RBC Financial Strategy and Performance
The Toronto and Vancouver downtown condo markets
RBC
■ Constraints on undeveloped land around Toronto / Vancouver, have contributed to a shift to higher-density condo
housing
- Provincial growth plan, including 'Green belt' surrounding Toronto, contains urban sprawl and favours condo
development
Vancouver is restricted in its ability for urban sprawl due to land constraints away from the city center
■ Canada has one of the highest per capita rates of permanent immigration in the world (1)
―
22% of Canada's population is foreign born (7.5 MM), highest proportion among the G8 nations (1)
56% of all new immigrants to Canada move to Toronto, Vancouver or Montreal(1)
■ RBC's exposure to condo development is limited - about 3% of our Canadian commercial loan book
Condo exposure is about 10% of our Canadian residential mortgage portfolio (2)(3)
"Green Belt" Surrounding Greater Toronto Area
(2)
Vancouver Limited by Mountains, Sea, U.S. Border
Mt Seymour
Provincial Park
Canadian Housing Market
Lake
Simcoe
P
Lake Ontario
CANADA
cal Reserve
1A
North Vancouver District
Belcama Regional
Park
Pinecone Lake-Burke
Mountain Park
Coquitlam
VANCOUVER
Pacific Spint
Regional Park
99
91A
Richmond
Maple Ridge
New Westminster
Langley Twp
Surrey
10
Delta
99
Point Roberts
White Rock
Campbell Valley
Regional Park
15
13
(1) Statistics Canada, 2016 Census. (2) As at October 31, 2018. (3) Based on $243BN in residential mortgages and $40.1BN in HELOC in Canadian Banking.
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