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.
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