An in-depth report from Scotiabank strategists and real estate analysts concludes that, with the commercial real estate situation worsening, particularly office real estate, the domestic banks are largely safe from major harm. Recent data suggest that high vacancy rates have pushed domestic office building values lower by 30 per cent in Canada,
Although Scotiabank’s view is that the major banks will be able to shake off weakness in the office sector, analyst Meny Grauman also believes it is too early to get fully bullish on the banks. In a subsequent report, Mr. Grauman noted that sector earnings expectations for fiscal years 2023 and 2024 were revised lower by 3 per cent and 2 per cent, respectively.
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