Royal Bank of Canada has signed a deal to acquire HSBC Bank Canada for $13.5 billion in cash. RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base. “This also positions us as the bank of choice for commercial clients with international needs, newcomers to Canada and…
Home Prices to Fall Another 14 Percent by Spring 2023, RBC Forecasts
Home prices in Canada have yet to bottom out, with a decline of 14 percent expected in spring 2023, a Royal Bank of Canada economist says. Robert Hogue, RBC assistant chief economist, told the Toronto Star that the bank raised its previous prediction of 12 percent decline to 14 percent on Sept. 15, after the…
‘On the Pessimistic Side’: RBC’s Recession Projection Prompts Debate
The Royal Bank of Canada is predicting a short recession in the Canadian economy in 2023, a prediction economists say is not unreasonable but is also not certain. RBC analysts Nathan Janzen and Claire Fan predicted negative GDP growth of 0.5 percent in the second and third quarters of 2023, which qualifies as a recession—a…
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