS 1949 1964 1979 1994 25 YRS 1959 1984 50 YRS 1959 ALL YRS
5 YRS
1943
1948
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
1948
1958
1968
1978
1988
1998
2008
1963
1978
1993
2008
1983
2008
2008
2008
91 DAY
0.10
0.02
0.50
0.98
0.80
1.03
1.65
0.76
3.43
1.14
3.67
1.43
1.26
0.94
0.13
1.08
1.04
1.99
3.19
3.48
1.13
1.40
1.94
3.43
1.39
4.05
3.35
3.71
4.08
1-3 YEAR
.
.
0.66
0.97
0.53
0.79
0.99
0.54
2.37
1.05
2.42
1.21
1.15
0.70
.
0.88
0.82
1.21
2.24
2.38
1.05
1.04
1.42
2.52
1.43
3.25
2.87
3.06
3.21
3-5 YEAR
.
.
.
0.77
0.21
0.77
0.82
0.50
2.25
1.08
1.95
1.24
0.84
0.50
.
.
0.72
1.02
2.11
2.01
0.93
.
1.33
2.33
1.43
3.07
2.69
2.88
2.99
5-10 YEAR
.
.
.
0.64
0.18
0.77
0.65
0.44
2.09
1.27
1.40
1.29
0.53
0.40
.
.
0.70
0.89
2.00
1.74
0.81
.
1.30
2.12
1.43
2.94
2.59
2.76
2.91
10+ YEAR
0.11
0.20
0.39
0.49
0.05
0.64
0.37
0.23
1.99
1.28
1.15
1.31
0.23
0.39
0.22
0.46
0.55
0.88
1.92
1.63
0.72
0.89
1.44
2.01
1.41
2.94
2.53
2.73
3.11
CORRELATIONS OF YIELDS BY TIME TO MATURITY

91 DAY
91 DAY
1-3 YEAR
3-5 YEAR
5-10 YEAR
10+ YEAR
0.99
0.98
0.96
0.96
1-3 YEAR
3-5 YEAR
0.97
0.86
0.95
1.00
0.99
0.97
1.00
0.99
5-10 YEAR
10+ YEAR
LAST 10 YEARS
/
0.68
0.38
0.83
0.57
0.96
0.78
0.93
1.00
/
ALL YEARS
TABLE 4B
EFFECTIVE ANNUAL NOMINAL RATES OF TOTAL RETURN
YEAR
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
CPI
1.35
4.00
-2.56
2.63
5.13
6.10
3.45
2.22
-2.17
2.22
5.43
14.43
9.01
0.83
5.74
10.85
-1.40
0.00
0.00
0.71
2.82
2.05
2.68
1.31
1.29
0.00
1.91
1.88
1.84
3.01
3.51
3.95
4.35
4.69
91 DAY
0.89
0.71
0.62
0.70
0.73
0.59
0.54
0.49
0.39
0.37
0.39
0.41
0.41
0.48
0.54
0.77
1.05
1.66
1.53
1.46
2.91
3.86
2.16
4.78
3.53
2.89
4.05
3.66
3.80
4.03
5.14
4.62
6.47
7.43
1-3 YEAR
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.28
1.94
1.50
3.15
4.75
0.37
2.02
5.28
3.21
4.14
5.97
4.62
2.70
4.01
4.39
3.38
4.86
4.80
5.72
5.52
3-5 YEAR
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.68
3.06
6.91
-0.40
0.30
6.43
2.55
2.36
6.14
7.30
3.02
3.91
4.49
3.02
4.33
3.21
5.02
3.92
5-10 YEAR
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.16
4.21
8.67
-0.80
-2.31
7.94
0.31
-1.80
10.47
7.38
2.24
3.97
4.95
1.71
3.53
1.31
3.16
1.41
10+ YEAR
-0.58
5.63
-2.98
8.69
3.80
3.08
3.88
3.16
5.18
6.02
3.17
-2.38
4.85
-0.12
-3.13
1.99
3.64
9.99
-0.34
-3.63
5.89
-5.69
-4.43
7.10
9.78
3.05
4.26
6.97
0.96
1.55
-2.20
-0.80
-2.01
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
1.00
4.93
5.16
9.38
12.65
9.42
5.63
9.40
8.60
9.76
11.06
12.12
9.27
4.59
3.72
4.40
4.21
4.19
3.88
5.26
4.99
3.75
2.17
1.65
0.23
1.74
2.16
0.78
1.00
2.63
3.20
0.72
3.80
2.08
2.13
2.09
1.67
2.38
1.16
6.57
3.79
3.59
5.46
8.23
7.56
9.44
7.86
8.93
12.54
13.72
20.38
15.25
9.86
11.94
9.77
9.47
8.46
9.76
12.91
13.98
9.57
6.49
5.27
5.33
7.43
4.48
3.30
4.81
4.83
5.63
4.13
2.55
2.93
2.25
2.67
4.05
4.33
2.74
11.36
5.41
3.76
3.51
7.29
5.15
9.36
7.55
5.32
8.43
11.95
11.28
20.58
10.36
10.61
12.00
9.76
7.81
9.08
10.61
11.20
14.08
8.23
9.92
0.56
11.87
7.78
3.33
5.66
3.91
6.50
7.35
3.36
3.46
3.00
2.36
3.66
4.09
6.75
16.47
6.41
2.66
2.73
8.17
3.24
10.47
6.82
3.55
5.72
9.77
6.74
27.53
10.41
11.34
14.81
10.92
6.05
9.04
11.21
9.65
17.63
9.73
12.71
-3.68
16.04
10.27
4.80
7.01
1.23
8.51
7.58
6.32
4.48
4.27
2.85
3.63
3.92
10.92
20.87
9.14
1.66
2.47
7.03
0.42
14.27
5.88
1.32
3.21
5.63
2.00
35.98
9.58
12.53
19.20
13.78
3.58
9.67
12.81
7.06
20.20
10.28
17.31
-7.10
20.75
11.90
8.74
9.30
-2.07
10.92
5.97
8.98
5.67
5.95
5.76
3.24
3.88
14.63
21.98
11.55
1.11
1.71
-1.69
2.82
19.02
5.97
1.29
-2.62
2.06
-3.02
42.98
9.60
15.09
25.26
17.54
0.45
10.45
16.29
3.34
24.43
13.07
22.88
-10.46
26.28
14.29
17.45
14.13
-7.15
13.64
3.92
10.09
8.06
8.46
15.05
3.22
3.30
13.65
This table gives annual rates of return of federal govenment bonds assuming purchase on Dec. 31 of
the previous year and sale on Dec. 31 of the current year, with all income reinvested.
TABLE 4B (Cont'd)
PERIOD
1939 - 1943
1944 - 1948
1949 - 1953
1954 - 1958
1959 - 1963
1964 - 1968
1969 - 1973
1974 - 1978
1979 - 1983
1984 - 1988
1989 - 1993
1994 - 1998
1999 - 2003
2004 - 2008
1959 - 2008
MEAN
S.DEV. 1959 - 2008
10 YRS 1939 - 1948
1949 - 1958
1959 - 1968
1969 - 1978
1979 - 1988
1989 - 1998
1999 - 2008
1959 - 2008
MEAN
S.DEV. 1959 - 2008
15 YRS 1949 - 1963
1964 - 1978
1979 - 1993
1994 - 2008
25 YRS 1959 - 1983
1984 - 2008
50 YRS 1959 - 2008
- 2008
ALL YRS
5 YRS
CPI
3.90
5.63
3.11
1.65
1.27
3.33
5.00
9.12
9.33
4.08
3.56
1.18
2.48
1.88
4.09
2.95
4.76
2.37
2.30
7.04
6.67
2.36
2.18
4.09
2.18
2.01
5.79
5.62
1.85
5.56
2.63
4.09
3.81
91 DAY
0.61
0.39
0.90
2.38
3.78
4.81
5.36
8.40
14.30
9.88
9.59
5.06
4.01
3.20
6.79
3.57
0.50
1.63
4.29
6.87
12.06
7.30
3.61
6.79
3.93
2.35
6.18
11.23
4.09
7.26
6.31
6.79
4.94
1-3 YEAR
.
.
1.97
3.11
4.28
4.63
5.88
6.92
12.44
9.84
10.79
5.77
4.90
3.96
6.91
3.01
.
2.60
4.46
6.40
11.14
8.25
4.43
6.91
3.09
3.20
5.81
11.02
4.88
6.79
7.02
6.91
6.24
3-5 YEAR
.
.
.
3.11
4.53
4.01
6.32
6.41
11.77
10.39
12.15
6.69
5.59
5.08
7.26
3.01
.
.
4.27
6.36
11.08
9.38
5.34
7.26
2.85
.
5.57
11.43
5.78
6.57
7.94
7.26
6.71
5-10 YEAR
.
.
.
2.66
4.37
2.92
6.86
5.67
10.63
11.63
13.43
8.33
5.80
6.62
7.58
3.35
.
.
3.64
6.26
11.13
10.85
6.21
7.58
3.26
.
5.14
11.89
6.91
6.06
9.12
7.58
6.96
10+ YEAR
3.23
2.98
1.41
1.08
3.84
1.25
6.52
5.25
8.60
13.46
15.75
11.62
5.46
8.62
7.95
4.51
3.11
1.24
2.53
5.88
11.00
13.66
7.03
7.95
4.60
2.10
4.31
12.56
8.54
5.06
10.92
7.95
6.16
PERIOD
5 YRS
1943
1948
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
1948
1958
1968
1978
1988
1998
2008
1963
1978
1993
2008
1983
2008
2008
2008
CPI
1.66
6.35
5.05
1.25
0.77
0.97
2.97
2.51
2.89
0.28
1.62
0.77
1.18
0.48
4.49
3.56
1.36
3.38
3.39
1.74
0.90
2.94
3.31
3.24
0.97
3.84
1.41
3.24
3.52
91 DAY
0.10
0.02
0.48
1.01
0.70
1.06
1.69
0.77
3.91
1.27
3.82
1.52
1.29
0.92
0.13
1.08
1.01
2.02
3.61
3.65
1.14
1.41
1.99
3.74
1.41
4.32
3.45
3.90
4.24
1-3 YEAR
.
.
0.83
2.01
1.18
0.85
3.18
1.75
4.70
1.58
2.14
4.31
1.87
1.69
.
1.63
0.99
2.48
3.59
4.14
1.75
1.66
2.22
3.10
2.78
3.94
3.62
3.75
3.84
3-5 YEAR
.
.
.
3.39
2.10
0.86
5.81
3.08
8.89
3.22
3.29
7.26
2.88
3.29
.
.
1.54
4.38
6.36
6.01
2.93
.
3.74
5.41
4.60
5.44
4.85
5.15
5.12
5-10 YEAR
.
.
.
5.15
4.72
1.47
8.33
5.53
14.11
5.73
5.29
10.07
4.95
4.59
.
.
3.39
6.70
10.15
7.99
4.52
.
5.69
8.67
6.60
7.89
6.60
7.36
7.22
10+ YEAR
4.16
3.27
3.17
6.57
5.36
3.50
9.86
8.06
19.23
9.17
8.47
13.67
8.00
5.57
3.53
4.86
4.49
8.52
14.36
10.89
6.69
5.00
7.47
12.54
9.40
10.19
9.32
10.11
9.14
CORRELATIONS OF RETURNS BY TIME TO MATURITY

CPI
CPI
91 DAY
1-3 YEAR
3-5 YEAR
5-10 YEAR
0.44
0.35
0.21
0.05
91 DAY
1-3 YEAR
3-5 YEAR
0.13
-0.41
0.45
-0.21
-0.02
0.79
0.80
0.53
0.34
0.92
0.80
0.96
5-10 YEAR
10+ YEAR
LAST 10 YEARS
/
-0.04
0.06
-0.28
-0.42
0.49
0.08
0.91
0.58
0.84
10+ YEAR
-0.11
0.29
0.68
0.86
/
ALL YEARS
0.95
TABLE 4C
EFFECTIVE REAL RATES OF TOTAL RETURN
YEAR
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
CPI
1.35
4.00
-2.56
2.63
5.13
6.10
3.45
2.22
-2.17
2.22
5.43
14.43
9.01
0.83
5.74
10.85
-1.40
0.00
0.00
0.71
2.82
2.05
2.68
1.31
1.29
0.00
1.91
1.88
1.84
3.01
3.51
3.95
4.35
4.69
91 DAY
-0.45
-3.16
3.27
-1.88
-4.19
-5.19
-2.81
-1.70
2.62
-1.82
-4.79
-12.26
-7.89
-0.34
-4.92
-9.09
2.48
1.66
1.53
0.74
0.09
1.76
-0.51
3.43
2.21
2.89
2.10
1.76
1.92
0.99
1.58
0.64
2.03
2.62

1-3 YEAR
3-5 YEAR
5-10 YEAR
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
-4.21
.
.
-8.04
.
.
2.94
3.12
2.60
3.15
3.06
4.21
4.75
6.91
8.67
-0.34
-1.10
-1.50
-0.78
-2.45
-4.99
3.16
4.28
5.77
0.51
-0.13
-2.31
2.80
1.04
-3.07
4.62
4.79
9.06
4.62
7.30
7.38
0.78
1.09
0.32
2.09
1.99
2.06
2.51
2.60
3.06
0.36
0.01
-1.27
1.31
0.79
0.02
0.81
-0.72
-2.55
1.32
0.64
-1.13
0.80
-0.73
-3.13
10+ YEAR
.
-4.40
8.41
-5.46
3.39
-2.17
-0.35
1.63
5.45
2.89
0.55
-9.84
-10.45
3.99
-5.54
-12.61
3.44
3.64
9.99
-1.04
-6.27
3.76
-8.16
-5.67
5.74
9.78
1.12
2.34
5.04
-1.99
-1.89
-5.92
-4.94
-6.39
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
1.00
4.93
5.16
9.38
12.65
9.42
5.63
9.40
8.60
9.76
11.06
12.12
9.27
4.59
3.72
4.40
4.21
4.19
3.88
5.26
4.99
3.75
2.17
1.65
0.23
1.74
2.16
0.78
1.00
2.63
3.20
0.72
3.80
2.08
2.13
2.09
1.67
2.38
1.16
5.52
-1.08
-1.50
-3.58
-3.93
-1.70
3.60
-1.41
0.31
2.53
2.39
7.37
5.47
5.04
7.93
5.14
5.05
4.09
5.67
7.27
8.56
5.60
4.23
3.56
5.09
5.60
2.27
2.50
3.78
2.14
2.36
3.38
-1.20
0.84
0.12
0.57
2.34
1.91
1.56
10.26
0.46
-1.34
-5.36
-4.76
-3.91
3.54
-1.69
-3.01
-1.21
0.80
-0.75
10.36
5.51
6.65
7.28
5.32
3.47
5.01
5.09
5.91
9.96
5.93
8.13
0.33
9.96
5.50
2.53
4.62
1.25
3.20
6.58
-0.43
1.36
0.85
0.27
1.95
1.67
5.53
15.32
1.42
-2.38
-6.08
-3.98
-5.65
4.58
-2.36
-4.65
-3.69
-1.16
-4.80
16.72
5.56
7.35
9.98
6.44
1.78
4.96
5.66
4.44
13.38
7.40
10.88
-3.90
14.05
7.93
3.98
5.95
-1.36
5.15
6.81
2.43
2.35
2.09
0.74
1.93
1.51
9.65
19.68
4.02
-3.33
-6.32
-4.99
-8.22
8.18
-3.22
-6.70
-5.97
-4.89
-9.03
24.44
4.77
8.49
14.18
9.18
-0.59
5.57
7.18
1.96
15.85
7.93
15.40
-7.31
18.69
9.53
7.90
8.23
-4.57
7.47
5.21
4.99
3.52
3.74
3.59
1.54
1.47
13.32
This table is based on Table 4B, adjusted for changes in the CPI.
20.78
6.32
-3.85
-7.01
-12.73
-6.03
12.68
-3.14
-6.73
-11.29
-8.10
-13.50
30.85
4.79
10.97
19.99
12.78
-3.59
6.32
10.49
-1.57
19.92
10.67
20.88
-10.67
24.12
11.87
16.54
13.01
-9.53
10.11
3.18
6.06
5.86
6.20
12.70
1.52
0.90
12.35
TABLE 4C (Cont'd)
PERIOD
1939 - 1943
1944 - 1948
1949 - 1953
1954 - 1958
1959 - 1963
1964 - 1968
1969 - 1973
1974 - 1978
1979 - 1983
1984 - 1988
1989 - 1993
1994 - 1998
1999 - 2003
2004 - 2008
1959 - 2008
MEAN
S.DEV. 1959 - 2008
10 YRS 1939 - 1948
1949 - 1958
1959 - 1968
1969 - 1978
1979 - 1988
1989 - 1998
1999 - 2008
1959 - 2008
MEAN
S.DEV. 1959 - 2008
15 YRS 1949 - 1963
1964 - 1978
1979 - 1993
1994 - 2008
25 YRS 1959 - 1983
1984 - 2008
50 YRS 1959 - 2008
- 2008
ALL YRS
5 YRS
CPI
3.90
5.63
3.11
1.65
1.27
3.33
5.00
9.12
9.33
4.08
3.56
1.18
2.48
1.88
4.09
2.95
4.76
2.37
2.30
7.04
6.67
2.36
2.18
4.09
2.51
2.01
5.79
5.62
1.85
5.56
2.63
4.09
3.81
91 DAY
-3.16
-4.96
-2.14
0.72
2.47
1.43
0.34
-0.66
4.54
5.57
5.83
3.84
1.49
1.29
2.59
2.23
-4.07
-0.72
1.95
-0.16
5.06
4.83
1.39
2.59
2.26
0.33
0.37
5.31
2.20
1.61
3.59
2.59
1.09
1-3 YEAR
.
.
-1.66
1.44
2.97
1.26
0.84
-2.01
2.85
5.54
6.99
4.54
2.36
2.04
2.71
2.54
.
0.05
2.11
-0.60
4.18
5.76
2.20
2.71
2.40
1.08
0.02
5.11
2.97
1.17
4.28
2.71
2.30
3-5 YEAR
.
.
.
1.44
3.21
0.66
1.26
-2.48
2.23
6.07
8.30
5.44
3.04
3.13
3.05
3.03
.
.
1.93
-0.63
4.13
6.86
3.09
3.05
2.76
.
-0.20
5.50
3.87
0.96
5.18
3.05
2.91
5-10 YEAR
.
.
.
1.00
3.05
-0.39
1.78
-3.16
1.19
7.26
9.54
7.07
3.24
4.64
3.36
3.84
.
.
1.32
-0.72
4.18
8.30
3.94
3.36
3.40
.
-0.61
5.93
4.97
0.47
6.33
3.36
3.15
10+ YEAR
-0.64
-2.51
-1.65
-0.56
2.53
-2.01
1.45
-3.55
-0.67
9.01
11.78
10.31
2.91
6.61
3.71
5.34
-1.58
-1.11
0.23
-1.08
4.06
11.04
4.74
3.71
4.74
0.09
-1.39
6.57
6.57
-0.47
8.08
3.71
2.23
PERIOD
5 YRS
1943
1948
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
1948
1958
1968
1978
1988
1998
2008
1963
1978
1993
2008
1983
2008
2008
2008
CPI
1.66
6.35
5.05
1.25
0.77
0.97
2.97
2.51
2.89
0.28
1.62
0.77
1.18
0.48
4.49
3.56
1.36
3.38
3.39
1.74
0.90
2.94
3.31
3.24
0.97
3.84
1.41
3.24
3.52
91 DAY
1.51
5.68
4.87
0.96
0.67
0.60
3.63
2.80
2.11
1.43
2.08
1.49
1.76
0.93
4.02
3.62
0.82
3.11
1.78
2.00
1.33
3.30
2.62
1.85
1.79
2.78
2.45
2.77
3.86
1-3 YEAR
.
.
5.52
2.39
1.66
0.80
5.74
3.28
4.93
1.49
2.00
3.61
2.67
2.05
.
4.10
1.53
4.67
3.70
3.03
2.25
3.63
3.87
3.43
2.88
3.91
2.96
3.77
3.90
3-5 YEAR
.
.
.
3.94
2.73
1.24
8.19
4.09
8.89
3.03
3.71
6.52
3.12
3.65
.
.
2.42
6.44
6.54
5.21
3.20
.
5.24
5.94
4.49
5.72
4.34
5.44
5.22
5-10 YEAR
.
.
.
5.80
5.02
2.12
10.49
6.52
13.64
5.42
5.91
9.34
4.64
4.92
.
.
4.08
8.68
10.20
7.47
4.57
.
7.05
9.11
6.41
8.15
6.17
7.72
7.42
10+ YEAR
3.43
7.39
7.43
7.42
5.74
4.29
11.80
9.53
18.36
8.72
9.08
13.01
7.50
5.67
5.50
7.02
5.36
10.47
14.31
10.59
6.55
6.64
8.73
12.94
9.20
10.41
8.95
10.51
9.66
CORRELATIONS OF RETURNS BY TIME TO MATURITY

CPI
CPI
91 DAY
1-3 YEAR
3-5 YEAR
5-10 YEAR
-0.40
-0.49
-0.40
-0.37
91 DAY
1-3 YEAR
3-5 YEAR
-0.57
-0.71
0.73
-0.48
0.27
0.83
0.79
0.57
0.46
0.96
0.89
0.97
5-10 YEAR
10+ YEAR
LAST 10 YEARS
/
-0.25
-0.08
-0.08
-0.32
0.53
0.14
0.90
0.56
0.83
10+ YEAR
-0.44
0.49
0.81
0.91
/
ALL YEARS
0.96
TABLE 5
RETURNS ON U.S. COMMON STOCKS IN CANADIAN DOLLARS
ANNUAL PERCENTAGE RATES OF TOTAL RETURN
YEAR
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
RETURN ON S&P 500

(NOMINAL VALUES)
33.23
-0.89
-9.98
#####
21.08
25.59
19.60
36.39
-8.12
5.27
5.08
18.00
30.47
24.61
18.31
-1.01
52.16
31.37
6.59
#####
43.21
11.92
0.46
26.79
-8.72
22.67
16.33
12.37
#####
23.89
10.99
-8.42
3.95
14.26
DECEMBER EXCHANGE RATE

U.S. IN CANADIAN DOLLARS
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
RETURN IN CANADIAN
DOLLARS (NOMINAL VALUES)
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
18.91
#####
#####
37.19
23.59
-7.39
6.43
18.24
32.31
-4.98
21.49
22.41
6.13
31.22
18.91
5.11
16.61
31.69
-3.10
30.47
7.62
10.08
1.32
37.58
22.96
33.36
28.58
21.04
-9.10
#####
#####
28.69
10.88
4.91
15.79
5.49
#####
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
This table converts S&P 500 Common Stock Index values and reinvested dividends to Canadian dollars
and gives total return rates in Canadian dollars. The values in the last column are used in Tables 1A-1D
and 2A-2B.
TABLE 6
RETURNS ON INTERNATIONAL STOCK INDICES
ANNUAL PERCENTAGE RATES OF TOTAL RETURN
MEASURED IN U.S. DOLLARS
YEAR
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
WORLD
INDEX
-1.98
19.56
23.55
-14.50
-24.49
34.50
14.71
2.00
18.21
12.67
27.72
-3.30
11.27
23.28
5.77
41.77
42.80
16.76
23.95
17.19
-16.52
18.97
-4.66
23.13
5.58
21.32
14.00
16.23
24.80
25.34
-12.92
-16.52
-19.54
WORLD
EX. U.S.
-13.41
33.29
40.37
-10.67
-18.53
32.76
3.55
17.52
33.10
10.94
25.44
-2.45
-0.26
24.79
3.47
51.40
65.84
24.56
27.80
11.42
-22.81
12.44
-11.93
32.61
7.64
11.76
7.20
2.56
19.11
28.27
-13.16
-21.16
-15.51
EUROPEAN
PACIFIC
INDEX BASIN INDEX
-9.36
-11.99
28.05
38.76
15.62
107.54
-7.73
-20.95
-22.77
-20.94
43.90
26.72
-6.37
21.64
23.92
13.69
24.30
48.77
14.67
-3.48
14.52
36.38
-10.45
8.31
5.69
-6.26
22.38
26.42
1.26
13.48
79.79
39.39
44.46
93.82
4.10
39.85
16.35
35.19
29.06
2.68
-3.37
-34.29
13.66
11.54
-4.25
-18.20
29.79
35.97
2.66
13.03
22.13
2.99
21.57
-8.40
24.20
-25.34
28.91
2.69
16.23
57.96
-8.14
-25.64
-19.64
-25.22
-18.09
-9.01
MEASURED IN CANADIAN DOLLARS

YEAR
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
WORLD
INDEX
-7.16
17.42
23.24
-14.27
-25.34
38.00
15.27
9.86
27.08
11.73
30.69
-4.25
16.26
24.13
12.00
49.79
41.25
10.64
13.39
13.78
-16.60
17.50
5.91
28.74
10.16
19.66
13.36
21.77
34.90
19.74
-10.02
-13.50
-20.47
WORLD
EX. U.S.
-17.99
30.91
40.01
-10.43
-19.45
36.22
4.05
26.58
43.08
10.01
28.35
-3.41
4.21
25.65
9.56
59.97
64.05
18.02
16.91
8.18
-22.89
11.05
-2.17
38.66
12.31
10.24
6.59
7.45
28.75
22.54
-10.26
-18.30
-16.49
EUROPEAN
PACIFIC
INDEX BASIN INDEX
-14.15
-16.64
25.75
36.27
15.33
107.02
-7.48
-20.74
-23.65
-21.83
47.65
30.02
-5.92
22.22
33.47
22.45
33.62
59.93
13.71
-4.29
17.19
39.55
-11.32
7.25
10.43
-2.06
23.23
27.29
7.22
20.16
89.96
47.28
42.90
91.72
-1.37
32.51
6.44
23.67
25.30
-0.31
-3.47
-34.36
12.26
10.16
6.37
-9.13
35.71
42.17
7.11
17.93
20.47
1.59
20.89
-8.92
30.12
-21.78
39.34
11.01
11.04
50.90
-5.08
-23.17
-16.73
-22.51
-19.04
-10.06
2003
2004
2005
2006
2007
2008
33.76
15.25
10.02
20.65
9.57
-40.33
40.01
20.84
14.96
26.23
12.92
-43.23
39.14
21.39
9.93
34.36
14.39
-46.08
38.98
19.30
23.01
12.51
5.61
-36.17
2003
2004
2005
2006
2007
2008
12.62
7.02
4.78
19.82
-4.68
-26.57
17.88
12.22
9.48
25.36
-1.76
-30.14
17.15
12.72
4.69
33.43
-0.48
-33.64
Source: Morgan Stanley Capital International Inc. Copyright 2009. All Rights Reserved.
CORRELATIONS OF NOMINAL ANNUAL

PERCENTAGE RATES OF CHANGE/RETURN
MEASURED IN CANADIAN DOLLARS
CONSUMER
PRICE
INDEX
CPI
STOCKS
LONG BONDS
91-DAY T-BILLS
U.S. STOCKS
WORLD
WORLD EXC. U.S.A.
EUROPE
PACIFIC BASIN
0.03
-0.23
0.64
-0.06
-0.02
0.06
-0.02
0.10
COMMON
STOCK
INDEX
CANADIAN
LONG
BONDS
CANADIAN
91-DAY
T-BILLS
U.S.
STOCK
INDEX
0.24
0.06
-0.40
0.13
0.20
-0.42
-0.10
0.88
-0.56
0.27
0.02
0.00
0.61
0.70
0.66
0.62
0.52
0.07
0.38
0.23
0.06
0.23
-0.09
0.20
0.12
0.04
0.04
0.03
0.87
0.63
0.75
0.39
/
ALL YEARS (1970+)
All rates of return are gross of tax and include both market value changes and dividends.
WORLD
INDEX
-0.01
0.91
-0.54
0.14
0.98
0.92
0.89
0.71
WORLD
EX. U.S.
INDEX
0.09
0.92
-0.48
0.07
0.94
0.99
0.87
0.86
PACIFIC
EUROPEAN
BASIN
INDEX
INDEX
LAST 10 YEARS
/
0.05
0.14
0.86
0.81
-0.40
-0.58
0.12
-0.04
0.92
0.79
0.95
0.85
0.96
0.85
0.68
0.54
17.01
10.79
17.14
11.73
-8.12
-21.45
TABLE 7
REAL ESTATE RETURNS
DATA NOT YET AVAILABLE
TABLE 8
PENSION PLAN ASSET MEDIAN RETURNS
TABLE 8 (Cont'd)
TABLE 9
HISTORICAL CANADIAN POPULATION AND
DEPENDENCY RATIOS
YEAR
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
TOTAL
POPULATION
V466668
8,788,000
8,919,000
9,010,000
9,143,000
9,294,000
9,451,000
9,637,000
9,835,000
10,029,000
10,208,000
10,376,700
10,510,000
10,633,000
10,741,000
10,845,000
10,950,000
11,045,000
11,152,000
11,267,000
11,381,000
11,506,700
11,654,000
11,795,000
11,946,000
12,072,000
12,292,000
12,551,000
12,823,000
13,447,000
13,712,000
14,009,400
14,459,000
14,845,000
POP<18/
POP 18-65
72.6
72.0
71.6
71.1
70.6
70.3
69.3
68.4
67.7
67.1
66.6
65.5
64.3
63.2
62.0
61.0
59.9
58.9
58.0
57.1
56.5
55.7
55.3
55.1
55.1
55.3
56.0
57.1
58.5
59.3
60.6
61.9
62.9
POP>65/
POP 18-65
8.7
8.8
8.8
9.0
9.1
9.2
9.3
9.4
9.5
9.7
9.8
9.9
10.0
10.1
10.3
10.5
10.6
10.7
10.8
11.0
11.2
11.3
11.5
11.7
11.8
12.0
12.3
12.7
13.0
13.2
13.5
13.6
13.7
YEAR
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
TOTAL
POPULATION
V466668
19,644,000
20,014,900
20,378,000
20,701,100
21,001,000
21,297,000
21,961,999
22,218,475
22,491,757
22,807,918
23,143,192
23,449,791
23,725,921
23,963,370
24,201,801
24,516,071
24,820,393
25,117,442
25,366,969
25,607,651
25,842,736
26,101,155
26,448,855
26,795,383
27,281,795
27,697,530
28,031,394
28,366,737
28,681,676
28,999,006
29,302,091
29,610,757
29,907,172
POP<18/
POP 18-65
73.2
72.0
70.3
68.5
66.7
64.9
62.5
60.6
58.5
56.4
54.6
52.8
51.1
49.4
47.6
46.1
44.5
43.1
41.8
41.0
40.4
39.9
39.6
39.2
38.8
38.8
38.8
38.9
38.8
38.6
38.4
38.2
37.8
POP>65/
POP 18-65
14.4
14.3
14.3
14.2
14.2
14.3
14.2
14.2
14.2
14.3
14.3
14.4
14.6
14.8
15.0
15.2
15.3
15.4
15.5
15.7
16.0
16.4
16.8
17.1
17.3
17.6
18.0
18.3
18.5
18.6
18.8
19.0
19.2
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
15,287,000
15,698,000
16,080,800
16,610,000
17,080,000
17,483,000
17,870,000
18,238,200
18,583,000
18,931,000
19,291,000
64.2
65.5
66.7
68.0
69.5
70.5
71.7
72.8
73.4
73.9
73.8
13.8
13.9
14.0
13.9
13.9
14.0
14.1
14.3
14.3
14.4
14.4
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
30,157,082
30,403,878
30,689,035
31,021,251
31,372,587
31,676,077
31,989,454
32,299,496
32,576,074
32,927,372
33,311,389
37.4
36.8
36.2
35.7
34.9
34.2
33.6
33.1
32.9
32.4
31.8
19.4
19.5
19.6
19.6
19.7
19.8
19.9
20.0
20.3
20.6
20.9
POP (<18)/POP (18-65):
This is the ratio, as a percentage, of the number of people under

age 18 to the number of people aged 18 to 65.
POP (>65)/POP (18-65):
This is the ratio, as a percentage, of the number of people over

age 65 to the number of people aged 18 to 65.
Population Data
35000
30000
Thousands
25000
20000
15000
10000
5000
0
1921
1931
1941
1951
Under 18
1961
18 To 65
1971
1981
1991
2001
Over 65
Dependency Ratios
80
70
Percentage
60
50
40
30
20
10
80
70
Percentage
60
50
40
30
20
10
0
1921
1931
1941
1951
1961
Pop(<18)/Pop(18 -65)
1971
1981
1991
2001
Pop(>65)/Pop(18 -65)
TABLE 10
GOVERNMENT OF CANADA SECURITIES BY TERM
TABLE 10
YEAR
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
3 MONTH
B14007
0.75
0.76
0.68
0.81
0.64
0.55
0.52
0.41
0.37
0.36
0.40
0.41
0.41
0.51
0.63
0.90
1.30
1.89
1.06
2.56
3.67
3.62
3.49
5.12
3.25
2.99
3.91
3.78
3.82
6 MONTH
B14008
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.47
3.54
3.14
4.01
3.99
3.96
2 YEAR
B14067
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3 YEAR
B14068
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5 YEAR
B14069
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7 YEAR
B14070
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10 YEAR
B14071
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
LONG TERM
B14072
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
4.54
4.96
5.95
6.24
7.81
4.44
3.21
3.65
6.35
7.12
8.64
8.14
7.17
10.46
13.66
17.01
14.41
9.80
9.71
9.84
9.24
8.24
8.41
10.94
12.22
11.47
7.42
7.11
3.86
7.18
5.54
2.80
4.46
4.70
4.93
5.56
2.00
2.67
2.59
2.48
3.40
4.16
3.86
4.77
5.03
6.13
6.47
7.88
4.52
3.31
3.87
6.51
6.97
8.83
7.93
7.36
10.71
13.60
15.30
14.51
9.39
9.86
10.16
9.26
8.48
9.01
11.40
12.04
11.40
7.37
7.17
4.02
8.11
5.65
3.18
4.88
4.76
5.29
5.58
2.06
2.79
2.59
2.58
3.65
4.17
4.00
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10.03
10.33
10.18
8.98
8.55
9.62
10.56
10.92
10.46
7.31
6.93
4.61
8.84
5.89
4.03
5.04
4.72
5.85
5.27
3.21
3.18
2.96
3.05
3.80
3.98
3.87
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10.14
10.48
10.53
9.06
8.49
9.71
10.27
10.38
10.41
7.69
7.08
4.91
9.00
6.16
4.85
5.32
4.83
6.01
5.30
3.79
3.55
3.26
3.26
3.83
3.95
3.94
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12.53
15.24
10.42
10.98
10.90
9.20
8.63
9.78
10.27
9.77
10.27
7.87
7.34
5.73
8.99
6.64
5.44
5.34
4.76
6.11
5.30
4.69
4.06
3.91
3.74
3.87
3.95
3.98
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.43
8.65
9.93
10.26
9.72
10.38
8.18
7.84
6.34
9.08
6.99
6.02
5.48
4.82
6.18
5.34
5.13
4.47
4.30
4.08
3.87
3.98
4.02
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
11.31
11.72
11.52
9.63
8.74
10.02
10.17
9.56
10.34
8.32
7.86
6.57
9.07
7.11
6.37
5.61
4.89
6.18
5.35
5.44
4.88
4.66
4.39
3.93
4.05
4.09
.
.
.
.
.
.
.
.
.
.
.
8.85
9.22
9.95
11.60
13.04
15.52
11.92
12.29
11.99
9.99
8.90
10.29
10.00
9.37
10.40
9.00
8.36
7.28
9.13
7.63
7.09
5.95
5.23
6.23
5.56
5.69
5.42
5.20
4.92
4.02
4.10
4.18
2008
0.95
0.98
1.09
1.32
1.69
2.13
2.69
3.45
Source: Bank of Canada, Department of Monetary and Financial Analysis.

This table gives the actual mid-market closing yields of selected Canada bond issues that mature approximately in the indicated term areas. The given
annual rate is that compounded semi-annually. At times, some of the change in the yield occurring over a reporting period may reflect a switch to a
more topical issue.
TABLE 11
U.S. GOVERNMENT SECURITIES BY TERM
TABLE 11
U.S. GOVERNMENT SECURITIES
NOMINAL YIELDS TO MATURITY COMPOUNDED SEMI-ANNUALLY*
YEAR
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
3 MONTH
T-BILL
0.23
0.15
0.12
0.11
0.03
0.04
0.02
0.33
0.38
0.38
0.38
0.38
0.38
0.95
1.16
1.10
1.34
1.73
2.09
1.60
1.15
2.54
3.21
3.04
2.77
4.49
2.25
2.60
2.87
3.52
6 MONTH
T-BILL
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.01
4.85
2.50
2.88
2.91
3.66
1 YEAR
T-BOND
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.66
1.21
2.73
3.68
3.18
3.29
5.14
2.86
3.18
3.01
3.81
2 YEAR
T-BOND
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3 YEAR
T-BOND
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.07
1.81
2.88
3.76
3.11
3.72
5.12
3.42
3.72
3.37
4.01
5 YEAR
T-BOND
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.32
2.16
2.93
3.70
3.08
3.82
5.01
3.67
3.91
3.56
4.04
7 YEAR
T-BOND
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10 YEAR
T-BOND
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.59
2.51
2.96
3.59
3.21
3.86
4.69
3.84
4.06
3.86
4.13
20 YEAR
T-BOND
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.89
2.67
2.98
3.45
3.38
3.86
4.33
3.91
4.07
3.92
4.19
30 YEAR
T-BOND
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
3.84
4.38
4.96
4.97
5.96
7.82
4.87
4.01
5.07
7.45
7.15
5.44
4.35
6.07
9.08
12.04
15.49
10.85
7.94
9.00
8.06
7.10
5.53
5.77
8.07
7.63
6.74
4.07
3.22
3.06
5.60
5.14
4.91
5.16
4.39
5.20
5.77
1.69
1.19
0.90
2.19
3.89
4.85
3.00
3.95
4.55
5.07
5.49
6.06
7.90
4.89
4.23
5.30
7.56
7.11
5.85
4.51
6.40
9.36
11.84
14.64
11.52
8.16
9.17
8.28
7.14
5.55
6.36
8.22
7.42
6.70
4.10
3.36
3.23
6.21
5.13
5.04
5.24
4.40
5.44
5.68
1.78
1.24
0.99
2.43
4.18
4.88
3.23
4.02
4.72
5.20
5.71
6.19
8.17
5.00
4.60
5.52
7.27
7.31
6.60
4.89
6.96
10.30
11.98
14.88
12.85
8.91
10.11
9.33
7.67
5.87
7.17
8.99
7.72
7.05
4.38
3.71
3.61
7.14
5.31
5.47
5.53
4.52
5.84
5.60
2.22
1.45
1.31
2.67
4.35
4.94
3.26
.
.
.
.
.
.
.
.
.
.
.
.
5.38
7.18
9.72
11.39
14.08
13.29
9.66
10.84
10.18
8.15
6.27
7.86
9.09
7.78
7.31
5.03
4.67
4.21
7.59
5.32
5.78
5.72
4.51
6.10
5.35
3.11
1.84
1.91
3.01
4.40
4.67
3.12
4.08
4.79
5.19
5.71
6.16
8.10
5.75
5.27
6.01
6.81
7.24
7.43
5.68
7.30
9.33
10.71
13.65
13.66
9.88
11.13
10.56
8.40
6.43
8.13
9.11
7.77
7.47
5.39
5.21
4.54
7.71
5.39
5.91
5.74
4.48
6.14
5.26
3.62
2.23
2.44
3.21
4.39
4.58
3.13
4.09
4.72
5.00
5.75
6.12
7.96
5.95
5.69
6.16
6.80
7.31
7.76
6.10
7.48
9.08
10.42
13.25
13.60
10.22
11.54
11.07
8.73
6.67
8.45
9.09
7.75
7.73
6.19
6.08
5.15
7.78
5.51
6.07
5.77
4.45
6.19
5.17
4.39
3.03
3.27
3.60
4.39
4.53
3.49
.
.
.
.
.
7.51
6.23
5.97
6.20
6.77
7.38
7.93
6.37
7.59
9.03
10.42
13.00
13.62
10.49
11.78
11.45
9.11
6.97
8.82
9.13
7.85
8.00
6.69
6.46
5.48
7.80
5.63
6.20
5.83
4.65
6.38
5.28
4.86
3.63
3.79
3.93
4.41
4.54
3.74
4.18
4.62
4.84
5.70
6.03
7.65
6.39
5.93
6.36
6.74
7.43
8.00
6.87
7.69
9.01
10.39
12.84
13.72
10.54
11.83
11.50
9.26
7.11
8.99
9.11
7.84
8.08
7.09
6.77
5.77
7.81
5.71
6.30
5.81
4.65
6.28
5.24
5.09
4.03
4.27
4.23
4.47
4.56
4.10
4.18
4.50
4.76
5.59
5.88
6.91
6.28
6.00
5.96
7.29
7.91
8.23
7.30
7.87
8.90
10.18
12.49
13.73
10.62
12.02
11.64
9.75
7.28
.
.
.
.
.
.
6.40
7.99
6.12
6.65
6.07
5.36
6.69
5.64
5.76
5.01
5.11
4.88
4.73
4.78
4.57
.
.
.
.
.
.
.
.
.
.
.
.
.
7.94
8.88
10.12
12.40
13.45
10.54
11.88
11.52
9.54
7.37
9.12
9.01
7.90
8.24
7.70
7.44
6.25
7.87
6.06
6.55
5.99
5.06
6.35
5.49
5.48
.
.
.
.
4.68
4.53
2008
0.03
0.26
0.49
0.82
1.07
1.52
1.89
2.42
3.18
Source: U.S. Federal Reserve, Statistical Release H.15.

*3 Month and 6 Month T-Bills rates shown are on a discount basis annualized using a 360-day year.
T-bonds listed are Treasury nominal securities at "constant maturity". Yields are interpolated by the U.S. Treasury from the daily yield curve for non-inflation-indexed
Treasury securities.
2.87
APPENDIX A
DATA SERIES FOR PAST THREE YEARS
2
10
11
12
S&P/TSX - TOTAL RETURN INDEX

2006
6.06
-2.02
2007
1.15
0.25
2008
-4.72
3.45
YEAR
3.90
1.17
-1.43
0.89
2.07
4.60
-3.56
4.99
5.79
-0.82
-0.82
-1.41
2.03
-0.13
-5.86
2.26
-1.29
1.54
-2.32
3.46
-14.45
5.09
3.91
-16.67
3.52
-6.22
-4.74
1.50
1.34
-2.64
2.27
2.41
2.61
2.45
2.36
2.50
2.46
2.39
2.64
2.44
2.42
2.93
2.46
2.49
2.95
2.55
2.40
3.43
2.43
2.32
3.85
2.40
2.55
4.02
2.42
2.49
4.04
V122541 - GOVERNMENT OF CANADA 91-DAY TREASURY BILL YIELD RATE

2006
3.49
3.71
3.79
3.97
4.18
2007
4.16
4.18
4.17
4.17
4.29
2008
3.46
3.24
2.03
2.70
2.73
4.30
4.42
2.69
4.16
4.56
2.42
4.13
4.01
2.52
4.17
4.11
1.88
4.17
3.97
2.22
4.18
3.92
1.84
4.16
3.86
0.95
v122558 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 1-3 YEARS

2006
3.83
3.92
4.00
4.19
4.22
4.49
2007
4.10
3.97
4.01
4.17
4.56
4.66
2008
3.22
3.10
2.63
2.74
3.05
3.27
4.20
4.71
3.10
4.04
4.28
2.76
3.91
4.22
2.93
4.10
4.22
2.16
3.92
3.84
1.79
3.98
3.91
1.11
V122485 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 3-5 YEARS

2006
3.95
4.00
4.11
4.34
4.29
4.53
2007
4.08
3.94
3.98
4.11
4.54
4.64
2008
3.45
3.35
2.88
2.99
3.24
3.40
4.25
4.64
3.33
4.01
4.28
2.98
3.87
4.28
3.12
4.07
4.22
2.73
3.85
3.88
2.39
3.94
3.96
1.61
V122486 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 5-10 YEARS

2006
4.05
4.07
4.20
4.47
4.40
4.61
2007
4.14
3.99
4.05
4.13
4.49
4.63
2008
3.74
3.64
3.23
3.34
3.50
3.62
4.35
4.59
3.65
4.07
4.35
3.34
3.94
4.36
3.50
4.13
4.27
3.43
3.90
4.00
3.03
4.01
4.04
2.30
V122487 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 10+ YEARS

2006
4.22
4.17
4.26
4.59
4.51
4.69
2007
4.23
4.10
4.21
4.21
4.43
4.59
2008
4.17
4.14
3.91
4.02
4.07
4.07
4.46
4.52
4.18
4.22
4.44
4.02
4.08
4.50
4.14
4.25
4.39
4.31
4.03
4.22
4.00
4.11
4.18
3.45
V122493 - CHARTERED BANK - DEPOSIT RATES FOR NON-CHEQUABLE SAVINGS DEPOSIT

2006
0.05
0.05
0.05
0.05
0.05
0.05
2007
0.05
0.05
0.05
0.05
0.10
0.10
2008
0.10
0.10
0.10
0.10
0.10
0.10
0.05
0.10
0.10
0.05
0.10
0.10
0.05
0.10
0.10
0.05
0.10
0.10
0.05
0.10
0.10
0.05
0.10
0.05
V122628 - S&P/TSX - STOCK DIVIDENDS YIELDS

2006
1.90
2.00
2.28
2007
2.39
2.42
2.46
2008
2.66
2.69
2.75
V122497 - RESIDENTIAL MORTGAGE LENDING RATE

2006
5.65
5.75
5.78
2007
5.91
6.00
5.91
2008
6.81
6.72
6.60
5.88
5.92
6.40
6.05
6.01
6.21
6.12
6.51
6.20
6.26
6.60
6.37
6.24
6.62
6.25
6.13
6.61
6.16
6.01
6.69
6.46
5.99
6.73
6.51
5.89
6.75
6.17
V122515 - CHARTERED BANK - 5 YEAR PERSONAL FIXED TERM DEPOSIT RATE

2006
2.53
2.88
2.88
2.88
3.18
2007
2.68
2.93
2.73
2.73
3.13
2008
2.88
2.98
2.63
2.63
2.75
3.18
3.45
2.95
3.18
3.60
2.95
2.98
3.23
2.95
2.88
3.23
2.95
2.88
3.23
2.95
2.78
2.98
2.83
2.68
3.10
2.23
V122526 - CHARTERED BANK 5 YEAR GUARANTEED INVESTMENT CERTIFICATE

2006
2.78
3.13
3.13
3.13
3.43
2007
2.93
3.18
2.98
2.98
3.38
2008
3.23
3.23
2.88
2.88
2.88
3.43
3.58
3.08
3.43
3.73
3.08
3.23
3.48
3.08
3.13
3.48
3.08
3.13
3.48
3.08
3.03
3.23
3.08
2.93
3.23
2.48
V37694 - EXCHANGE RATE - CANADIAN CENTS PER U.S. DOLLAR - AVERAGE NOON SPOT RATE
2006
115.73
114.89
115.74
114.38
110.95
111.38
112.92
2007
117.59
117.07
116.82
113.43
109.49
106.52
105.03
2008
101.11
99.91
100.20
101.39
99.94
101.67
101.27
111.83
105.82
105.44
111.62
102.54
105.83
112.86
97.52
118.47
113.62
96.71
121.82
115.30
100.31
123.45
V1597104 - AVERAGE WEEKLY EARNINGS

2006
739.29
739.82
742.02
2007
762.20
762.86
764.43
2008
782.09
786.58
787.48
743.09
765.25
789.05
745.07
767.89
788.44
742.55
769.80
789.22
745.50
771.46
790.62
749.06
770.73
793.84
748.93
772.96
798.49
753.30
777.64
801.24
754.70
783.80
x
758.25
780.76
x
V41690973 - CONSUMER PRICE INDEX FOR CANADA

2006
108.20
108.00
108.60
109.20
2007
109.40
110.20
111.10
111.60
2008
111.80
112.20
112.60
113.50
109.70
112.10
114.60
109.50
111.90
115.40
109.60
112.00
115.80
109.80
111.70
115.60
109.20
111.90
115.70
109.00
111.60
114.50
109.20
111.90
114.10
109.40
112.00
113.30
16510
16857
17084
16503
16875
17099
16525
16930
17206
16564
16993
17216
16582
17015
17145
16654
17013
17111
1.80
2.09
1.60
1.61
2.15
1.53
1.66
2.15
2.06
1.78
2.05
2.49
1.63
2.14
2.68
1.73
1.99
2.10
V2062811 - LABOUR FORCE SURVEY ESTIMATES - BOTH SEXES 15+ YEARS (IN THOUSANDS)
2006
16304
16346
16389
16423
16517
16509
2007
16722
16741
16792
16788
16806
16849
2008
17059
17102
17117
17136
17144
17139
V122553 - REAL RETURN BONDS, LONG-TERM
2006
1.54
1.44
1.59
2007
1.79
1.75
1.77
2008
1.98
1.94
1.67
1.79
1.76
1.72
1.83
2.02
1.57
1.90
2.15
1.45
Source: TSX Copyright 2009 TSX Inc. All Rights Reserved.
APPENDIX A (Cont'd)
V498086 - GDP AT MARKET PRICES (IN MILLIONS OF DOLLARS)

YEAR
2006
2007
2008
3
1,432,352
1,503,856
1,576,324
6
1,444,876
1,536,548
1,619,472
12
1,466,604
1,560,344
x
AGES 18-65
V466674
21,100,019
21,254,797
21,817,226
AGES >65
V466686
4,221,203
4,324,815
4,563,119
1,458,128
1,541,836
1,639,540
ESTIMATES OF POPULATION
YEAR
2006
2007
2008
ALL AGES
V466668
32,299,496
32,576,074
33,311,389
AGES 0-17
V466965
6,978,274
6,996,462
6,931,044
S&P 500 - COMMON STOCK INDEX

YEAR
2006
2007
2008
DEC. 31
1,418.30
1,468.36
903.25
MORGAN STANLEY CAPITAL INTERNATIONAL

GROSS INDICES IN $U.S.
YEAR
DEC. 31
WORLD
2006
2007
2008
4,466.30
4,893.54
2,919.78
WORLD EXCLUDING U.S.A.
2006
2007
2008
5,742.36
6,484.10
3,680.94
EUROPE
2006
2007
2008
7,247.58
8,290.81
4,470.45
PACIFIC BASIN
2006
2007
2008
5,075.27
5,359.98
3,421.21

Report On Canadian Economic Statistics 1927-2008

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TABLES 1A, 1B, 1C, 1D

BASIC VARIABLES - SINGLE YEAR CHANGES: YEAR-END TO YEAR-END

FIGURE 1A : NOMINAL RATES

Bonds, Mortgages and T-Bills

Real Return Bonds

TABLE 1B: REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

REAL VALUES NET OF CPI INCREASES

TABLE 1B: REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

REAL VALUES NET OF CPI INCREASES

TABLE 1B: REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

REAL VALUES NET OF CPI INCREASES

FIGURE 1B: REAL RATES

Bonds, Mortgages and T-Bills

Real Return Bonds

TABLE 1C: ACCUMULATION FACTORS

TABLE 1D: ACCUMULATION FACTORS NET OF CPI

75 YRS 1934 - 2008

CORRELATIONS OF NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

REAL VALUES NET OF CPI INCREASES

1934 1959 1984 50 YRS 1959 75 YRS 1934 ALL YRS

75 YRS 1934 - 2008

CORRELATIONS OF REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

TABLES 3A, 3B, 3C

STANDARD DEVIATIONS OVER SELECTED INTERVALS

CORRELATIONS OF NOMINAL YIELDS TO MATURITY

STANDARD DEVIATIONS OVER SELECTED INTERVALS

CORRELATIONS OF RATES OF CHANGE/RETURN

REAL VALUES NET OF CPI INCREASES

STANDARD DEVIATIONS OVER SELECTED INTERVALS

CORRELATIONS OF RATES OF CHANGE/RETURN

TABLES 4A, 4B, 4C

STANDARD DEVIATIONS OVER SELECTED INTERVALS

CORRELATIONS OF YIELDS BY TIME TO MATURITY

STANDARD DEVIATIONS OVER SELECTED INTERVALS

CORRELATIONS OF RETURNS BY TIME TO MATURITY

REAL VALUES NET OF CPI INCREASES

STANDARD DEVIATIONS OVER SELECTED INTERVALS

CORRELATIONS OF RETURNS BY TIME TO MATURITY

RETURN ON S&P 500

DECEMBER EXCHANGE RATE

MEASURED IN CANADIAN DOLLARS

CORRELATIONS OF NOMINAL ANNUAL

DATA NOT YET AVAILABLE

DATA NOT YET AVAILABLE

DATA NOT YET AVAILABLE

POP (<18)/POP (18-65):

This is the ratio, as a percentage, of the number of people under

POP (>65)/POP (18-65):

This is the ratio, as a percentage, of the number of people over

Source: Bank of Canada, Department of Monetary and Financial Analysis.

Source: U.S. Federal Reserve, Statistical Release H.15.

S&P/TSX - TOTAL RETURN INDEX

V122541 - GOVERNMENT OF CANADA 91-DAY TREASURY BILL YIELD RATE

v122558 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 1-3 YEARS

V122485 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 3-5 YEARS

V122486 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 5-10 YEARS

V122487 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 10+ YEARS

V122493 - CHARTERED BANK - DEPOSIT RATES FOR NON-CHEQUABLE SAVINGS DEPOSIT

V122628 - S&P/TSX - STOCK DIVIDENDS YIELDS

V122497 - RESIDENTIAL MORTGAGE LENDING RATE

V122515 - CHARTERED BANK - 5 YEAR PERSONAL FIXED TERM DEPOSIT RATE

V122526 - CHARTERED BANK 5 YEAR GUARANTEED INVESTMENT CERTIFICATE

V1597104 - AVERAGE WEEKLY EARNINGS