CIBC Mortgage Rates

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About Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce, or CIBC for short, is one of Canada’s Big Six banks boasting 11 million clients globally. The bank employs more than 40,000 employees throughout its 1,076 branch locations located in Canada, the U.S., the Caribbean, Asia and the UK.

The bank became known as the Canadian Imperial Bank of Commerce in 1961 following the merger of the Canadian Bank of Commerce, which was founded in 1867, and the Imperial Bank of Canada, founded in 1873.

The bank was a pioneer in mobile banking, becoming the first of Canada’s chartered banks to launch a mobile banking app in 2010. It has since been recognized for its mobile and online banking functionality by Forrester Research.

Today's Top CIBC Mortgage RatesUpdated 21:00 ET on Sep 26, 2021

Rates are based on a home value of $400,000

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5 Yr Variable
Loan to value
Up to 95%
Rate held until
Dec 26
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5 Yr Fixed
Loan to value
Up to 95%
Rate held until
Dec 26
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7 Yr Fixed
Loan to value
Up to 95%
Rate held until
Dec 26

CIBC mortgages

CIBC has seen its mortgage portfolio grow consistently over the years. It now administers over $204 billion of mortgages in Canada, as of Q2 2020. The bank offers a number of specialty mortgage products, including the CIBC Home Power Mortgage, CIBC Wealth Builder Mortgage, CIBC New Resident and Non-Resident Programs and cashback mortgages.

CIBC mortgages cannot be obtained through a mortgage broker ever since the bank left the broker channel in 2012.

Its fixed mortgage products come with 10% lump-sum prepayment privileges that allow borrowers to pay up to 10% of the mortgage value each year (compared to 20% at most other banks). You can also increase your regular payment amount (principal and interest) by up to 100% on any regular payment date during the term.

Variable rates have a 20% lump-sum prepayment option. Plus, you can increase your original regular payment amount (principal and interest) by up to 100% at any time during the term. Payment frequencies include weekly, bi-weekly, semi-monthly or monthly. The bank offers rate holds of 90 days (except for pre-approvals, which come with a 120-day rate hold).

CIBC's rates are based on a 25-year amortization, whereas 30-year amortizations are available in most cases for a 0.10 percentage point surcharge

CIBC posted mortgage rates

CIBC, like all of Canada’s big 6 banks, offers three types of mortgage rates:

  1. Posted rates: Posted rates are an anachronism. If there's one piece of advice you walk away with, make sure it’s to never pay a big bank's posted rate. Almost nobody does. Posted rates are mainly used as a starting point for pricing rate specials, and also for determining the prepayment penalties charged when you break a closed fixed mortgage early.
  2. “Special” rates: CIBC's special offer mortgage rates are mainly promotional lures, although they can sometimes be quite competitive. At other times, you can find much lower rates available from other lenders. Make sure to do your rate research before jumping at a special mortgage rate offer. It may not be so special after all.
  3. Discretionary rates: Discretionary rates are generally the best mortgage rates once can obtain from a big bank. They’re not publicized and they’re only available to well-qualified clients, usually after some negotiation. When dealing with a CIBC bank rep, always ask for the banks' “lowest floor rate,” and ask for the rep to request a “pricing exception.”

CIBC fixed rate mortgages

CIBC offers a variety of fixed-rate mortgages from a short-term mortgage of just six months, to decade-long mortgage terms.

The most popular of all is CIBC’s 5-year fixed rate, which balances a competitive rate (for a big bank) with a medium-length term, which many borrowers prefer, so as to avoid regular renewals.

CIBC’s fixed mortgage rates come with inferior prepayment options compared to other banks (and CIBC’s variable rate mortgages). They entail a restrictive 10% lump sum prepayment option each year (many other banks allow up to 20%), and a 90-day hold, whereas other banks and CIBC pre-approvals come with a 120-day rate hold.

CIBC variable rate mortgages

There are two key reasons why a borrower would opt for a floating-rate mortgage:

  1. They expect rates to stay low or fall, in which case borrowing costs would drop over time.
  2. They may expect to break their mortgage early and prefer the lower prepayment charges that come with a variable rate.

CIBC offers clients three variable-rate mortgage products: its CIBC Variable Flex Mortgage (3- and 5-year closed terms), and its CIBC Variable-Rate Open Mortgage (5-year term).

Its Flex Mortgage gets its name from the added flexibility provided in the form of higher prepayment privileges (20% lump sum payment of your original mortgage principal and up to a 100% increase in your regular payment amount).

Payment frequency options include bi-weekly, semi-monthly or monthly.

An added benefit of a CIBC variable rate mortgage is the ability to opt for fixed-payments. This means that if rates were to rise or fall, your monthly mortgage payment would remain the same, while the amount going towards interest payment would fluctuate.

One knock against CIBC variable-rate mortgages is that the bank bases its prepayment penalties on a higher rate than most lenders: prime rate (as opposed to the borrower’s lower contract rate). In some cases, that can cause penalties to be up to $1,000 more per $100,000 of the mortgage balance.

Historical CIBC mortgage rates

* As of June 1, 2020

Year 5-yr fixed rate
2020* 2.97%
2019 3.04%
2018 3.29%
2017 3.39%
2016 2.94%
2015 2.89%

CIBC Home Power Plan - Home Equity Line of Credit (HELOC)

For those needing to tap into their home equity for a major purchase or financial emergency, CIBC offers its Home Power Plan, a mortgage and home equity credit line rolled into one.

The CIBC Home Power Plan functions as a re-advanceable mortgage, where the borrower’s line of credit grows automatically as the mortgage is paid down. Like similar products from the other banks, homeowners can access up to 80% of the value of their home, although only 65% can be in the form of a revolving credit line.

On the credit line portion, you only have to pay the interest each month. The mortgage portion has regular amortizing payments, and as the balance is paid down, your available credit automatically increases on the line of credit. HELOCs are commonly used to fund large renovation projects, for post-secondary education, as an alternative to emergency cash funds and for investment purposes, to name just a few uses.

Historical CIBC HELOC rates

CIBC is known for its “prime rate” promotional offers on HELOCs. Just be warned. After a period of time, the pricing usually reverts to prime plus a certain increment, like prime + 0.50% for example.

Year Rates
2020 2.95%
2019 4.45%
2018 4.45%
2017 3.70%
2016 3.20%
2015 3.20%

CIBC mortgage statistics

  • Mortgage Portfolio: The bank's mortgage portfolio includes more than $204 billion in residential loans (as of Q2 2020).
  • HELOC portfolio: $20.3 billion (as of Q2 2020)
  • Branches: 1,076
  • Provinces Served: All
  • Clients worldwide: 11 million
  • Full- and part-time employees worldwide: 40,000

CIBC’s mortgages for newcomers

Many of the country’s big banks offer special banking services geared towards newcomers to Canada, and CIBC is no exception. With the CIBC Newcomer to Canada Program Mortgage and CIBC Foreign Worker Program Mortgage, those with no Canadian credit history can still participate in the dream of Canadian homeownership.

The Newcomer to Canada Program is limited to those who have been permanent residents of Canada for five years or less, while the Foreign Worker Program is limited to temporary residents with a valid Canadian work permit of 12 months or longer.

Applicants for these speciality programs may not get CIBC's absolute lowest mortgage rates and generally have to make higher down payments, like 35%.

Frequently asked questions about CIBC mortgage rates

How do you get a CIBC mortgage?

CIBC offers its own branded mortgages through its call centre, online app or mortgage advisors.

The bank no longer deals through mortgage brokers. It left the broker channel in 2012. So, if you’re using a mortgage broker, you won’t be able to obtain a CIBC mortgage.

To contact a CIBC mortgage representative at anytime over the phone, call 1-866-525-8622. Or just go to cibc.com and fill out the pre-approval form online. Someone from the bank will then contact you within one business day.

How to use a CIBC mortgage advisor?

Since CIBC doesn’t participate in the mortgage broker channel, it instead offers personalized advice through its team of in-house mortgage advisors. Similar to mortgage brokers, big-bank mortgage advisors can buy down your rate further by using a portion of their commission. So, don’t be afraid to ask.

Convenience is the bank’s primary objective, so CIBC’s mortgage advisors offer mortgage advice over the phone a time of your choosing up to 10 p.m. Like most bank advisors, beware of their bias towards the bank’s products.

How can you get pre-approved for CIBC mortgage?

If you’re about to start house shopping, first you need to know how much mortgage you’ll qualify for. Obtaining a mortgage pre-approval from CIBC is easy and can be done completely online.

Once you have your digital CIBC Pre-Approved Mortgage Certificate, your quoted interest rate will be held for 120 days. You can then start your house-hunting process with the confidence of knowing the maximum price you can afford.

Just remember that while a pre-approval is a commitment by the bank to fund your mortgage, there are still conditions to be met. This can include the property appraisal and a satisfactory review of your documents. To avoid any surprises:

  • Make sure to maintain a good credit score right up until closing
  • Don’t increase your debt load before closing
  • Add an appraisal condition to your purchase offer
  • Ask the bank to review your income and down payment documentation with the pre-approval request

How to get the best CIBC mortgage rate?

A big-bank mortgage is like the price tag on a used car. People rarely pay the sticker price without at least attempting to negotiate a better deal.

You can improve your odds by ensuring you have a high credit score and clean credit history. It helps if you have some history with the bank, including other financial products with them, such as a chequing or savings account, or at least a credit card.

It’s also imperative that you do your research before negotiating your mortgage rate with your bank, whether it be a new mortgage or the renewal of an existing mortgage. Rate comparison sites such as Rates.ca are often your best friend, showing you what other lenders are offering for comparable mortgage products.

If you’re dealing with a CIBC Mortgage Advisor, don’t be afraid to ask if they’ll use part of their commission to “buy down” your rate. This is a good way to determine how badly they want your business. While mortgage brokers commonly buy down rates for their clients, it’s somewhat less common among big bank mortgage specialists, but it is possible.

Finally, CIBC private banking and Imperial banking customers sometimes get slightly better rates than regular customers. Use this to your advantage if you bank with one of those divisions.

How do I renew my CIBC mortgage?

Loyalty at most big banks is seldom rewarded with the lowest possible mortgage rates.

If you have a CIBC mortgage that’s coming up for renewal, don’t expect the bank to offer you the very best deals. Big banks typically reserve their lowest pricing to attract new clients, while offering existing mortgage customers somewhat inferior rates by comparison.

Renewal offers can always be negotiated down, however. But you’ll need to be well qualified and have a solid credit history.

Should the bank refuse to match rates available at other lenders for a comparable product, don’t be afraid to take your business elsewhere. Switching isn’t that much of a chore.

Just be aware that you will have to pass the mortgage stress test should you change lenders at renewal time. Make sure to begin your renewal bargaining at least 90 days in advance to allow ample time to shop your mortgage around if needed.

How can I calculate mortgage rates for CIBC?

Like all of the big banks, CIBC has a selection of useful mortgage calculators to assist with your mortgage research and cost comparisons. Here’s a list of some of its top mortgage calculators:

  • Mortgage payment calculator
  • Mortgage affordability calculator
  • CIBC mortgage selector
  • Home equity calculator
  • Mortgage prepayment calculator
  • Rent vs. Own calculator

CIBC's full list of mortgage calculators is available here.

CIBC pros

These are some of the benefits of getting a mortgage with CIBC:

  • Full-service: One of the best aspects of getting a mortgage through a big bank is the access you gain to a range of other financial products. This may or may not be that important to you, but many people prefer to have all of their accounts in one place. When you open a mortgage with CIBC, you can easily open additional accounts, such as banking and investment accounts, and gain access to additional credit facilities, such as personal and home equity lines of credit.

  • Security: CIBC and Canada’s other Big 5 banks are among the most reputable lenders in the country with the most advanced anti-fraud technology and measures in place. This can bring peace of mind concerning the security and stability of your loan and personal information.

  • Convenience: With numerous branch locations throughout the country, scheduling a face-to-face meeting in most communities is easy. CIBC also offers more modern ways of doing business, including via its mobile app, online and via phone. CIBC Mortgage Advisors are also available to meet at a location of your choosing during flexible days and times. For added flexibility, many CIBC locations are open late and on weekends, including Sundays.

  • Free Credit Score: CIBC is by no means the only big bank to offer free credit scores when you do business with them. However, it can be a useful benefit (worth upwards of $19 per month) to help you keep an eye on your credit health. This benefit is available only for clients using the CIBC mobile banking app.

  • Cashback: Many of the big banks try to entice clients to open a mortgage with the lure of cashback offers, and CIBC is one of them. As of this writing (June 2020), CIBC is offering up to $3,000 for clients to switch their existing mortgage to the bank. You’ll want to do the math and make sure the offer is still worth it after paying potential prepayment penalties at your existing lender.

CIBC cons

Certain borrowers prefer to steer clear of big banks when it comes to getting a mortgage. Here are some potential disadvantages of a mortgage with CIBC:

  • Higher Rates: There’s no denying that big-bank mortgages sometimes come with higher mortgage rates compared to other lenders, such as non-bank lenders and credit unions. This is something to keep in mind if you’re particularly rate-sensitive. Albeit, CIBC is more competitive than most Big 6 bank lenders and sometimes surprises us.

  • Restricted Options: A common problem when going directly to a big bank for your mortgage is that you limit your options, particularly when compared with using a mortgage broker or rate comparison website to shop rates market-wide.

    A big bank such as CIBC will only sell their own mortgages, which means you could be missing out on enhanced rate features elsewhere. For example, there are many lenders that outperform CIBC when it comes to mid-term refinance rates and skip-a-payment options.

  • Higher Mortgage Penalties: If there’s one thing big bank mortgages are notorious for, it’s high prepayment penalties imposed when you break your mortgage early.

    Because prepayment penalties on fixed rates are calculated using the Interest Rate Differential (IRD), which are calculated using banks’ artificially high posted rates, you could end be looking at a crippling penalty of many thousands of dollars.

  • Shorter Rate Hold Period: Most big banks will guarantee your mortgage rate for a period of 120 days (or 130 days in the case of BMO). CIBC, however, will only hold your quoted rate for up to 90 days unless it’s a pre-approval.

    This may not be a problem if the closing on your mortgage falls within that timeframe.

What is CIBC's prime rate?

Being one of Canada’s Big 6 banks, CIBC’s prime rate is factored into the formula that sets the country’s benchmark prime rate (upon which all floating-rate mortgages and home equity lines of credit are priced).

Banks and other lenders typically adjust their prime rate following changes to the Bank of Canada’s overnight target rate.

CIBC is rarely the first bank to announce its new prime rate, although it usually adjusts its prime rate in unison with the other banks once the first announcement is made.

10-year history of CIBC prime rate

Year Rates
March 2020 2.45%
March 2020 2.95%
March 2020 3.45%
October 2018 3.95%
July 2018 3.7%
January 2018 3.45%
September 2017 3.20%
July 2017 2.95%
July 2015 2.70%
January 2015 2.85%
September 2010 3.00%
July 2010 2.75%
June 2010 2.5%
April 2009 2.25%
March 2009 2.5%
January 2009 3.00%

CIBC prepayment charges

CIBC calculates prepayment charges, a.k.a. penalties for breaking your closed mortgage early, the same as Canada’s other big banks.

For fixed rates, they are based on the greater of:

  • Three months’ interest, or
  • The interest rate differential (IRD)
    • This is calculated by taking the difference between your rate and the rate the bank could lend at today, for a term equivalent to your remaining term. The more your rate is above today’s rates, the higher the IRD charge. CIBC IRD penalties are notoriously high.

Variable rates are assessed just a three-month interest penalty, albeit at the bank’s prime rate—a more costly policy than most banks.

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