CIBC Mortgage Rates Ontario

Page Updated June 10, 2024

 Discounted CIBC Mortgage Rates

*Major banks regularly discount their rates off the higher posted rates, based on several factors such as mortgage size and the market environment. CIBC can be very competitive when it comes to their mortgage rates and the rates below reflect an estimate of what CIBC may be able to offer as an average mortgage rate discount. These are not formal rate quotes and CIBC reserves exclusive rights to determine its rates on an individual application basis*

Term Average Discounted Rate Estimate as of June 10
5 Year Fixed 5.19%
3 Year Fixed 5.29%
2 Year Fixed 6.19%

 CIBC Variable and Fixed Mortgage Rates

These CIBC mortgage rates are the lowest rates seen in Ontario advertised currently…


As of July 8, 2024

As of July 8, 2024

Best Rates
Other Details
  • 1 Year Fixed


    Payment: $18,94/mo

    10/10 pre payment
  • 2 Year Fixed


    Payment: $18,94/mo

    10/10 pre payment
  • 3 Year Fixed


    Payment: $18,94/mo

    10/10 pre payment
  • 4 Year Fixed


    Payment: $18,94/mo

    10/10 pre payment
  • 5 Year Fixed


    Payment: $18,94/mo

    10/10 pre payment
  • 10 Year Fixed


    Payment: $18,94/mo

    10/10 pre payment
  • 5 Year Variable


    Payment: $18,94/mo

    10-20/10-20 pre payment

Select CIBC Locations in Ontario

Location Address Phone Number
Ottawa 84 Bank St, Ottawa, Ontario K1P 5N4 (613) 564-8713
Toronto 199 Bay St., Toronto, Ontario M5L 1G9 (416) 980-7777
Kitchener 1 King St E, Kitchener, ON N2G 2K4 (519) 742-4432
London 355 Wellington St, London, ON N6A 3N7  (519) 661-8000
Hamilton 1 King St W, Hamilton, ON L8P 1A4 (905) 572-3000

Unique CIBC Mortgage Programs

CIBC Wealth Builder Mortgage

This very unique mortgage program allows extra mortgage pre payments against the principal amount owing to reduce interest costs. However, at the same time, CIBC will provide money up front and over the mortgage term to help grow your savings. See a CIBC representative for details.

CIBC Cash Back Offer

CIBC consistently offers cashback on mortgage terms of 4 years or higher. Check with your Bank representative for details on how much may apply to you.

CIBC Home Power Plan

The CIBC Home Power Plan allows for a Home Equity Line of Credit (HELOC) to be included with your main mortgage. This credit line typically comes with a lower rate than unsecured credit lines and can be used for home renovations, investment or just for emergency expenses.

CIBC Foreign National Residential Mortgage

If you’re a Canadian looking to buy a home in the U.S., CIBC has a specialized Foreign National Residential Mortgage program. You can use and leverage your Canadian credit history when you may not have established US credit.

No Prepayment Penalties – One of the big perks of going with a CIBC Foreign National Residential mortgage is that you won’t be hit with prepayment penalties. This means you can pay off your mortgage early if you want to, without any extra fees. This is a unique feature to this particular mortgage type. (*These programs may be altered or changed at any time*)

CIBC Newcomer to Canada Program Mortgage

This program is for clients with a limited  Canadian credit history and with the required Canadian income to afford mortgage payments.

CIBC Foreign Worker Program Mortgage

This program is for people with a valid work permit who may qualify without a Canadian credit history. However, beware the Canadian non-resident ownership tax that charges 15% on purchases for non residents at the time of writing. This tax may be refundable upon receipt of permanent residency.

Mortgage Pre Approval Process at CIBC


Types of Mortgages at CIBC

First Time Home Buyer

CIBC caters to first time buyers very well, offering guidance from start to finish. First-time buyers can also be comforted by the fact that they are working with one of the largest banks in Canada. CIBC works with the traditional Home Buyers Plan and land transfer tax rebate but has also been known to add some of their incentives to the mix, including cash back and banking perks.

Mortgage Renewal

At mortgage renewal time, it’s important to ensure you’re with the right bank that offers the best mortgage rates. Especially for homes valued over $1,000,000 CIBC is very competitive on rate. The renewal process is straightforward and a CIBC mortgage specialist can help out every step of the way.

Mortgage Refinance

The mortgage refinance differs from a straight mortgage renewal. With a mortgage renewal, there are no changes to the mortgage amount or repayment/ amortization period. With the refinance however, additional equity can be withdrawn for any purpose, including debt consolidation, renovations or for investment. In addition, the amortization or repayment period may be extended to help keep payments lower until income increases, rates drop, or both!

Rental Property Mortgage

CIBC offers a competitive rental property mortgage program and is also widely known for the flexibility of its corporate name, rental property purchase program. To purchase a rental or investment property, a minimum of 20% down payment is required. Although the housing market can be volatile, with the right property, tenants and lender on your side, eventually, the property will be paid off. It’s also likely that over the long term, values will have increased. If interested in a rental property mortgage either in a personal name or in a corporation name, it’s worth trying CIBC.

Porting a CIBC Mortgage

Porting allows homeowners to transfer their existing mortgage, including the interest rate and remaining term, from one property to another, thus avoiding potential penalties.

Advantages of Porting with CIBC

Rate Continuation: Especially beneficial if you’ve locked in a favourable rate, porting ensures you continue to enjoy those rates on your new property.
Avoiding Penalties: By porting your mortgage, you bypass the penalties for breaking your mortgage agreement.

Not all mortgages are portable. It’s essential to check the specifics of your mortgage agreement or consult with a CIBC representative. The new property will undergo an assessment to ensure it meets CIBC’s lending criteria.