The mortgage clients of the Royal Bank of Canada are wealthier than they used to be. That is good for the bank's credit quality, but it is a depressing statement about the struggle younger people face to buy a home, according to a senior executive.
None Rare Ship-to- Ship Transfers Keep Oil Moving From Russia to China
None of these are the best and worst cities for work-life balance?
None of the Fed Saw Aggressive Hikes Providing Flexibility Later This Year
Neil McLaughlin, head of RBC's personal and commercial banking unit, said Thursday on a conference call with analysts that we are seeing the overall income and net worth of a mortgage buyer increase over time. He stated that the trend is a systemic issue and that first-time buyers are less and less part of our portfolio. Canada's housing market has been on a tear for years, pushing prices in some cities far beyond the reach of many middle-income earners. The benchmark price of a home in Toronto and Vancouver exceeded C $1.3 million $1 million in April, according to the Canadian Real Estate Association. It's up 65% in Toronto and more than 40% in Vancouver over a five-year period.
McLaughlin said that it was a sad commentary in terms of young people being able to get into some of these markets.
RBC, Canada's largest bank, said its domestic residential mortgage book grew to C $344.8 billion in the quarter ended April 30, up 11% from the previous year.
None of The Tech Rout Isn't Just Cyclical — It is Well-Earned and Overdue.
No Mark Zuckerberg Is Blowing Up Instagram to Try and Catch TikTok, Not Mark Zuckerberg Is Blowing Up Instagram to Try and Catch TikTok.
There is no deadly heat in India as a warning of global catastrophes to come.
None Open With Care: That Next Power Bill Could Shock You