Newspaper article The Canadian Press

Scotiabank CEO Concerned about Housing Market Corrections in Toronto, Vancouver

Newspaper article The Canadian Press

Scotiabank CEO Concerned about Housing Market Corrections in Toronto, Vancouver

Article excerpt

Scotiabank concerned about housing correction

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TORONTO - The CEO of Scotiabank (TSX:BNS) says he's concerned about the possibility of a housing market correction in Toronto and Vancouver.

Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank's first-quarter results, said he's supportive of recent government changes introduced to reel in house price growth.

"Trees don't grow to the sky and markets will correct at some stage here," Porter told analysts Tuesday after the bank reported net income of $1.49 billion during the first quarter of the year.

Ottawa introduced a series of changes to mortgage rules last October, including one that requires all insured mortgages undergo a stress test to make sure that borrowers would still be able to repay their loans if interest rates rise or their circumstances change. …

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