Royal Bank of Canada scraps limit on size of newcomer mortgages

VANCOUVER (Reuters) – The Royal Bank of Canada scrapped an internal limit on mortgage loan size for immigrants in the spring to tap into surging demand for financing on multi-million dollar houses by newcomers to Vancouver.

Wealthy buyers, mostly from China, are fueling a booming mortgage business in Vancouver, where the median price for a detached home on the desirable west side jumped 31 percent to C$2.87 million ($2.19 million) in the last two years.

RBC, Canada’s largest bank, removed its C$1.25 million cap on loans to borrowers with no local credit history in May, said Christine Shisler, the bank’s Director of Multicultural Markets, who works with an immigrant clientele.

Link To Article

 

Leave a Reply

Royal Bank of Canada scraps limit on size of newcomer mortgages

 Sign Up for Our News Letter Below:

Title: Sign Up NewsLTR
Enter valid email address.
First
Last
NewsLTR Sign Up

Royal Bank of Canada scraps limit on size of newcomer mortgages

Recent Posts

Title: Recent Posts
Recent Posts

Royal Bank of Canada scraps limit on size of newcomer mortgages

Blog Categories

Title: Blog Categories
Blog Categories

Royal Bank of Canada scraps limit on size of newcomer mortgages

Contact Us

Cultural Action Party of Canada
Vancouver, British Columbia, Oh Canada!

Contact Us: capforcanada1@gmail.com

Address

Get Free Info Pack

Contact Form
CAPC Social2

Facebook

Get the Facebook Likebox Slider Pro for WordPress
%d bloggers like this: