The head of one of Canada’s largest banks is wading into the housing debate, arguing supply constraints need to be addressed amid surging home prices.
Victor Dodig, Chief Executive Officer of the Canadian Imperial Bank of Commerce, also told BNN Bloomberg he supports government intervention in an overheated real estate market as long as it can contribute to stable home ownership.
“I’m supportive of everything that will create a sound, growing financial system in Canada but will also give Canadians access to long-term stable home ownership,” Victor Dodig said in an interview. “We have to recognize that low interest rates are here today and that’s subscribing part of it. But we also have to recognize that there’s a generational transfer of wealth going on.”
The full interview will be broadcast on BNN Bloomberg on Wednesday, April 14 at 8:30 a.m. ET/5:30 a.m. PT.