Why CIBC’s Mortgage Growth Has Stalled

The Financial Post ran astory this week suggesting that CIBC is retreating from consumer lending due to risk concerns. That was likely a stretch. The article was based primarily on one data point, percentage change in mortgage and household lending. Since CIBC has near-0% volume growth in the first five months of 2012—whereas the other Big 6 banks […]

IRD Penalties on FirstLine Vancouver Home Mortgages

IRD Penalties on FirstLine Vancouver Home Mortgages The following information may be helpful for individuals holding Vancouver home mortgages through FirstLine. FirstLine Mortgages is a subsidiary of CIBC which stopped accepting mortgage applications as of July 31, 2012. According to CIBC, parties who currently have mortgages with FirstLine will not be affected by this change. […]

45% of Canadians unprepared for emergency spending

CTVNews.ca Staff Published Monday, Aug. 13, 2012 8:15AM EDT Last Updated Monday, Aug. 13, 2012 5:31PM EDT A new poll for one of Canada‘s biggest banks reveals many Canadians don’t have a reserve fund set aside to cover unexpected emergency expenses. According to the poll conducted for CIBC, 45 per cent of Canadians have no […]

Interest rates to remain low into 2014: CIBC

The CIBC says Canadians may enjoy historically low interest rates into 2014. The bank released its new outlook for the global and Canadian economies, and all indicators point to weakening conditions and rising risks. It says Canada’s economy will barely keep its head above water with growth rates of 2.1 per cent this year and […]

Report hints at why BMO went to 2.99%

New analyst reports are hinting at why BMO moved to offer that trendsetting 2.99 per cent rate, at the same time suggesting the offer may come back to bite it – and, indeed, the industry. The big bank trod out that historical interest rate early last month, kicking off three weeks of the unprecedented originations […]

Mortgage brokers undercut banks

Mortgage brokers are once again undercutting the banks and some are willing to buy down your rate — eating part of their commission in the process — to gain customers. Steep mortgage discounts from the major banks have all but disappeared from the market, leading mortgage brokers to make sacrifices for market share amid new […]

B.C. lawyer tackles CIBC over mortgages

Garry Marr, Financial Post · Oct. 21, 2011 You just made the largest purchase of your life based on borrowing more than you ever have before. Are you really going to bother reading that 25-page contract with all the rules on your mortgage? The answer is usually no. The truth is you should. The ambiguity in […]

Ottawa urged to invest in energy mega-project

The Canadian Imperial Bank of Commerce is urging the federal government to fast-track energy mega-projects to provide a much-needed boost to job creation in a sluggish economy. Canada’s potential for energy development would allow governments to forego deficit-financed stimulus spending that would drive the federal and provincial governments deeper into debt, CIBC vice-chairman Jim Prentice […]

Canadians making good progress on debt

More than half of Canadians say they are making good progress paying down their debt, still many fear it’s not enough, according to a new survey. Harris-Decima and CIBC polled more than 2,000 adults and found 72% are holding some form of debt. The good news is 61% say they are making good progress repaying […]

Lower Qualification Rates on Conventional Mortgages. A Trend?

One year after most banks started using posted rates to qualify conventional mortgages, we’re starting to see some loosening of those policies. Three weeks ago, Scotiabank lowered its conventional qualifying interest rates, and last week FirstLine (a division of CIBC) did the same. Lower qualification rates impact debt ratio calculations and make it easier for […]