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Investor Presentation

Canadian House Prices • Absolute price level is moderate compared to major global urban centers Canadian housing market among others that have experienced sharp rises in residential real estate values over the last year Growth rates of house prices in Canada have diverged across regions Sweden Denmark Russia US Korea Canada Germany Netherlands UK Taiwan Brazil France Mexico China S.Africa Australia Hong Kong Japan Italy India Indonesia Spain CIBC◇ Average Home Price 2 City CAD USD Eq. Canada 748K 593K Toronto 1260K 999K Vancouver 1255K 995K Calgary 459K 364K Montreal 530K 420K Ottawa 690K 547K Latest Year over Year Increases in House Prices (%) ³ 3 Housing Index Year over Year Change, by City 4 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 Dec-22 -5% -10% -15% 5 10 15 11 USD = 1.2616 CAD 2 Source: CREA, January 2022 3 Source: Oxford Economics, Haver Analytics 4 Source: Bloomberg, Teranet - National Bank House Price Index 39
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