Speaking to investors, the CEO of RBC Dave McKay said that RBC had included the potential for higher interest rates in its lending criteria. He added that a larger concern would be growing unemployment.
McKay also spoke about the impact of recent government policy changes on first-time buyers concluding that the real estate market will hold up despite tighter lending conditions due to demand.
More market update:
Royal Bank of Canada’s chief says he is not concerned that a rise in interest rates would damage the lender’s mortgage books.