Three of the big six banks have reported their earnings so far and all have shown growth in their mortgage books.
RBC, Bank of Nova Scotia and Bank of Montreal have all seen their residential mortgage business increase from the previous quarter and year-over-year.
Although they have seen a slowing in the rate of growth, they are confident that the mortgage business is in good shape and that it will continue to see gains. Regulators have been keen that banks should not be over-exposed to the real estate markets and so other areas of the banks’ profits have been in focus in the last year or so and are also looking stronger.
The other positive news on the residential mortgage side is that delinquent loans, 90 days or more overdue, are trending down.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: