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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-26 C$ 60.81
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FP says TD, rivals hear BOC rate moves weigh on housing

2022-10-26 09:09 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Wednesday, Oct. 26, edition that analysts say the Bank of Canada's fight against inflation has weighed on Canada's housing markets and mortgage providers, and with another big interest rate hike expected on Wednesday, the pain is not likely over yet. The Post's Stephanie Hughes writes that the BOC's aggressive tightening campaign has raised borrowing costs and taken the steam out of the country's hottest housing markets as more prospective home buyers sit on the sidelines. Home prices in Canada have been declining from the $816,720 peak reached in February and checked in at $640,479 in September, according to data from the Canadian Real Estate Association. However, September saw the first month-over-month decline in Canada's new home price index since January, 2020. Desjardins economists believe that homeowners who took out a variable-rate mortgage between May, 2020, and July, 2022, could be forced to top up their payments. Desjardins analysts Royce Mendes and Tiago Figueiredo expect the BOC to raise rates by 75 basis points this week and deliver one more 25-basis-point hike in December, remaining reluctant to forecast anything higher than that.

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