skip to Main Content
RBC Chief Issues Warning To Foreign Investors In Canadian Real Estate

RBC chief issues warning to foreign investors in Canadian real estate

Foreign inflows are distorting Canada’s already constrained housing market and aren’t the kind of investment the country needs, the chief executive officer of Royal Bank of Canada said.

“We do not need foreign capital using Canadian real estate as a piggy bank,” David McKay, said Tuesday at a bank conference in New York hosted by the Toronto-based lender. “If capital is coming in to sit in a home, unproductively, and is distorting your marketplace and the livelihood of your residents – no thank you.”

Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis

Sign up for insider real estate news & tips from our podcasting team.

Are you a realtor? Click here
Selling Your Home? Click here

  • Reload
  • Should be Empty:

McKay, whose bank is Canada’s largest mortgage lender, says he’s supportive of government taxes and other measures targeting foreign buyers, as well as other regulatory efforts to cool the country’s housing market. He’s seeing some impacts from these rule changes, with “a little bit more healthy dynamics.”

“Demand is down and house prices have been stable,” McKay said. “There’s still intensive bidding, but to a lesser degree.”

Continue reading the full story here >>

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top