If you were thinking of buying then this article will interest you. The banks are cutting back on lending. If you would like to know how much your monthly mortgage payments would be then try our Mortgage calculator.
Big bank reduces mortgage lending in two hot markets
It’s become harder to secure a mortgage from Scotiabank for homebuyers in Vancouver and Toronto. The lender’s CEO Brian Porter says that it has cut back its lending in Canada’s two hottest housing markets.
Expressing concern over high prices, Brian Porter told Bloomberg TV: “We just took our foot off the gas the last couple quarters in terms of mortgage growth… in terms of Vancouver and Toronto."
Bank of Nova Scotia is the latest of the big banks to announce a rise in funds it is setting aside for bad loans in the energy sector but Mr Porter said that, for residential mortgages, the bank is in a good position.