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As homeownership costs hit a new high, RBC predicts affordability challenges for years to come

April 3, 2024 No Comments

Housing affordability in most major markets continued to worsen in the fourth quarter despite a slight easing of home prices.

Renters face daunting barriers in their attempts to build wealth as they're forced to devote an increasing share of their income to keeping a roof over their head, said an RBC report out Thursday.

Renters have harder time accumulating wealth than homeowners: RBC economist

March 14, 2024 No Comments

Renters face daunting barriers in their attempts to build wealth as they’re forced to devote an increasing share of their income to keeping a roof over their head, said an RBC report out Thursday.

RBC says it’s “very comfortable” with due diligence done on HSBC Canada’s mortgage portfolio

February 28, 2024 No Comments

RBC’s executive team today expressed confidence in its due diligence of HSBC Canada’s mortgage portfolio during the $13.5-billion acquisition.

Latest in mortgage news: nesto gains access to broker channel in exclusive deal with M3 Group

January 26, 2024 No Comments

Digital mortgage lender nesto this week announced an agreement with M3 Group that will allow it to start distributing mortgages through the broker channel.

Despite easing rates, bank CEOs say clients face $400-$500 monthly mortgage payment hikes at renewal

January 11, 2024 No Comments

An anticipated decline in interest rates over the course of 2024 should help soften the impact of mortgage renewal payment shocks, according to RBC President and CEO Dave McKay.

Latest in mortgage news: Freeland approves RBC takeover of HSBC, with conditions

December 22, 2023 No Comments

RBC’s $13.5-billion acquisition of HSBC’s Canadian unit cleared its final hurdle after receiving approval from Chrystia Freeland, Deputy Prime Minister and Minister of Finance.

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.

Latest in mortgage news: Lenders cut select fixed rates by up to 30 bps

November 7, 2023 No Comments

Mortgage providers across the country have been dropping fixed mortgage rates throughout the week in response to a sharp decline in bond yields.

Despite minor improvement, housing affordability remains near all-time worst level: RBC

October 2, 2023 No Comments

Despite a rise in average home prices earlier in the year, strong income gains were enough to improve affordability in the second quarter, albeit only slightly.

Magnitude of credit losses will depend on BoC’s ability to orchestrate a soft landing: RBC

August 28, 2023 No Comments

While RBC posted stronger-than-expected earnings results, the bank said it expects credit losses to intensify in the coming months as interest rates remain elevated.