Canadian bank CEOs are reporting a decrease in mortgage renewal risks, attributing it to lower interest rates. However, they are preparing for potential challenges from escalating trade tensions and political instability.
TORONTO — Canadian bank CEOs say they see the risks around mortgage renewals easing, while they prepare for rising risks around tariffs and political uncertainty. RBC chief executive Dave McKay, speaking at a CEO conference hosted by the bank, says that while many Canadians are still struggling financially, the uncertainties around borrowers making mortgage payments and managing renewals have come off significantly.
He says many clients will actually be renewing at lower rates this year after the Bank of Canada started cutting rates last June with more declines expected in the months ahead. However, McKay says he's disappointed to hear the intensifying rhetoric around tariffs in recent days and the bank is preparing for a range of scenarios. The worry comes as incoming U.S. president Donald Trump has threatened to impose a 25 per cent tariff on Canadian and Mexican imports over what he says is concerns around border security. CIBC chief executive Victor Dodig says tariffs won't be helpful for either country, but the bank is ready for what comes. This report by The Canadian Press was first published Jan. 7, 2025. Companies in this story: (TSX:RY; TSX:CM) The Canadian Pres
BANKING TARIFFS MORTGAGE RENEWALS ECONOMIC OUTLOOK CANADA
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Bank CEOs See Easing Mortgage Risks But Brace for Tariff and Political UncertaintyCanadian bank CEOs are cautiously optimistic about the easing of risks associated with mortgage renewals, but they are preparing for potential challenges arising from rising tariffs and political uncertainty.
Read more »
National Bank gets final approval for Canadian Western Bank takeoverNational Bank of Canada's $5-billion takeover of Canadian Western Bank has cleared its final regulatory hurdle.
Read more »
National Bank gets final approval for Canadian Western Bank takeoverNational Bank of Canada says it’s received approval from the federal finance minister to acquire Canadian Western Bank.
Read more »
National Bank to buy Canadian Western Bank after receiving final approval from Finance MinisterDominic LeBlanc approved the proposed $5-billion stock-swap deal just days after replacing Chrystia Freeland in the role
Read more »
National Bank gets final approval for Canadian Western Bank takeoverMontreal's National Bank has called its takeover of the Edmonton-based Canadian Western Bank a key pillar of its domestic growth strategy for 2025.
Read more »
Canadian CEOs Earn $13.2 Million Average in 2023The average compensation for Canada's top 100 CEOs reached $13.2 million in 2023, marking the third-highest amount since records began. Despite a decline from record-breaking years in 2021 and 2022, CEO pay remains significantly higher than average worker income, highlighting a growing gap.
Read more »