RBC and CIBC allow 89-year-old to drain life savings, lose $1.7M to scammers! Both banks say they have robust fraud detection and protection systems 🇨🇦#MarkCarneyCantBeTrusted🇨🇦 🇨🇦#SayingTheQuietPartOutLoud🇨🇦 🇨🇦#JustSayNoMore🇨🇦 🇨🇦#CarneyLies🇨🇦 https://www.cbc.ca/news/gopublic/bank-investigator-fraud-scam-9.6950754

, that HSBC Canada and other Canadian banks including CIBC had systemic problems with highly questionable mortgages issued to diaspora buyers with unverified sources of wealth in China. https://www.thebureau.news/p/fake-chinese-income-mortgages-fuel

The Greater Toronto condo market has been dominated by investors for years. That’s changing really fast, according to a new analysis from CIBC Economics. Over 4 in 5 investors with a condo apartment rental completed in 2024 are losing money, collecting less rent than they’re paying out. It’s a problem that’s long existed, but may finally be reaching its peak. On the upside, that’s provided significant inventory for end users. As prices fall, they might even be able to afford them one day. https://betterdwelling.com/over-4-in-5-greater-toronto-leveraged-condo-investors-are-losing-money/

CIBC customers dinged when bank adds $5 fee to e-gift cards, calling them a 'cash advance'! CIBC — which wasn’t forthright about adding fee — says it’s reimbursing customers who were charged! 🇨🇦 #resigntrudeau 🇨🇦 🇨🇦 #NoMoreLiberalsAndNDP 🇨🇦 🇨🇦 #SayingTheQuietPartOutLoud 🇨🇦 https://www.cbc.ca/news/gopublic/cibc-gift-card-fee-1.7171377

CIBC announces 2,400 jobs have been cut, while TD plans 3,000. CASH WILL BE NEXT TO BE STOPPED. The bank said in filings it plans to cut its its current full-time work force by about three per cent. In TD's case, that works out to just over 3,000 people. In a presentation to investors, CIBC said it has cut as much of five per cent of its full-time employees in its past fiscal year. That's almost 2,400 people. https://www.cbc.ca/news/business/bank-earnings-1.7044654

Ontario Premier Doug Ford told reporters Thursday that one of the reasons he decided to open up the Greenbelt was because of the Trudeau government’s record-level immigration targets. Ford made the comments after a CIBC economist revealed that Ottawa was undercounting how many immigrants were in Canada by omitting nearly one million non-permanent residents and foreign students who have remained in the country despite their visas expiring. https://tnc.news/2023/08/31/ford-immigration-mishandling/

Canada’s Big Six banks have a significant share of mortgages with amortizations over 35 years. BMO, CIBC, TD, and RBC all reported over a quarter of their portfolio had amortizations over 30 years. https://betterdwelling.com/canadian-banks-are-extending-amortizations-over-35-years-to-avoid-defaults/

https://globalnews.ca/news/9526547/canada-banks-loan-defaults/ Canada’s big six banks — TD Bank, RBC, BMO, Scotiabank, CIBC and National Bank — all reported earnings for their first fiscal quarters this week, with similar-sounding results. All reported a dip in profits as they put more money aside to handle credit losses. - Global News​ #bmo #td #rbc #cibc #nationalbank #scotiabank #credit #loan #mortgage #creditlosses #creditloan

https://www.theglobeandmail.com/canada/article-sales-of-greenbelt-land-raise-questions-for-ford/?utm_source=facebook.com&utm_medium=Referrer%3A%20Social%20Network%20%2F%20Media&utm_campaign=Shared%20Web%20Article%20Links&fbclid=IwAR0EfKWenT5QwReYRJQGBN1QSvhM07XFn_-SYLpI0hyCywhHXc-tGameC4o The buyer was TACC Developments (Block 41) Inc., which is controlled by prominent developer Silvio De Gasperis and members of his family. The company borrowed $100-million from CIBC to cover the purchase, at an interest rate of 21 per cent annually, records show. Mr. De Gasperis is also a PC Party donor. Elections Ontario records show total donations of more than $17,000 to the PC Party since 2018 under variations of Mr. De Gasperis’s name. There were also donations to the Liberal Party under the same names. As well, donors with the same names as several of Mr. De Gasperis’s executives and family members have donated tens of thousands of dollars to the PC Party. - The Globe and Mail #onpoli #TOpoli #OntarioCanada #ontario #ontariohousingmarket #OntarioGreenBelt