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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 944,595,207
Close 2024-10-08 C$ 82.04
Market Cap C$ 77,494,590,782
Recent Sedar Documents

FP says CIBC, rivals hear household income up 21%

2024-10-09 07:50 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Wednesday, Oct. 9, edition that the average disposable income for all Canadian households has increased by 21 per cent since before the pandemic. The Post's Jordan Gowling writes that however, while high-income earners have experienced an increase in purchasing power, lower-income households have seen a decrease due to inflation and higher interest rates. A recent report from the Parliamentary Budget Officer highlighted the difference in purchasing power across five income quintiles, despite growth in disposable income for all earners. Households in the lowest quintile (bottom 20 per cent) have seen their disposable income grow by 22 per cent since 2019, mainly due to government income support. However, their market incomes, which include income from employment and investments, have only increased by 7 per cent in the same period, not keeping pace with inflation. In contrast, high-income earners have seen their market income grow by 32 per cent since 2019, and their disposable income rise by 25 per cent, above the average. The purchasing power for this income bracket has improved since 2023, outpacing all other income quintiles.

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