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31

Scotiabank Curbs Mortgages in Vancouver, Toronto as Prices Soar

By Tony Seruga

Hot housing markets in Vancouver and Toronto prompted Bank of Nova Scotia to ease off on mortgage lending in those cities, Chief Executive Officer Brian Porter said.

“We’re a little concerned about housing prices in the greater Vancouver area and Toronto,” Porter, 58, said Tuesday in an interview on Bloomberg TV Canada. “We just took our foot off the gas the last couple quarters in terms of mortgage growth for the reasons I cited, in terms of Vancouver and Toronto.”…

Scotiabank Curbs Mortgages in Vancouver, Toronto as Prices Soar

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