Big Canadian banks are backing off from marketing standalone mortgage products

The trend: Two big Canadian banks have indicated that in the near future, they won’t market their mortgage products to consumers as aggressively, per CTV News.

• At the Scotiabank Financials Summit, RBC CEO Dave McKay said the bank will instead focus on multi-product, long-term relationships with customers.
• Scotiabank CEO Scott Thomson told CTV News the bank plans to reduce single-mortgage clients by 14% over 18 months, and is also focusing on multi-product relationships.

How we got here: Despite the Bank of Canada lowering rates for the third consecutive time, prolonged higher rates have pushed Canadian Banks into a rate war, per The Financial Post.