Q1 bank earnings season came and went with less fanfare than usual, at least on the mortgage front.
Executives’ mortgage commentary focused primarily on conditions in Canada’s two hottest housing markets and on strong credit quality.
Earnings reports show continued robust mortgage activity at CIBC and National Bank, with both reporting a 12% year-over-year increase in mortgage volumes. We also saw stronger-than-expected mortgage volumes at Scotiabank.
As we do every quarter, we’ve picked through the Big Banks’ quarterly earnings reports, presentations and conference calls, and compiled all the mortgage notables right here. Key tidbits are highlighted in blue.