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Avery Shenfeld

Avery Shenfeld

Chief Economist at CIBC

August 31st, 2017

"It depends on how quickly we get follow-up rate hikes, how much these other mortgage regulatory changes end up doing on their own," said Avery Shenfeld, chief economist at CIBC, asked about the national outlook.

"At some point we do think that is going to cool prices in some of the most overheated parts of the country, but we might not see much action in terms of national house price measures, at least not until interest rates go up further."

The average Canadian household owed a near-record US$1.67 for every dollar of disposable income in the first quarter, one of the highest ratios in the world.

A reminder that rate hikes affect 100% of variable-rate and 20%/year of fixed-rate mortgages in Canada. The teaser-rate that people "locked-in" at has only one direction left to go.

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