Margins in the domestic mortgage business “were challenged” and the market was “super competitive” last year, McKay said. Toronto-based Royal Bank, Canada’s largest mortgage lender, with $246.9 billion (Canadian) of home loans as of Oct. 31, will do better and gain back some market share this year, McKay said. He expects the domestic mortgage market to expand at a rate of less than 5 per cent this year.
“We were disappointed in our performance and you’ll see us perform better,” he said. “We’ve really amped up our focus on where our deficiencies were, and our sales force and our product and our pricing.”