Rogers Media uses cookies for personalization, to customize its online advertisements, and for other purposes. Learn more or change your cookie preferences. Rogers Media supports the Digital Advertising Alliance principles. By continuing to use our service, you agree to our use of cookies.
We use cookies (why?) You can change cookie preferences. Continued site use signifies consent.
RBC chief executive flags concerns with hot Vancouver, Toronto markets
RBC executive flags concerns about hot housing markets
He welcomes government intervention
by The Canadian Press
TORONTO— Royal Bank’s top executive says he’s “increasingly concerned” about the Toronto and Vancouver housing markets and would welcome government interventions.
RBC chief executive Dave McKay says the rapid increase in housing prices in the two cities is the product of an “unhealthy combination of factors.”
He listed an imbalance in supply and demand for residential properties, low interest rates and speculative activity.
McKay says a single solution to these problems is unlikely to be successful.
Instead, McKay says, there need to be multiple solutions to address such a complex problem and he would welcome interventions from federal, provincial and local governments.
McKay made his comments in Toronto during Royal Bank’s (TSX:RY) annual shareholder meeting.
