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New stress test may moderate housing, push buyers to seek more affordable homes: BMO


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. ....

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Richard Downie is RBC's new managing director for Trinidad and Tobago


RBC has appointed Richard Downie as the new managing director for Trinidad and Tobago.
In a release sent to the media on Wednesday, RBC said Downie will begin work from August 1.
Downie will continue as the bank’s regional operating officer for TT, as well as his new portfolio.
Downie replaced Gretchen Camacho-Mohammed, who has accepted a new position with RBC’s head office in Toronto.
Camacho-Mohammed was appointed general manager in 2018. Before this, Darryl White, RBC Caribbean Banking and RBC Merchant Bank CEO and regional vice president, was announced as the new general manager in 2013, He served for almost four years before he was replaced by Camacho-Mohammed. ....

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