Scotiabank Buys Mortgage Lender
Bank of Nova Scotia said Tuesday it will buy the mortgage business of Maple Financial Group Inc. for $233-million, making the bank the third-largest provider of Canadian mortgages.
The move, which comes amid strong Canadian demand for mortgages, is expected to boost revenue.
The purchase comes as low borrowing costs and a robust job market sparked a flurry of home buying in Canada in recent years. Mortgage credit is growing by about 9.2 per cent year over year, Canadian Imperial Bank of Commerce estimated in November.
The move, which comes amid strong Canadian demand for mortgages, is expected to boost revenue.
The purchase comes as low borrowing costs and a robust job market sparked a flurry of home buying in Canada in recent years. Mortgage credit is growing by about 9.2 per cent year over year, Canadian Imperial Bank of Commerce estimated in November.
posted by PondPine.com at 12:43 AM
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