How Canada’s Biggest Banks Have Become Complicit in the Housing Bubble


Royal Bank of Canada Chief Executive David McKay flattered some Bay Street reporters with rare interviews the other day, having just conducted another clinic in money making by guiding his 148-year-old institution to a record quarterly profit of $3 billion. What better time for a banker to subject herself or himself to scrutiny than amidst a flurry of zeroes? Judging by the headlines, the scribes were either underwhelmed or uninterested by what McKay had to say about banking. He made news by talking about Toronto real estate.