Executives said Tuesday that the bank’s decline in market share in the mortgage market is an active policy with a tightening of its lending restrictions and fewer pre-approvals.
However, they said that despite concerning signs in the housing markets in Toronto and Vancouver the lender is “being prudent” in protecting itself from any issues in the market.
The lender reported its quarterly earnings showing revenue up to $6.64 billion in the third quarter compared to $6.12 billion a year earlier; profit was up to $1.96 billion from $1.85 billion a year earlier.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Straffordville, Muskoka, Coombs, South Monaghan, Princedale
Scotiabank has reduced its exposure to the potential risk of a housing crash but stressed that it is not “overly concerned” about the market.