EXHIBIT 34.1











Report of Independent Registered Public Accounting Firm



To the Board of Directors of Royal Bank of Canada



We have examined management’s assertion, included
in the accompanying Management's Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria, that Royal Bank
of Canada (the “Bank”) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange
Commission's Regulation AB for the residential mortgages in the cover pool held by the RBC Covered Bond Guarantor Limited Partnership
(the “Platform”), as of October 31, 2018 and for the year then ended, excluding criteria 1122(d)(1)(ii), 1122(d)(1)(iii),
1122(d)(1)(iv), 1122(d)(1)(v), 1122(d)(2)(iii) and 1122(d)(2)(vi), which the Bank has determined are not applicable to the servicing
activities performed by it with respect to the Platform. Royal Bank of Canada’s management is responsible for its assertion
and for the Bank's compliance with the applicable servicing criteria. Our responsibility is to express an opinion on management's
assertion based on our examination.



Our examination was conducted in accordance with attestation
standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established
by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to
obtain reasonable assurance about whether management’s assertion about compliance with the applicable servicing criteria
is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Bank’s
compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances.
Our examination included testing of selected transactions and securities that comprise the Platform, testing of selected servicing
activities related to the Platform, and determining whether the Bank processed those selected transactions and performed those
selected activities in compliance with the applicable servicing criteria. Our procedures were limited to the selected transactions
and servicing activities performed by the Bank during the period covered by this report. Our procedures were not designed to detect
noncompliance arising from errors that may have occurred prior to or subsequent to our tests that may have affected the balances
or amounts calculated or reported by the Bank during the period covered by this report. We believe that our examination provides
a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank’s compliance with
the servicing criteria.



In our opinion, management’s assertion that
the Bank complied with the aforementioned applicable servicing criteria as of and for the year ended October 31, 2018 for the Platform
is fairly stated, in all material respects.







/s/ PricewaterhouseCoopers LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

January 29, 2019





PricewaterhouseCoopers LLP

PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario,
Canada M5J 0B2

T: +1 416 863 1133, F: +1 416 365 8215, www.pwc.com/ca



“PwC” refers to PricewaterhouseCoopers LLP, an Ontario
limited liability partnership.