• In Q2-2023, this company reported record revenue (up 29% YoY) and EPS (up 35% YoY), beating our estimates by 2% and 6%, respectively, amid higher lending rates.
    • This company has been able to raise lending rates quickly (8.9% at the end of Q2- 2022, to 11.3% by the end of Q2-2023), as 85% of mortgages are floating rate. Due to rising financial instability, and cooling inflation, we are expecting the Bank of Canada to maintain rates, or even start slashing rates within the next six months.
    • Mortgages outstanding (net) were down 3% QoQ, to $817M, amid dampened real estate transactions. We expect transaction volumes to pick up in Q4-2023, driven by lower interest rates.
    • Housing markets in Toronto and Vancouver are showing signs of recovery. As of July 2023, residential real estate prices in Toronto and Vancouver were up 4% YoY and 1% YoY, respectively. In July, sales volumes were up 8% YoY and 29% YoY, respectively.
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