Third Quarter 2023 Financial Results Overview
Canadian Mortgages Renewing in the Next 12 Months
The portfolio is resilient to interest rate increases, with renewal metrics stable QoQ
.
.
There are $37B of mortgages renewing in the next 12 months based on current terms - $30B fixed and $7B variable. 73% of $37B is uninsured
As interest rates rise, most of our variable rate mortgages with fixed payments are impacted through an extension of amortization until renewal
.
At renewal, the mortgage reverts to the original amortization schedule, which may require additional payments
•
Proactive outreach included a number of programs and initiatives throughout the year to help our clients through a rising rate environment
$37B mortgages renewing in the next 12 months
$228B
Endnotes are included on slides 46 to 51.
CIBC◇
Uninsured mortgages for clients at higher risk¹ renewing in the next
12 months by LTV bands
$140MM
iVariable Rate,
$7B
$120MM
$100MM
■ Variable
■Fixed
$80MM
$60MM
$40MM
$20MM
Fixed
Rate, $30B
$OMM
<20
20-30 30-40
40-50
50-60
60-70
70-80
≥80
.
Less than $35MM comprising balances with higher risk clients and LTVs ≥ 70%
•
Higher risk clients renewing in the next 12 months account for $330MM
Third Quarter, 2023
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