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CIBC Mortgage Rates

Commonly known by the CIBC moniker, the Canadian Imperial Bank of Commerce was born out of the merger of the Imperial Bank of Canada and the Canadian Bank of Commerce in 1961. This was the largest merger of any chartered banks in the history of the country. Today the bank offers personal and small business banking, capital markets, commercial banking, and wealth management in both Canada and the US markets. CIBC operates globally in the US, UK, Asia, and the Caribbean. CIBC is estimated to have over 11 million customers.

CIBC Fixed-Rate Mortgages

A fixed rate mortgage involves a stable interest rate that does not fluctuate over the course of the loan’s term. Below are CIBC’s current posted rates:

  • 1 year fixed mortgage rate - 7.69%
  • 2 year fixed mortgage rate - 7.44%
  • 3 year fixed mortgage rate - 7.24%
  • 4 year fixed mortgage rate - 6.99%
  • 5 year fixed mortgage rate - 7.09%
  • 7 year fixed mortgage rate - 7.89%


CIBC Variable-Rate Mortgages

A variable rate mortgage involves an interest rate that fluctuates based on a certain benchmark, usually a prime rate. Below are CIBC’s current posted rates:

  • 3 year variable mortgage rate - 7.20%
  • 5 year variable mortgage rate - 7.20%
Note that the CIBC Prime Rate is currently set at 7.20%.

CIBC Mortgage Features

CIBC offers several unique features with its mortgages, providing added flexibility and convenience for customers.

CIBC Mortgage Protection Insurance

As an optional add-on to a mortgage, CIBC offers mortgage protection insurance. This insurance can cover some or all of the mortgage balance in the event of critical illness, death, or disability, providing peace of mind for homeowners.

CIBC Mortgage Prepayment Allowance

CIBC allows customers to prepay up to 20% of the original mortgage balance each year without a mortgage break penalty. The more of the mortgage balance that is prepaid, the less interest will be owed over the mortgage term.

Increase Your Mortgage Payment

CIBC allows customers to pay down their mortgage balance faster by doubling their monthly mortgage payment. Every additional dollar paid goes directly towards reducing the principal mortgage balance.

Increase Your Payment Frequency

CIBC offers the option to increase the frequency of mortgage payments. Customers can adjust their payment schedule to be monthly, bi-weekly, or weekly.

Property Tax Payments

Depending on the mortgage agreement, CIBC may offer clients the option to directly pay their property taxes, ensuring timeliness and convenience.
This can provide added convenience and ensure that property taxes are paid on time.


Other CIBC Mortgage Products

 CIBC offers a range of specialty mortgage products tailored to specific customer needs.

Mortgages for Newcomers

CIBC offers three types of mortgage solutions for newcomers to Canada and foreign workers to help make homeownership more accessible for those with limited or no Canadian credit history.

Vacation Property Mortgage

CIBC offers second mortgages for those interested in purchasing a vacation property. Eligibility for mortgage insurance and minimum down payment requirements depend on whether the property will be used as a permanent residence or rented out.

Investment Property Mortgage

CIBC offers mortgages for investment properties, with different down payment requirements depending on whether the property will be used as a primary residence.

Cash Back Mortgage

CIBC offers a cash back mortgage option, providing customers with additional financial flexibility. The amount of cash back depends on the mortgage term and purchase price.

CIBC Mortgage Break Penalty

If your mortgage is closed, prepayment penalties will likely apply if you attempt to pay part or all of the balance early. Mortgages are a contractual obligation and if you make a payment early, you’re violating the contract which is why you could incur a prepayment penalty. Every bank’s prepayment penalty policy and fee varies.

You can calculate what your prepayment penalty will be using CIBC’s Mortgage Prepayment Charge Calculator. Even though you might incur a fee, it could still be worth the penalty which is why it’s important to understand the cost.

How to Get a CIBC Mortgage Pre-Approval

CIBC offers a mortgage pre-approval certificate to potential borrowers. If you are pre-approved for a mortgage with CIBC, you’ll receive an amount and interest rate that is valid for up to 120 days. The only reason a pre-approval would fall through is if your financial situation changed significantly. For example, you lost your job or had a significant, unexpected expense.

Unfortunately, CIBC doesn’t provide a list of criteria you need to meet for pre-approval. They suggest meeting with them to determine what you can afford and what mortgage you’re eligible for. In general, you will usually need to have good credit, be a resident or citizen of Canada, have stable income and be the age of majority for mortgage approval with a big bank.

During the pre-approval process, most lenders will request information and documentation. This could include personal information, financial details, verification of funds or income, government issued identification and so on. If you’re ready to apply for mortgage pre-approval, you can book a meeting with a CIBC representative online.

How to Get a CIBC Mortgage

The CIBC mortgage application process is similar to the pre-approval process. They don’t provide a lot of insight into what is required for mortgage approval, unfortunately. However, if you’re ready to buy a home and want to apply for a CIBC mortgage, book an appointment with a CIBC representative online.

Using CIBC Mortgage Specialist

The benefit of using financing from a big bank like CIBC is access to their large customer service network. Based on CIBC’s website, most individuals looking to apply for mortgage pre-approval, or a full mortgage will be required to work with a mortgage specialist. Individuals that enjoy a personal touch will benefit from this, but not everyone enjoys working with a representative. Having an internal contact can be helpful, especially since mortgages are a long-term obligation.


  • Big bank. CIBC is one of the five largest banks in Canada. Getting approved with them can be validating and confirm that you made a good financial decision. In addition, you’ll have access to their customer service network and other products and services.
  • Competitive rates. The standard rates are competitive with CIBC. They also have special rate offers occasionally.
  • Pre-approval opportunities. Mortgage pre-approval comes with a ton of benefits. CIBC allows you to get pre-approved and the offer is valid for up to 120 days.


  • Less intimate. Because CIBC is so big, the level of service won’t be as intimate as if you had gone to a smaller lender.
  • Harder to qualify. CIBC has much stricter criteria for qualification compared to smaller, alternative lenders. For example, they may not accept bad or no credit, or unstable income.
  • New to Canada. You may not qualify for a mortgage with CIBC if you just emigrated to Canada.

CIBC Mortgage Rates Vs. Other Banks

CIBC's mortgage rates are competitive, but it's always a good idea to compare rates from other lenders. This can help ensure that you're getting the best deal possible.

Comparing CIBC Mortgage Rates

Mortgage rates can vary significantly between different lenders. Therefore, it's essential to compare rates from various lenders to ensure you're getting the best deal.

Negotiating CIBC Mortgage Rates

Even if you're offered a special mortgage rate at CIBC, don't hesitate to negotiate a lower one. Even a slight reduction in the interest rate can result in significant savings over the life of the mortgage.

CIBC Mortgage Prepayment Calculator

CIBC offers a mortgage prepayment calculator that can help you determine how much you can save by making additional payments towards your mortgage. This tool can be beneficial in planning your mortgage repayment strategy.

CIBC Mortgage Reviews

CIBC has received mixed reviews from customers. Some customers praise the bank's customer service and competitive mortgage rates, while others criticize its high fees and inflexible terms. Always do your own research and consider multiple sources of information before making a decision.


What are the different kinds of rates?

Banks offer different kinds of rates for mortgages. All of Canada’s big banks usually offer three types of rates: inflated rates used for reference, contracts and penalties; rates they post online or advertise to customers as special or limited time offers; and rates they keep quiet about but are the best rates, normally these are negotiated.

Posted Rates

Posted rates are the rates used to determine penalty fees. As a result, these rates are inflated to get banks more money. No one should be paying posted rates on a mortgage. They are used for reference and customers can negotiate or seek out better advertised rates from there.

Special Mortgage Rates

Special mortgage rates are the rates normally offered online or in advertisements as a limited time deal. They are not limited time deals or special in any way. They are lower than posted rates and generally what mortgage specialists can outright offer clients. However, smaller lenders and credit unions generally offer more competitive rates than the big banks’ special rates. Seeking out comparable loans and their rates can put you in a position to ask for even better rates than what big banks offer you as “special”.

Discretionary Rates

Discretionary rates are the good deals big banks can offer, but won’t openly tell clients about or advertise publicly. Banks will offer these rates to preferred clients, because they don’t want to lose their business. Ultimately, banks want business and any client, preferred or not, can negotiate rates down into the discretionary category.

CIBC Mortgage Documents Requirements


Current employment and amount of income such as:
Copy of recent pay slips
Evidence of recent pay deposited electronically
T1 General and associated Notice of Assessment (NOA)
Previous employment (if required)
 Additional income sources (if any)
Basic financials
A list of current assets and liabilities
Bank account and transit number for payments
Your CIBC Pre-Approved Mortgage Certificate, if applicable
Confirmation of your down payment
Savings or investments statement from within the last 90 days
Sale of an existing property – a copy of the sale agreement
Withdrawal from RRSP through the Home Buyer’s Plan, if applicable
Gift Letter
Property details
A copy of the real estate listing
A copy of the accepted purchase and sale agreement
The property’s full address, including legal description and postal code
Property tax estimates, condo fees and heating costs, (usually available on the real estate listing)
For rural properties, well and septic certificates
Lawyer’s name, address, postal code, telephone and fax number
Other Mortgages