Don't listen to me, I am a nobody. Get yourself a good financial analyst, not just the Nice Lady @ The Bank (NL@TB) but somebody who will actually supply some real information. I have 2 that I trust, and I am getting the same message, hey, not my words.
"Expectations for the Canadian banking sector have been overwhelmingly negative"
"A growing number of households and businesses expected to struggle with debt repayments as a result of higher interest rates."
"Credit trends are deteriorating, evidenced by delinquencies"
And it doesn't get any better from there... So lets paraphrase a bit here...
Banks are hunkering down, in light of 2 major failures in the US, Canadian banks, and I would assume most banks are preparing for a down turn. Profits are down, expenses are up, and this is reflected in stock prices for all the Major lenders. Mortgage defaults are on the rise, and there is no relief in sight... and none expected. The Central bank, the real banks we trust and store our money, and every Premier's of every Province across Canada, are at odds, saying interest rates are too high, and a price must be paid. I think you need to listen to them, not me.
And don't expect any relief to come, Powell just announced it today "Its premature to expect that rate hikes are over... or cuts are on the way"
Damb the torpedo's we are all in... bombay doors open... let er rip...
Just remember... there is always a price to pay... and it won't be the banks that pay it, they never do... their job is to make money... not lose it.