CIBC Mortgage review
Best for: Borrowers who want published specials on fixed terms from 1 to 7 years, or a Variable Flex mortgage with 20% yearly prepayment.
#9 in our mortgage lenders ranking. See how we rank
New mortgages only, 25-year amortization or less; posted rate is 6.49%
Special rate; works out to CIBC Prime (4.45%) minus 0.25%, new mortgages only
Yearly lump sum on fixed closed terms; Variable Flex allows 20% a year
Usually the greater of the two on closed fixed; usually 3 months’ interest on variable
30 years on insured mortgages for first-time buyers or new construction
The bottom line
CIBC lists specials on 1, 2, 3, 4, 5 and 7-year closed fixed terms for new mortgages, including 5.34% on a 5-year fixed against a posted 6.49%. Its 5-year Variable Flex special is 4.20%. Fixed terms allow a 10% lump sum each year, Variable Flex allows 20%, and both let you raise payments by up to 100%. Porting is available on some terms only.
Pros & cons
Pros
- Published specials on 1, 2, 3, 4, 5 and 7-year fixed terms
- Variable Flex allows prepayments of up to 20% a year
- Payments can rise by up to 100%
- Switch cash back of up to $5,500 on larger mortgages
- 120-day rate hold with pre-approval
Cons
- Fixed terms allow only a 10% lump sum each year
- Not all terms are portable
- Specials apply to new mortgages only
- Variable spreads to prime aren’t stated on the page
A good fit if you want a special on a less common term, such as 2 or 7 years, or a variable mortgage with room to prepay. Confirm portability for your term before you sign.
Suits you if
- You want a discounted 2-year or 7-year fixed term.
- You want a variable rate with 20% prepayment room.
- You are switching a large mortgage from another lender.
Look elsewhere if
- You need certainty that your term is portable.
- You want to prepay more than 10% on a fixed term.
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CIBC mortgage rates on offer
CIBC publishes specials for new mortgages alongside posted rates and high-ratio (default-insured) pricing. We read these figures on October 14, 2026, from the rate feed that powers CIBC’s rates page; the feed showed an effective date of October 9, 2026. Rates change often.
- 5-year fixed: 5.34% special (APR 5.36%) with a 25-year amortization or less, 4.99% high ratio, 6.49% posted
- 1-year fixed: 5.09% special, 5.14% posted
- 2-year fixed: 4.84% special, 5.24% posted
- 3-year fixed: 5.09% special, 6.14% posted
- 4-year fixed: 5.24% special, 6.19% posted
- 7-year fixed: 5.54% special, 6.30% posted
- 10-year fixed: 6.79% posted, no special
Variable Flex rates and CIBC Prime
CIBC Prime was 4.45% when we checked. The 5-year Variable Flex special is 4.20% (APR 4.22%), which works out to prime minus 0.25%, and the high-ratio special is 4.05%, or prime minus 0.40%. A 3-year Variable Flex special is 4.15%. CIBC doesn’t state these spreads; they’re our arithmetic. The posted 5-year Variable Flex equals prime, and the 5-year open variable is 7.75%.
You can convert Variable Flex to a 3-year or longer fixed closed term at any time. For new terms from April 2026, CIBC raises variable payments automatically if the amortization would exceed 40 years. Open fixed terms of 6 months and 1 year are posted at 10%, and a 6-month convertible term is posted at 7.55%.
Prepayment privileges
On a closed fixed mortgage, CIBC lets you prepay up to 10% of the original amount each year and increase payments by up to 100% at any time. Variable Flex allows larger lump sums: up to 20% a year, which doesn’t carry forward if unused, plus payment increases of up to 100%. We didn’t find a skip-a-payment option on the pages we read.
Penalties and portability
CIBC says breaking a closed fixed mortgage usually costs the greater of 3 months’ interest or an interest rate differential, and a closed variable mortgage usually costs 3 months’ interest. You can sometimes port your mortgage to a new property when you sell and buy, but CIBC says not all terms are portable and conditions apply. Its pages don’t list which fixed terms qualify, so ask before you sign.
Features and how to apply
A pre-approval comes with a 120-day rate hold. CIBC’s cash-back offer pays up to $5,500 to switch a mortgage of $1,250,000 or more and up to $4,500 on a purchase, for 3-year or longer fixed terms or the 5-year Variable Flex, with a minimum of $100,000. You need to apply by November 1, 2026. The Home Power Plan line of credit carries an intro rate equal to CIBC Prime until December 6, 2027.
CIBC’s FAQ describes a maximum amortization of 30 years for insured first-time buyers or new construction and 25 years otherwise, though the wording is unclear for conventional mortgages, so confirm yours when you apply.
Other mortgage lenders we review
- Desjardins Mortgage5-year fixed: 4.69% special
- Tangerine Mortgage5-year fixed: 4.69% preferred (clients)
- Meridian Mortgage5-year fixed: 4.74% special
- nesto Mortgage5-year fixed: 4.79% (20% down)
- Alterna Mortgage5-year fixed: 5.04% (20%+ down)
- National Bank Mortgage5-year fixed: 5.04% promotional
- BMO Mortgage5-year fixed: 5.14% Smart Fixed special
- RBC Mortgage5-year fixed: 5.14% special
- TD Mortgage5-year fixed: 5.34% special
- Scotiabank Mortgage5-year fixed: 6.19% posted
Frequently Asked Questions
What is the CIBC Variable Flex Mortgage?
It is CIBC’s variable-rate mortgage. The 5-year closed special was 4.20% when we checked, and you can prepay up to 20% a year and raise payments by up to 100%. You can convert it to a 3-year or longer fixed closed term at any time.
Does CIBC have a special rate on a 7-year fixed mortgage?
Yes. CIBC listed a 7-year closed fixed special of 5.54% (APR 5.56%) for new mortgages, against a posted rate of 6.30%. The 10-year term has no special and is posted at 6.79%.
When does CIBC’s mortgage switch offer end?
CIBC says you must apply by November 1, 2026. The offer pays up to $5,500 to switch a mortgage of $1,250,000 or more, or up to $4,500 on a purchase, on a 3-year or longer fixed term or the 5-year Variable Flex. The minimum mortgage is $100,000.
Can I double my CIBC mortgage payments?
CIBC lets you increase payments by up to 100% on both fixed closed and Variable Flex mortgages, which means you can double them. On fixed closed mortgages, you can do this at any time.
Will CIBC raise my variable payment if my amortization stretches too long?
Yes, on new terms from April 2026. CIBC raises variable-rate payments automatically if the amortization would go past 40 years. Ask CIBC how your payment would be recalculated before you choose a variable term.
Are all CIBC mortgage terms portable?
No. CIBC says you can port a mortgage to a new property when you sell and buy, but not all terms are portable and conditions apply. Its pages don’t list which fixed terms qualify, so confirm before you sign.
What is CIBC’s 6-month convertible mortgage rate?
CIBC posts its 6-month convertible term at 7.55%, and you can convert it to a longer term without charge. Compare it with the 1-year special of 5.09% and the 2-year special of 4.84% before choosing a short term.
Sources
Rates and terms come from CIBC Mortgage’s own site, checked October 14, 2026. Mortgage rates change often and your rate depends on your down payment, credit, property and whether the mortgage is insured, so get a quote before you decide. See our methodology.