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Royal Bank of Canada scraps limit on size of immigrant mortgages

Wealthy buyers fuelling booming financing business; Vancouver luxury market realtors say over 80% of buyers have ties to mainland China
Thursday, November 5, 2015 - 05:50

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RBC removed its C$1.25m cap on loans to borrowers with no local credit history in May, said a director, adding "we're seeing a lot of affluent newcomers looking to buy high-purchase-price homes".

Vancouver

THE Royal Bank of Canada (RBC) scrapped an internal limit on mortgage loan size for immigrants in the spring to tap into surging demand for financing on multi-million-dollar houses by newcomers to Vancouver.

Wealthy buyers, mostly from China, are fuelling a booming

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