CIBC Investor Presentation

Canadian House Prices • • Absolute price level is moderate compared to major global urban centers Canadian debt to income ratio in line with many developed nations Growth rates of house prices in Canada have diverged across regions City Canada 300 250 200 150 100 50 Household Debt to Income Ratio Household Debt to Income Ratio Average Denmark Netherla... Norway Australia Source: OECD, 2018 or latest available. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. Sweden Canada Ireland U.K. France Japan U.S. Germany Average Home Price CAD USD Eq.¹ 696K 566K Toronto 1025K 835K Vancouver 1153K 938K Calgary 447K 364K Montreal 488K 397K Ottawa 638K 519K Source: CREA, April 2021, 11 USD = 1.2285 CAD Housing Index Year over Year Change, by City CIBC 35% Canada -Toronto Vancouver -Calgary -Montreal -Ottawa 30% 25% 20% 15% 10% 5% 0% Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec 12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 -5% -10% -15% Source: Bloomberg, Teranet - National Bank House Price Index CIBC Investor Presentation | 40

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