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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-27 C$ 60.98
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Globe says TD, rivals see rate hikes slow home sales

2022-10-27 08:24 ET - In the News

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

The Globe and Mail reports in its Thursday edition that Canada's housing market is expected to slow further with the Bank of Canada's latest interest rate hike set to increase mortgage costs again. The Globe's Rachelle Younglai writes that Governor Tiff Macklem said the BOC is "getting closer" to the end of the rate-hiking cycle. Even with the smaller-than-expected rate increase, real estate experts predict that home resales and property prices will continue to cool. Activity has already shrunk to levels not seen since early 2020, when most of the economy was shuttered by the pandemic. Over the July-to-September period this year, there were $72-billion worth of real estate transactions across the country, according to the Canadian Real Estate Association. That compares with $121.7-billion worth of resales in the first three months of the year. The typical selling price of a home across the country has dropped 9 per cent to $766,000 in September from $840,000 in February, according to CREA. That marks the steepest decline since the global financial crisis when the typical home price fell 9.1 per cent from March, 2008, to March, 2009. Home prices are still significantly higher than they were two years ago.

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