CIBC officially stopped selling mortgages through brokers in 2012. But, while few know about it, the bank has been back in the broker channel for some time now.
Anecdotes from our megabanks lend a sense for what's happening throughout the prime mortgage market. That's why we pour through their quarterlies (every quarter).
Among the general trends they reported in the second quarter:
Thanks to pricing itself out of the market and tightening borrower criteria, Scotiabank's Canadian mortgage balances fell a couple of billion dollars in Q2 versus Q1. Negative growth, even if just one quarter, is a big deal for a Big 6 bank.
In its conference call, Scotiabank noted
Mortgage consumers may enjoy an additional quarter of rock-bottom uninsured mortgage rates. That's thanks to delays in RBC's takeover of HSBC Canada.
U.K.-based HSBC now expects RBC's $13.5-billion purchase of its Canadian unit to close in Q1 2024. Initially, it projected