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Canadian House Prices • Absolute price level is moderate compared to major global urban centers CIBC◇ • Canadian debt to income ratio in line with many developed nations 300 • Growth rates of house prices in Canada have diverged across regions 250 Average Home Price 200 150 100 YoY % Region CAD1 USD Eq.² Change³ 50 Canada 629K 476K -2% Toronto 1147K 868K -2% Vancouver 1205K 912K -1% 40% Calgary 522K 395K 3% 30% Montreal 528K 399K -3% 20% 10% Ottawa 671K 508K -5% For footnoted information refer to slide 38. Household Debt to Income Ratio4 Norway Denmark Netherlands Household Debt to Income Ratio -Average Australia Sweden Canada U.K. France Ireland Japan U.S. Germany Housing Index Year over Year Change, by City5 -Canada -Montreal Toronto Ottawa Vancouver Quebec Calgary Halifax 0% Dec- Dec- Dec- Dec Dec- 07 08 09 10 11 12 Dec Dec- Dec. Dec. Dec. Dec- Dec Dec. Dec- Dec- 13 14 15 16 17 18 21 19 20 -10% -20% Dec-Dec- 22 23 28

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