The head of Canadian Imperial Bank of Commerce (CIBC) said that the country’s mortgage industry will plateau in the near-term, with growth limited to the low single-digits.
The Canadian housing market hasn’t provided much of a boost to the country’s economy in 2018 and, according to one bank, it’s a trend that will likely continue in the new year.
Housing starts have been slowing in recent months, which CIBC economist Royce Mendes believes is a sign that the market will exert a drag on the Canadian economy in 2019.
In its latest report of its results, the Canadian Imperial Bank of Commerce announced that new mortgage sales volume weakened by over 40% in the
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