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But it will still remain a fairly robust mortgage market in Canada, for sure, over the next little while. Johannson made the comments as BMO beat expectations, reporting its second-quarter profit nearly doubled compared with a year ago when the amount it set aside for bad loans soared at the start of the pandemic. The new mortgage stress rules come into effect on June 1. They will set the qualifying rate on uninsured mortgages at either two percentage points above the contract rate, or 5.25 per cent, whichever is greater. The change is aimed at taking the heat off real estate markets like Toronto and Vancouver, where bidding wars, soaring prices and a flurry of sales were the norm during the COVID-19 pandemic.

United statesBritish columbiaDarryl whitePatrick croninErminia johannsonFinancial groupTd bank groupNational bankCanadian imperial bankAmeriprise financial incRoyal bankNorth americanMiddle eastAmeriprise financialImperial bankNova scotia