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𝗧𝗗'𝘀 𝗤3 𝟮𝟬𝟮𝟰 𝗥𝗲𝗽𝗼𝗿𝘁: $3.56B set aside for U.S. fines leading to negative income! 𝗞𝗲𝘆𝗻𝗼𝘁𝗲𝘀: • Adj earning: $2.05/share (vs $2.07 expected) • Net quarterly income -$181M • Biggest hit: $3.56 B provision for potential U.S. fines (additional $0.6B last

Lowest mortgage rates since May 2023: 5-yr fixed insured: 4.24% (just hit today!)🎉 5-yr fixed uninsurable (e.g. refinance): 4.79% Today's mortgage rates: wowa.ca/mortgage-rates The steady 5-yr bond yield at ~3% has driven this drop in fixed rates. ------------------------

Canada Housing Market (July 2024): wowa.ca/reports/canada… • Benchmark: $724,800 -4.3%⬇️Yearly & -0.8%⬇️Monthly • Avg price: $667,317 -0.2%⬇️Yearly & -4.1%⬇️Monthly • Sales: 38,626 -3.2%⬇️Yearly & -0.7%⬇️Monthly 🔹🇨🇦 home prices are declining, mainly due to Ontario's

𝗕𝗠𝗢'𝘀 𝗤𝟯 𝟮𝟬𝟮𝟰: $BMO down 6% today after uncovering bad loans from its acquisition of Bank of the West • Write offs:⬆️+111% YoY to $643M (5-yr high) • 𝗔𝗱𝗷 𝗲𝗮𝗿𝗻𝗶𝗻𝗴: $2.64/share (vs $2.75 exp) • 𝗣𝗖𝗟: ⬆️84% YoY to $906M • 𝗡𝗲𝘁 𝗶𝗻𝗰𝗼𝗺𝗲:⬆️19% YoY

Bank of Nova Scotia's Q3 2024:  • BNS acquired 15% of Cleveland-based KeyCorp at US$2.8B • Write offs:⬆️+28% YoY to $1B, highest since Q3 2021 • Adj earning: $1.63/share (vs $1.62 exp) • Net income:⬇️-13% YoY to $1.91B • 𝗣𝗖𝗟:⬆️+28% YoY to $1.05B $BNS 𝗢𝘁𝗵𝗲𝗿

𝗥𝗕𝗖 𝗤𝟯 𝟮𝟬𝟮𝟰 𝗘𝗮𝗿𝗻𝗶𝗻𝗴: $RY hits an all-time high with a market cap of CAD $227B🚀 • Adj earning: $3.26/share (vs $2.97 exp) • HSBC acquisition is boosting earnings • Write-offs:⬆️+51% YoY to $537M, highest in 5 yrs • Net Income:⬆️+16% YoY to $4.5B •

Mortgage Rate Update: Aug 28, 2024🍁 (Changes from Aug 21) 40+🇨🇦 lenders rates: wowa.ca/mortgage-rates 5-yr bond yield: 2.97% (+4bps⬆️) 3-yr fixed Insured: 4.44% (-5bps⬇️) Uninsurable: 4.89% (-5bps⬇️) 5-yr fixed Insured: 4.24% (-5bps⬇️) Uninsurable: 4.79% 5-yr fixed rates

💸 Financial Struggles for Canadians: Big 6 🇨🇦 Banks wrote off $3.49B in loans in Q3 2024 (+48%⬆️YoY) 🔹Higher than COVID Peak: $2.6B in Q3 2020 🔹Double the 2008 Crisis Peak: $1.5B in Q4 2008 🔹Minimal Risk for Banks: Significant ACL reserves set aside 🔹Dark Clouds:

This Is The Stuff We Need To Watch For The Next 18 Months: Bank's Provisions For Loan Losses This is the real Recession Indicator AND the best signal of when Bank Underwriting will drastically tightened Thanks to WOWA.ca for this info This REALLY is the key Red Flag

𝗖𝗜𝗕𝗖'𝘀 𝗤𝟯 𝟮𝟬𝟮𝟰 𝗘𝗮𝗿𝗻𝗶𝗻𝗴: $CM.TO price rose 5.5% today after beating expectations. • 𝗔𝗱𝗷 𝗲𝗮𝗿𝗻𝗶𝗻𝗴𝘀: $1.93/share (vs $1.74 expected) Driven by lower-than-expected PCL • W𝗿𝗶𝘁𝗲-𝗼𝗳𝗳𝘀: ⬆️+34% YoY to $425M • 𝗡𝗲𝘁 𝗶𝗻𝗰𝗼𝗺𝗲:⬆️+25% YoY to

🇨🇦 Residential Mortgage Amortization of Big 6 banks + Desjardins as of July 31, 2024: Remaining Amortization: • 36.8% ($596B) > 25-yr (vs 37.7% in Q2) • 11.4% ($184B) > 35-yr (vs 13.4% in Q2) • 4%+ ($65.2B+) are non-amortizing (vs 5.7% in Q2) Non-amortizing: Payment <

The Mortage Amortization Crisis Will Ease As The Bank Of Canada Continues To Cut Rates But as you can see here in research from WOWA.ca mortgage amortization in Canada is remains stressed The percentage with GROWING mortgages is dropping but too many still over 30 years

📈𝗥𝗶𝘀𝗶𝗻𝗴 𝗔𝗖𝗟𝘀 𝗶𝗻 🇨🇦 𝗕𝗮𝗻𝗸𝘀: 𝗧𝗵𝗲 𝗚𝗼𝗼𝗱, 𝘁𝗵𝗲 𝗕𝗮𝗱 & 𝘁𝗵𝗲 𝗨𝗴𝗹𝘆 ✅𝗚𝗼𝗼𝗱: Banks are well-prepared with substantial reserves. ⚠️𝗕𝗮𝗱: Significant loan write-offs expected. 🔴𝗨𝗴𝗹𝘆: The toughest financial times may still be ahead. 𝗔𝗖𝗟𝘀

Rate Cut Alert 🚨 #BoC cuts rates by 0.25% on Sep 4, 2024, bringing its rate to 4.25% Why? Rising unemployment & slowing inflation Two more cuts expected in Oct & Dec. Total 1.25% more cuts expected over next 12 months⚠️ More: wowa.ca/bank-of-canada… &

Mortgage Rate Update: Sep 5, 2024🍁 (Changes from Aug 28) 40+🇨🇦 lenders rates: wowa.ca/mortgage-rates Most rates are at their lowest since May 2023!🎉 3-yr fixed Insured: 4.39% (-5bps⬇️) Uninsurable: 4.89% 5-yr fixed Insured: 4.19% (-5bps⬇️) Uninsurable: 4.59% (-20bps⬇️)