Financial Performance and ESG Strategy Update
Mortgage Market Performance and Urbanization Rates
1995
1996
A greater rate of urbanisation is a strong contributor to
increases in property values
Canada has one of the highest urbanisation rates
in the G7
.
Over 45% of the Canadian population lives in one of the four
largest cities
Canada and UK or in foreclosure process in the US
1997
1998
1999
Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
5.0%
4.5%
Canada
U.K.
U.S
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
2010
2011
2012
2013
Mortgage Arrears by Number of Mortgages
2014
2015
2016
2017
2018
2019
2020
2021
2022
CIBC
For footnoted information refer to slide 39.
% of Population
Canadian mortgages consistently outperform U.S. and
U.K. mortgages
Low defaults and arrears reflect the strong Canadian credit culture
Mortgage interest is generally not tax deductible, resulting in an incentive for
mortgagors to limit their amount of mortgage debt
In most provinces, lenders have robust legal recourse to recoup losses
Mortgage arrears have steadily declined from high of 0.45% in 2009 to
0.14% in August 20221
Population in Top Four Cities²
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Canada
U.K.
U.S.
Germany
France
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