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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

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".


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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