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.
Homeowners could be facing two interest rate rises in the coming months according to an updated forecast. CIBC Capital Markets said Thursday that it was already expecting a rate rise in October due to anticipation that a NAFTA deal would happen. The agreement of the next-gen trade deal USMCA supports
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 second quarter of this year – a decline brought about by the new mortgage rules that took effect at the beginning of 2018. This was
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