Royal Bank of Canada (RBC) (RY.TO) warned of a softer economy ahead and plans to cut about 1,800 job to reduce costs after Canada's largest bank beat analysts' estimates for the third quarter on Thursday.
Chief Executive Officer Dave McKay forecast slowing growth and lower inflation due to the lagging impact of monetary policy, combined with a slowdown in China and elevated climate and geopolitical risks.
A new report forecasts Canada's real estate market will be softer this fall with average home prices predicted to remain flat.
In its fall housing market outlook, Re/Max Canada says the forecast comes as the housing market deals with high interest rates and a lack of homes for sale.