National Bank Sees Record Mortgage Growth Amid Resilient Quebec Housing Market

National Bank of Canada recorded its strongest quarter for mortgage originations as growth through its branch and broker channels pushed residential balances sharply higher.

The bank's residential mortgage portfolio reached $89 billion at the end of the fiscal third quarter, up 14% from $78.1 billion a year earlier. The HELOC portfolio grew 12% to $34.5 billion.

The mortgage gains contributed to a 14% increase in Personal and Commercial Banking profit, which reached $421 million. National Bank attributed the growth to renewal activity, a resilient Quebec housing market, and market share gains, rather than more aggressive pricing or looser underwriting.