A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo
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TORONTO, June 16 (Reuters) – Canadian Imperial Bank of Commerce (CM.TO)is “comfortable” with the quality of its mortgage book, but is on the lookout for signs of stress, its chief risk officer said on Thursday.
“We’re very comfortable with where things are currently,” Shawn Beber said at the fifth-largest Canadian bank’s investor day in Toronto. If “things get more stressed, then you could see higher losses than (anticipated) but that’s not the base case scenario that we are looking at.”
Rising mortgage rates have already slowed the breakneck pace of Canadian home prices during the pandemic. Expectations for further increases are raising concerns that homebuyers who took out…
