Fitch Ratings has downgraded its support ratings for many of Canada’s banks and mortgage lenders from 2 to 1.
Economic policies which apply to the whole country do little to curb the hottest markets and Ottawa seems reluctant to meddle too much anyway.
One former banker – and current broker – believes recent changes at RBC will sway more clients to choose brokers over the banks.
The Royal Bank of Canada has announced that some of its customers will have to pay a fee when making regular mortgage or loan payments.
Analysis by the Royal Bank of Canada shows that investors looking for long-term returns would be better off with REITs than condos.
Many brokers scoff at bank “relationship pricing” but at least one professional believes they are creating a more informed public: Which will benefit the broker channel.
The biggest of the big banks has brought back its “employee pricing” on mortgages, but the industry argues brokers will be the biggest beneficiaries.
It’s not just brokers who scoffed at one financial organization’s recommendations for an overhaul to the Canadian financial system, after one former bank executive provided his own criticism.
David McKay, chief executive of the Royal Bank of Canada, believes consumer demand is roughly in line with supply, particularly after housing starts dipped 16 per cent last month.
A major bank is forecasting a drastic drop in home sales in one province, but anecdotal broker evidence may prove that some of the lost business can be made up through refinances.