The total size of RBC’s mortgage book grew 6.5 per cent in the second quarter over the same period last year. That’s down from 11 per cent year-over-year growth reported in the second quarter last year.
The Bank of Nova Scotia, meanwhile, eked out a three per cent gain in its residential mortgage book since last year, but posted a decline of $2 billion — or one per cent — over the previous quarter, according to average assets recorded in company filings. Even so, it’s not every day that a big Canadian bank has a dip in overall mortgage portfolio growth, said mortgage analyst and strategist Rob McLister. He added it would be rare to see it happen across all of the banks.
He also expects that the banks will be able to navigate renewal at higher interest rates and the expected uptick in mortgage arrears because high immigration has been able to set a floor under how far home prices could drop in major cities, giving homeowners equity to lean on.Bank of Canada as a concern
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nationalpost - 🏆 10. / 80 Read more »
Source: globeandmail - 🏆 5. / 92 Read more »
Source: GlobalNational - 🏆 81. / 51 Read more »