big banks

CIBC reports rising mortgage delinquencies, but doesn’t expect “material” losses

March 3, 2024 No Comments

CIBC reported a rise in mortgage delinquencies in the first quarter, though they still remain below pre-pandemic levels and aren’t expected to translate into “material” losses, the bank said.

National Bank of Canada quarterly earnings

National Bank sees delinquencies for its variable-rate mortgages rise to pre-pandemic levels

February 29, 2024 No Comments

National Bank reported a rise in mortgage delinquencies, though primarily in its insured variable-rate mortgage portfolio.

13,000 CIBC mortgage clients have come out of negative amortization

December 18, 2023 4 Comments

Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization.

TD saw a drop in negatively amortizing mortgages in the fourth quarter

December 10, 2023 No Comments

TD Bank said “positive payment actions” taken by its mortgage clients have reduced the number of mortgages that currently have a negative amortization.

Some mortgage clients could see up to 40% payment increases at renewal, BMO says

December 4, 2023 No Comments

Like most other financial institutions, BMO said the bulk of its mortgage portfolio will be up for renewal in the coming three years, with the payment increases averaging up to 40%.

RBC bracing for renewal impact: three quarters of its mortgages to see higher rates by 2026

December 2, 2023 No Comments

Despite interest rates having been elevated for over a year, Canada’s largest bank said the bulk of the impact is yet to be felt with nearly three quarters of its mortgage portfolio coming up for renewal over the next three years.

Scotiabank expects credit losses to worsen with over $200B in mortgages coming up for renewal by 2026

November 28, 2023 1 Comment

Scotiabank saw a rise in mortgage delinquencies in the fourth quarter, and said it’s bracing for further credit losses due to higher-for-longer interest rates and a wave of upcoming mortgage renewals.

Several big banks to be impacted by OSFI’s new capital requirements for negative amortization mortgages

November 16, 2023 No Comments

Canada’s banking regulator recently confirmed it will move ahead with new capital requirements for lenders and insurers with negatively amortizing mortgage portfolios.

OSFI increases its Domestic Stability Buffer

As economic risks heighten, OSFI raises the amount of capital banks must keep on hand

June 20, 2023 No Comments

Canada’s banking regulator announced today an increase in the amount of capital banks must keep on hand to cover potential future losses.

Big banks hike short-term fixed mortgage rates as their popularity grows

September 25, 2022 No Comments

Over the past week, nearly all of Canada’s Big-6 banks have increased their shorter-term fixed mortgage rates.