Compare CIBC Mortgage Rates in Canada

Compare CIBC Mortgage Rates in Canada

CIBCs is one of Canada’s largest and most popular banks. We’ll cover CIBC’s mortgage rates and products, from today’s interest rates to historical mortgage rates for CIBC to other important factors like CIBC’s renewal process, company stock information, and the pros and cons of going with a bigger lender like CIBC for your mortgage.

Key Highlights

• The Canadian Imperial Bank of Commerce (CIBC) is a publicly traded and federally regulated financial institution with its headquarters in Toronto, Canada.
• CIBC offers a range of conventional mortgages and other mortgage products to customers in Canada, at rates in-line with their competitors.
• CIBC’s mortgage rates are competitive among big banks and lenders. Your personal financial situation will often determine the rate you qualify for.

Compare CIBC Mortgage Rates

Here are the current rates from CIBC and other major Canadian lenders, and how they stack up against each other. When comparing rates from major banks, look at offers from multiple lenders simultaneously. It’s best to go for the lowest rate possible, since you could save a significant amount of money over the lifetime of your loan.

How to Compare Bank Rates from Big Banks

Comparing rates from CIBC and other Canadian banks is an important part of the mortgage application process. CIBC have a wide range of mortgage products, and update their rates regularly online. It’s also possible to speak with their advisors in-branch, or work with mortgage brokers who may be able to find you a better deal on your mortgage than the posted rate. 

Comparing rates from CIBC and other big banks in Canada involves comparing rates online and looking at multiple lenders at once. CIBC also has an extensive list of mortgage products across different terms and types of mortgage. Comparing different lenders and mortgages between the big banks is the best way to find the rate you want.

Finally, if you’ve found a rate from a lender other than nesto, we guarantee that we’ll match or beat it, or you could get $500. Learn more about nesto’s low rate guarantee.

CIBC Overview & Stock Information

CIBC, or more formally the Canadian Imperial Bank of Commerce, is a global bank based in Toronto, Canada. It is considered one of the Big Five Canadian banks, along with RBC, TD, Scotiabank, and BMO. The bank was founded in 1867 and serves both residential and corporate clients in Canada and further afield.

Stock information

• Listed on the Toronto Stock Exchange: CM.TO
• Listed on the New York Stock Exchange: NYSE:CM

CIBC Prime Rate

As of Thursday, September 21, 2023, CIBC’s prime rate is . The Prime rate (or more simply, Prime) is used as a basis for a number of products like mortgages, credit lines, and credit cards. A Prime rate is the interest rate that commercial banks charge customers that represent the lowest level of risk. Prime rates are combined with a positive or negative spread (e.g. +/- 1.5%) for most lending products, depending on risk levels. The prime rate is set by each bank to determine the amount of interest they charge to customers. Although each bank sets its own prime rate, they generally try to keep their rates in line with each other.

Here’s a snapshot of the Prime Rate over time.

*Most Recent Prime Rate Shown
Source: bankofcanada.ca

CIBC 5-Year Fixed and Variable Rate History

CIBC’s 5-Year Fixed and Variable Rate over the last few years has followed the pattern of many of the larger banks, with a noticeable drop in interest rates during the peak of the COVID-19 pandemic, as the Bank of Canada changed interest rates to historically record low levels to stimulate the economy, followed by a sudden, significant surge in rates following the re-opening of the economy after COVID, and the government’s attempts to slow rapid inflation. 

CIBC Mortgage Products

CIBC has a comprehensive range of mortgage solutions for residential customers in Canada, including fixed-rate mortgages with several term options, variable-rate mortgages with a number of terms, open and closed mortgages, and more. CIBC offers flexible payment options for the majority of their mortgages, including payment frequency options of weekly, bi-weekly, semi-monthly or monthly.

Mortgages for Newcomers

CIBC offers help and advice for mortgage applicants who are new to Canada, as well as some special mortgage offers for permanent residents and foreign workers in Canada, who may have different needs than conventional mortgage applicants.

• CIBC Newcomer to Canada Program Mortgage. A program for people with limited credit history in Canada, who have the required Canadian income to afford mortgage payments.
• CIBC Newcomer to Canada PLUS Program Mortgage. A program for people new to Canada, or Canadian citizens who were living abroad and who now live in Canada. Applicants working to re-establish their careers in Canada may qualify, even if they have limited or no credit history.
• CIBC Foreign Worker Program Mortgage. A program is for people with a valid work permit. You may qualify even if you don’t have Canadian credit history.

Cash Back Mortgage

Depending on how much you borrow, CIBC offers up to $4,000 if you switch to one of their featured mortgages.

Home Power Plan

CIBC’s Home Power Plan mortgage lets borrowers combine a mortgage with a home equity line of credit. This is a common bundled mortgage product for conventional lenders and allows you the flexibility of a line of credit that only accrues interest on amounts you spend. Similar to a credit card, a line of credit is a revolving credit solution, not a lump-sum payment. With the Home Power Plan from CIBC, you can borrow up to 80% of the value of your home, for a minimum of $10,000. The benefit of this mortgage is that as your mortgage is paid off, your credit line amount will increase. Credit lines are useful for things like debt consolidation, renovations, or other purchases.

CIBC Mortgage Payment Increases

Mortgage prepayment is defined as a situation in which a borrower pays off some or all of their mortgage early, either with a lump sum payment, or by increasing their monthly payments. Each bank has different amounts you can pay off each year on your mortgage, and some mortgages come with more attractive prepayment options. 

CIBC offers one of the highest prepayment options of the Big Five banks, at 20% on many of their mortgage products. This means that you can increase your monthly payments by up to 20%, once each year. CIBC provide a range of flexible payment increase options. For example, with CIBC’s fixed rate closed mortgages, you can prepay up to 10% of your original mortgage amount annually, or increase your payment at any time, up to 100% of your regular amount.

Renewal Process with Big Banks

If you’re renewing your mortgage through CIBC, it’s worth knowing the process for renewing with the same lender and your options with other lenders. If you’re renewing with CIBC, they’ll generally send a notice of renewal a few months before your term is set to expire, with the interest rate attached for your renewal, assuming your financial situation has not changed significantly.

However, it’s also worth knowing that once your term expires with CIBC you have the choice to renew with any bank or mortgage provider. If you’re looking to renew your CIBC mortgage with another lender, it’s worth looking around for the best mortgage rates available. At nesto, we can help you find the best rates on your mortgage, and we also lend directly. To learn more about renewing your CIBC mortgage with a new lender, check out our renewal process guide.

Frequently Asked Questions

Here are some of the commonly asked questions about CIBC’s mortgage offerings and rates recently. 

Final Thoughts

CIBC provide a range of conventional mortgages for customers in Canada. Their rates are fairly competitive, and their prepayment options have decent flexibility. CIBC is a conventional, traditional bank with a good level of security, though they may not be able to provide the best rate in every instance. At nesto, we can help you compare the best rates available and we also lend directly. If you’re with CIBC and looking to renew with a new lender, or just out to compare mortgage rates and products, you can speak to an advisor now, or start your application if you’re ready to apply.