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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com


1 September 2017

Canadian big banks show strong performance, but will it be affected by a potential rate increase?

The largest Canadian banks reported better than expected results during the third quarter of 2017, supported by the stable national economy. However, according to one financial analyst, the potential interest rate increase by the central bank aimed at offsetting the excessive growth may strengthen the pressure on banks’ consumer lending in the nearest future.

The total income of TD Bank rose by 17% in the third quarter and reached $2.77-billion, pushed by strong results of retail operations in Canada and the U.S.

In addition to it, Statistics Canada released the official GDP data from the second quarter with a 4.5% growth rate. This increase has become the highest half a year number since 2002, which also increases the chances for a rate hike from the Bank of Canada.

Many specialists point to numerous possible uncertainties, which could appear in 2018, while Canada and the U.S. are considering further rate hikes. In case of Canada, the debt level is so high that a potential economic hit may affect the borrowers’ incomes and, as a result, their ability to pay off their loans.

Nevertheless, the large banks are confident and optimistic about the future.

“It’s one of the most active and strong quarters for the banks in a while,” - analyst John Aiken noted.

“Such an increase relies on the forecast of a further economic growth and no negative changes in other areas.”

“The largest possible issue is the conditions at the GTA real estate market this fall, when the activity gets normalized”, - he added. Aiken is going to pay special attention to home prices, which may strengthen the consumer confidence and keep the borrowing unchanged in case they are stabilized.



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