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RBC Bank on Bay Street, Toronto. August 2, 2013.
RBC Bank on Bay Street, Toronto. August 2, 2013.
(Gloria Nieto/The Globe and Mail)

Big Six bank stocks are soaring, but there’s a catch

Just four months ago, Canadians were falling out of love with their beloved bank stocks. By the end of May the S&P/TSX Bank Index was up just 3 per cent on the year, while the S&P 500 had soared 17 per cent.

How times have changed.

Now bank stocks are soaring, with three of the Big Six banks recently hitting all-time highs. They’ve since slipped a tiny bit, but Royal Bank of Canada, Toronto-Dominion Bank and National Bank of Canada are all in new territory. (The others are faring well, too.)