Some banks rethinking strategy on home mortgage competition

2 weeks ago 10

Author of the article:

Published Sep 04, 2024 • 1 minute read

Bank towers are shown in Toronto on Wednesday, June 16, 2010.

Some Canadian banks say they’re starting to question how aggressively they go after mortgage customers amid intense competition.

Advertisement 2

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

Unlimited online access to articles from across Canada with one account.
Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
Support local journalists and the next generation of journalists.
Daily puzzles including the New York Times Crossword.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

Unlimited online access to articles from across Canada with one account.
Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
Support local journalists and the next generation of journalists.
Daily puzzles including the New York Times Crossword.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.
Share your thoughts and join the conversation in the comments.
Enjoy additional articles per month.
Get email updates from your favourite authors.

Article content

Speaking at the Scotiabank Financials Summit, RBC chief executive Dave McKay says the bank is being more careful of when it competes for mortgage business in a “ruthlessly competitive” market.

He says the bank is being more hesitant to try to win customers who are just shopping for the lowest rate, with RBC focusing more on clients with other products at the bank or other reasons to fight for their business.

Scotiabank chief executive Scott Thomson has made multi-product sales a key focus of his strategy at the bank and that’s playing out in its mortgage business.

He says the bank has reduced its share of customers with only a mortgage product and will likely not compete aggressively on rates for those clients.

The shift comes as elevated interest rates has slowed growth in the mortgage business, making lenders having to compete more for customers.

Article content

*** Disclaimer: This Article is auto-aggregated by a Rss Api Program and has not been created or edited by Bdtype.

(Note: This is an unedited and auto-generated story from Syndicated News Rss Api. News.bdtype.com Staff may not have modified or edited the content body.

Please visit the Source Website that deserves the credit and responsibility for creating this content.)

Watch Live | Source Article