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Compare CIBC Mortgage Rates in Canada

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Compare CIBC Mortgage Rates in Canada

CIBC 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, as well as 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 compare. 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.

Top 5 Big
Bank Rates

The top 5 big bank rates all in one easy-to-view table. See their rates then beat their rates (or get $500) with nesto’s low rate guarantee.

*Toronto rates

How to Compare Bank Rates From Big Banks

Comparing rates from CIBC and other Canadian banks is important to the mortgage application process. CIBC has a wide range of mortgage products and updates 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. Along with RBC, TD, Scotiabank, and BMO, it is considered one of the Big Five Canadian banks. Founded in 1867, the bank serves residential and corporate clients in Canada and abroad.

Stock information

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

CIBC Prime Rate

As of Friday, April 12, 2024, CIBC’s prime rate is . The Prime rate (or, more simply, Prime) is used as a basis for a number of products like variable mortgages, credit lines, and credit cards. A Prime rate is the interest rate that commercial banks charge customers that represents 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. Each bank sets the prime rate to determine the interest they charge 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

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. 

We don’t track historical rates at CIBC. 5-year mortgage rates are the most popular rates in Canada, with people switching between fixed and variable depending on market trends. Analyzing the Bank of Canada chart below can help you choose between a fixed or variable 5-year mortgage rate in today’s market.

Bank of Canada Policy & Prime Rate Changes

Date of Rate ChangeKey Overnight Target Rate (%)Change (%)Bank Prime Rate
June 2, 20100.30%0.25%2.50%
July 21, 20100.55%0.25%2.75%
September 9, 20100.80%0.25%3.00%
January 28, 20150.65%-0.15%2.85%
July 16, 20150.50%-0.15%2.70%
July 13, 20170.75%0.25%2.95%
September 7, 20171.00%0.25%3.20%
January 18, 20181.25%0.25%3.45%
July 12, 20181.50%0.25%3.70%
October 25, 20181.75%0.25%3.95%
March 5, 20201.25%-0.50%3.45%
March 17, 20200.75%-0.50%2.95%
March 30, 20200.25%-0.50%2.45%
March 3, 20220.50%0.25%2.70%
April 14, 20221.00%0.50%3.20%
June 2, 20221.50%0.50%3.70%
July 14, 20222.50%1.00%4.70%
September 7, 20223.25%0.75%5.45%
October 26, 20223.75%0.50%5.95%
December 7, 20224.25%0.50%6.45%
January 25, 20234.50%0.25%6.70%
March 8, 20234.50%0.00%6.70%
April 12, 20234.50%0.00%6.70%
June 7, 20234.75%0.25%6.95%
July 12, 20235.00%0.25%7.20%
September 6, 20235.00%0.00%7.20%
October 25, 20235.00%0.00%7.20%
December 6, 20235.00%0.00%7.20%
January 24, 20245.00%0.00%7.20%
March 6, 20245.00%0.00%7.20%
April 10, 20245.00%0.00%7.20%

The Bank of Canada (BoC) will deliberate on the Key Overnight Target rate twice every quarter. Generally, all lenders will follow suit to keep their prime rates in line with the country’s Big Six chartered banks. Find below the most recent changes to the baseline, which impacted the spreads to the Big Banks Prime Rates.

You can find more details about the Key Overnight Target Rate and an explainer from the Bank of Canada (BoC) if you want to learn more about this topic.

CIBC Mortgage Products

CIBC offers 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 most of their mortgages, including weekly, bi-weekly, semi-monthly or monthly payment frequency options.

Mortgages for Newcomers

CIBC offers help and advice for mortgage applicants who are new to Canada and 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. This program is for people new to Canada or Canadian citizens living abroad and now living 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. This program is for people with a valid work permit. You may qualify even if you don’t have a 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 provides 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. Check out our renewal process guide to learn more about renewing your CIBC mortgage with a new lender.

Frequently Asked Questions

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

Are CIBC’s rates lower than other big banks?

The Big Five Canadian banks have similar rates, and CIBC is in line with most of them. Products and special offers vary, and what kind of rate you can get depends on your personal financial profile instead of a one-size-fits-all approach to mortgage rates.

What are the benefits of choosing a smaller lender?

Big banks like CIBC and other A-lenders often have more stringent lending criteria that allow them to offer lower rates than smaller lenders. This is because they take on clients who represent less risk of default, statistically speaking. Having said that, smaller lenders often provide other benefits that large lenders may not be able to, like the community-based customer service that some credit unions can provide or more flexible mortgages for unique financial situations, where other alternative lenders can service them while big lenders cannot.

How do I get a mortgage with CIBC?

CIBC provides online pre-qualification and pre-approval tools and calculators to see what kind of mortgage they would recommend to each applicant. CIBC has branches around the country and advisors in-branch and online who can help you get set up with a mortgage application. Generally, CIBC’s mortgages require a robust look into your finances, employment, and credit history, among other factors.

Final Thoughts

CIBC provides 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.

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