CIBC has initiated 15 foreclosure proceedings in Vancouver as of February 26, according to court records. In contrast, the number was nine in 2019 and just two in 2018 for the first 57 days of the year.
A concerning statistic is the rapid growth of high loan-to-value (LTV) uninsured residential mortgages in Greater Vancouver area on CIBC’s books. Mortgages with an LTV over 75% represented just 1% of the region’s uninsured mortgages in the fourth quarter of 2016. That figure had jumped to 7% in Q1 of 2020.
- CIBC Investor Presentation December 1st, 2016 Fourth Quarter, 2016
- Investor Presentation First Quarter 2020