Canadian banks RBC and Scotiabank adjust mortgage strategies due to competitive pressure in sluggish housing market.
Canadian banks, notably RBC and Scotiabank, are reevaluating their mortgage strategies amid heightened competition and a sluggish housing market. RBC CEO Dave McKay emphasized a more selective approach, focusing on clients with multiple products rather than just mortgage seekers. This shift is driven by rising interest rates, which have pressured profit margins and forced banks to compete harder for business while reducing costs in their mortgage operations.
September 04, 2024
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