Archive for August, 2010

CIBC: Slowdown may be healthy

Tuesday, August 31st, 2010

The Canadian housing market is poised to strengthen after a brief slowdown, according to CIBC chief executive officer Gerry McCaughey.

In a television interview with Business News Network McCaughey said the slowdown in the Canadian housing market is healthy as it allows the industry to “catch a breath.”

“The indications are Canada is doing reasonably well, the recovery in the U.S. and probably in Canada seems to be slowing somewhat, but I believe this is probably a pause,” McCaughey said. “I think all recoveries from recessions have a lot of doubt and hesitation around them, and I think the main thing is for us to keep our eye on the ball for the future.”

CIBC reported its Q3 earnings last Wednesday posting net profits that grew to $640 million.