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Compare current CIBC mortgage rates with Sunlite Mortgage rates in one simple table. See CIBC mortgage rates by term and how Sunlite Mortgage compares.
Rates are shown for comparison purposes only and may change without notice. Actual rates depend on borrower qualifications, mortgage type, amortization, loan-to-value, property type and lender approval.
Compare current CIBC mortgage rates with Sunlite Mortgage rates below.
| Terms |
CIBC
|
BMO
|
TD
|
RBC
|
Scotiabank
|
National Bank
|
Sunlite Mortgage |
|---|---|---|---|---|---|---|---|
| 1-Year Fixed | — | — | From 5.54% | 5.14% | 4.84% | 5.49% | 4.89% |
| 2-Year Fixed | — | — | From 5.04% | 5.14% | 4.64% | 4.99% | 4.39% |
| 3-Year Fixed | 4.64% | 4.74% | From 5.04% | 4.99% | 4.74% | 4.94% | 3.99% |
| 4-Year Fixed | 4.79% | — | From 5.19% | 5.04% | 4.89% | 5.04% | 4.44% |
| 5-Year Fixed | 4.84% | 4.94% | From 5.24% | 5.14% | 4.94% | 4.24% | 4.24% |
| 3-Year Variable | 4.05% | — | — | — | — | — | 4.05% |
| 5-Year Variable | 3.95% | 4.12% | From 4.09% | 4.15% | 3.90% | 4.10% | 3.60% |
| Prime Rate | 4.45% | 4.45% | 4.60% TDMP | 4.45% | 4.45% | 4.45% | 4.45% |
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 can 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 Sunlite Mortgage, we guarantee that we’ll match or beat it, or you could get $500. Learn more about Sunlite Mortgage’s low-rate guarantee.
CIBC stock (CIBC) has traded for roughly $60-80 CAD in the last year and is towards the lower end of that bracket at the time of writing. CIBC, or 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, serving residential and corporate clients in Canada.
CIBC’s prime rate is currently 7.35%. 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 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. 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.
Here’s a snapshot of the Prime Rate over time.
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 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 most mortgages, including weekly, bi-weekly, semi-monthly or monthly payment frequency options. Here’s a breakdown of CIBC’s main mortgage products and rates for Canadians in 2022.
Open fixed-rate mortgages from CIBC are useful if you plan to make prepayments of more than 20% of your original mortgage principal or if you plan to sell your home shortly. Interest rates with open fixed-rate mortgages are generally higher to allow this additional flexibility.
CIBC offers a number of fixed-rate mortgages, including fixed-rate closed, open, high-ratio, and convertible mortgages.
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.
Depending on how much you borrow, CIBC offers up to $3,000 if you switch to one of their featured mortgages. For example, if you borrow $200,000, you would receive $1,000 cash back; $1,200 if you borrow $300,000, $2000 if you borrow $500,000, and $3,000 if you borrow $750,000 or more.
CIBC suggests the Better Than Posted Mortgage® for applicants who want a good deal on their mortgage but are not looking to negotiate on their rate. The bank offers 3, 4, 5, 7, or 10-year closed terms. The main benefit of this mortgage is that you can save with a rate of 1.01% to 2.01% below the CIBC Posted Rate for the first nine months of your mortgage and an ongoing discount of 0.25% to 0.40% for the rest of your term (if you qualify).
This mortgage was a solution that incentivized borrowers to turn their mortgage payments into travel and lifestyle rewards. It appears to have been discontinued, as the mortgage is not mentioned on CIBC’s most up-to-date site.
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. Like 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 debt consolidation, renovations, or other purchases.
This product is designed for self-employed applicants looking to buy a home in Canada. If you’re self-employed, CIBC recommends speaking to a mortgage advisor who can direct you on the application process and the differences there may be for self-employed individuals in Canada.
Mortgage prepayment is when 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 repayment 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 15% 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.
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. They’ll generally send a notice of renewal a few months before your term expires, 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 can renew with any bank or mortgage provider. If you want to renew your CIBC mortgage with another lender, it’s worth looking for the best mortgage rates. At Sunlite Mortgage, we can help you find the best rates on your mortgage and lend directly. Check out our renewal process guide to learn more about renewing your CIBC mortgage with a new lender.
CIBC fixed and variable mortgage rates can be competitive with other major Canadian banks, but the best available rate depends on the mortgage term, product, property and borrower profile. Sunlite Mortgage compares current CIBC mortgage rates with rates from other lenders so borrowers can review their options before choosing a mortgage.
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.
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.
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 Sunlite Mortgage, 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.
*Applicable with an accepted offer to purchase or renew. Conditions apply
