Q3 2019 Fixed Income Investor Presentation
Canadian House Prices
.
Absolute price level is moderate compared
to major global urban centers
•
300
250
200
150
100
50
Canadian debt to income ratio in line with
many developed nations
Growth rates of house prices in Canada
have diverged across regions
Household Debt to Income Ratio
Household Debt to Income Ratio
Average Home Price
City
CAD
USD Eq.1
Canada
499K
381K
Toronto
801K
611K
Vancouver
995K
760K
Calgary
420K
321K
Montreal
368K
281K
Source: CREA, July 2019
11 USD 1.3101 CAD
Housing Index Year over Year Change, by City
Average
35%
30%
25%
-Canada Toronto Vancouver Calgary Montreal
20%
15%
10%
III
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
-5%
U.S.
Germany
-10%
-15%
Source: Bloomberg, Teranet - National Bank House Price Index
CIBC
0
Denmark
Netherla...
Norway
Australia
Sweden
Canada
Ireland
U.K.
France
Japan
Source: OECD, 2017 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.
CIBC Q3 2019 Fixed Income Investor Presentation
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