Economic Backdrop and Financial Performance Objectives

The Toronto and Vancouver downtown condo markets ■ 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 centre ■ Canada has one of the highest per capita rates of permanent immigration in the world(1) - - In 2021, 8.3+ million people, or almost one-quarter (23.0%) of the population, were, or had ever been, a landed immigrant or permanent resident in Canada – the highest among the G7(1) - - 53.4% of recent immigrants to Canada settled in Toronto, Montreal or Vancouver (1) ■ RBC's exposure to condo development is limited - about 4.7% of our Canadian commercial loan book (2) - Condo exposure is 12% of Canadian residential lending portfolio (2)(3) "Green Belt" Surrounding Greater Toronto Area Vancouver Limited by Mountains, Sea, U.S. Border о Mt Seymour Provincial Park Lake Simcoe cal Reserve North Vancouver District Lake Ontario CANADA USA 1A VANCOUVER Pacific Spirit Regional Park 99 91A Richmond 17 Belcarra Regional Park Pinecone Lake-Burke Mountain Park Coquitlam Maple Ridge New Westminster Langley Twp Surrey 10 Delta 99 Point Roberts White Rock Campbell Valley Regional Park 13 15 (1) Statistics Canada, 2021 Census. (2) As at January 31, 2024. (3) Based on $366BN in residential mortgages with non commercial clients and $35BN in HELOC in Canadian Banking. Based on spot balance. 48 | CANADIAN HOUSING MARKET 539 RBC

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