Strategic Priorities & Financial Overview
Mortgage Market Performance and Urbanization Rates
Mortgage Arrears by Number of Mortgages 1
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%
1999
2005
2007
2013
2015
2017
2019
2021
2023
Canada has one of the highest urbanization rates
in the G7
•
Over 45% of the Canadian population lives in one of the four
largest cities
A greater rate of urbanization is a strong contributor to
increases in property values
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
0.16% in September 20232
Population in Top Four Cities³
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Canada
U.K.
U.S.
Germany
France
% of Population
CIBC◇
For footnoted information refer to slide 37.
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