Capital Markets & Funding Strategies

Canadian House Prices Household Debt to Income Ratio 4 Household Debt to Income Ratio 300 • Absolute price level is moderate compared to major global urban centers 250 • Canadian debt to income ratio in line with many developed nations 200 • Growth rates of house prices in Canada have diverged across regions 150 CIBC -Average 100 Average Home Price 50 Region CAD1 USD Eq.² YoY % Increase³ Canada 746K 591K 19% Toronto 1354K 1072K 22% Denmark Norway Netherlands Vancouver 1375K 1088K 17% 35% Toronto -Vancouver Housing Index Year over Year Change, by City 5 -Canada Calgary 512K 405K Australia Sweden Canada U.K. Ireland France Japan U.S. Germany -Calgary -Montreal Ottawa 8% 30% 25% Montreal 573K 454K 16% 20% Ottawa 754K 15% 597K 18% 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 Dec-22 -5% -10% -15% 1 Source: CREA, April 2022 21 USD = 1.2628 CAD 3 Source: Teranet - National Bank House Price Index 4 Source: OECD, 2022 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. 5 Source: Bloomberg, Teranet - National Bank House Price Index 39

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