Canadian Banks are a Bargain Trading at ~9.2x f2024 estimates (8.9x f2025 earnings) on average, Canadian bank stocks are very inexpensive and clearly pricing in significant challenges ahead including another huge increase in forecast loan losses from a possible recession. In a more normal environment – characterized by reasonable GDP growth and a stable macro environment – the banks would likely trade around 10.5x earnings, or roughly ~15% higher than today’s levels.