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
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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 mortgage business in Vancouver, where the median price for a detached home on the desirable west side jumped 31 per cent to C$2.87 million (S$3.06 million) in the last two years.
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