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Residents walk through flood waters in Calgary on June 24, 2013.
Residents walk through flood waters in Calgary on June 24, 2013.
(Nathan Denette/THE CANADIAN PRESS)

TD’s real estate book hit by floods and severe weather

Following severe weather in Alberta and the Greater Toronto Area, it was clear that Toronto-Dominion Bank’s insurance division would take a hit.

And those who follow insurance had heard rumblings of problems stemming from Ontario insurance legislation.

But the one element of the bank’s new three-tier charge that caught people off guard is the hit to its real estate lending portfolio. TD is recognizing a provision of up to $125-million, or $93-million after tax, to account for loan losses.