Housing Market Cools After Strong Performance, Says CIBC CEO

Gerry McCaughey, chief executive of CIBC, stated that he believes the Canadian housing market and economy to be relatively strong albeit taking a brief pause. During a television interview, McCaughey discussed the Canadian housing market and its effects on CIBC’s mortgage business, expressing his optimism despite slow down in the mortgage sector.

“I think it’s healthy we see at least a slowdown here, at least a pause, for that area to catch a breath,” he told Business News Network. McCaughey also added that a cooling down period is not necessarily a bad thing, reminding that Canada’s housing market is relatively strong in comparison to the US market.

With a cooling of the housing market, Canadian home buyers can expect even further cuts to mortgage rates, as banks try to attract new customers in to the market.

To view the most accurate and up-to-date Canadian mortgage rates, visit Ratehub.ca’s Best Mortgage Rates comparison page. Use our mortgage calculator to view the effects of the recent interest rate cuts on your mortgage payments.

See today`s CIBC mortgage rates.