CIBC: Slowdown may be healthy
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29/08/2010 10:00:00 AM
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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.