The Canadian Imperial Bank of Commerce and the Bank of Montreal shared their own warnings that mortgage growth was softening amid a slowdown in home sales.
Scotiabank has been deliberately moving away from the mortgage business and slowing portfolio growth to focus on growing consumer bank deposits so that it doesn’t lean as heavily on wholesale funding from large investors. During the first quarter conference call on Feb. 28, Scotiabank chief executive Scott Thomson made the case that boosting deposits reduces funding costs and deepens client relationships.Photo by Peter J.
“People don’t realize it, but negative mortgage growth on a system-wide basis is incredibly rare,” McLister said. “And the only time in modern records on a year-over-year basis that has happened was August 1982.”Article content 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
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