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
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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