Financial Results
•
Canadian Mortgage Portfolio: Renewal profile
The impact of higher interest rates on payments is primarily realized upon renewal for both fixed-rate and variable-rate mortgages
Variable-rate mortgages with fixed payments are impacted through an extension of amortization until renewal. At renewal, the product
reverts to the original amortization schedule, which may require additional payments
$29.9B of mortgages in negative amortization, ~62% of total variable-rate mortgages and ~20% of the total portfolio
Only 11% or $16.2B in mortgage balances are renewing in the next 12 months, with an average FICO of 790 and LTV of 43%; over 70%
of mortgages renew after F2025
Renewing customers experienced an increase to their regular payments of 22% for variable mortgages and 21% for fixed mortgages
in F2023
I
Mortgage Maturity Schedule ($150.6Bn)
55.8
14.0
35.9
Mortgage LTV by Bureau Scores
34%
27.6
21%
20%
2.6
24.0
16.3
16.2
41.8
15.1
1.3
5.3
25.0
6.4
14.9
11.0
11.9
8.7
1% 2% 3%
1% 2% 2%
1%
2% 2%
0% 1% 1%
7%
FY23
FY24
FY25
FY26
FY27
FY28+
(renewed)
Bureau
Scores
<620
>720
<620
■Fixed Variable
681-720
>720
<620
>720
681-720
>720
LTV %
<=50%
51%-65%
66%-80%
>80%
BMOM
Risk Review ⚫ December 1, 2023
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