CIBC variable rate mortgages are a solid option for people who don't mind balancing a bit of risk with some potential savings. Variable rate mortgages fluctuate with the prime interest rate, so while you can save money if interest rates stay low, you are risking a higher payment if the prime rate goes up.
IBC's variable rate mortgage offerings offer competitive posted rates, very good special rates when they're available, more flexible options, a 120-day rate guarantee, and the possibility of getting up to $4,000 cash back. There's also the option of getting a low-interest line of credit bundled along with your mortgage, giving you some added financial flexibility to take on some of those renovation and redecorating projects.
CIBC closed variable rate mortgage features
Here’s what CIBC has to offer in terms of variable rate mortgages.
Why You Want It
Prepay up to 20% annually with no penalty + Excellent special rates.
Provinces
ALL
Mortgage
Variable Closed
3 Years
4.45%
5 Years
4.45%
Features
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
100%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
CIBC closed variable rate mortgage product rating: 4.6 stars
We’ve given CIBC variable rate mortgages a relatively high 4.6 star rating for a few reasons. First, CIBC offers competitive posted rates, and, when available, some very competitive special rates. They also offer more flexibility in that they have more options for variable rate mortgages. You’re also able to bundle your mortgage with a low interest line of credit, giving you some added financial flexibility.
They lose some points for having a welcome bonus that isn’t nearly as good as it sounds on paper, and for having few other perks, features, and incentives. They also don’t have the lowest rates available.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of CIBC closed variable rate mortgages
Let’s take a look at the upsides of CIBC variable rate mortgages.
Pros
Competitive posted mortgage rates
Most of Canada’s big banks have similar variable mortgage rates, and this includes CIBC’s offerings. They’re not the best variable mortgage rates available, but they’re definitely in the running. You’ll also have the peace of mind of having your mortgage with one of the bigger banks in Canada.
Excellent special rates, when they’re available
At the time of writing, CIBC had a special rate available that was one of the best currently available for a 5 year closed variable rate mortgage. While these special rates come and go, it will be worth checking CIBC’s website to see what they have available when you’re shopping for a new mortgage.
Flexible options
CIBC has 2 types of closed variable rate mortgage available, including 3 year and 5 year terms. Their closed variable rate mortgages also allow you to increase your mortgage payments by up to 20% per year, without any prepayment penalties.
Bundle in a low interest line of credit
As an added benefit, CIBC allows you to open a low interest line of credit with your mortgage, giving you some added financial flexibility just when you may need it the most. The line of credit is secured by your mortgage, which is why it has a nice low interest rate, and you can use it for any needed renovations or redecorating plans you may have.
The cons of CIBC closed variable rate mortgages
Of course, there are some downsides.
Cons
$3,500 cash back offer isn’t as good as it sounds
While CIBC advertises that you can get up to $3,500 cash back when you open a mortgage with them, it’s not actually as great as it sounds. The amount of cash you get back depends entirely on the size of your mortgage, scaling upwards with the amount you borrow. If your mortgage is between $100,000 and $300,000, you’ll only get $500 cash back, and you’ll only get the full $3,500 cash back if your mortgage is $1,000,000 or more.
Not the lowest rates available
While CIBC variable rate mortgages are generally similar to what’s offered by other big banks, some of the newer, online-only banks have better rates in general. For example, Tangerine offers a 5 year closed variable mortgage at 6.55%, compared to CIBC’s 6.95%. All in all this isn’t a huge difference, but going with Tangerine could add up to some savings over time.
Your mortgage calculator
Want to know what your monthly mortgage payments would be at one of CIBC’s variable mortgage rates?
Key in your numbers below for a quick calculation:
Mortgage Information
CIBC closed variable rate mortgage alternatives
Not sure a CIBC variable rate mortgage is for you? Here’s how it measures up to some similar offerings from other banks.
 |  |  |  | |
|---|---|---|---|---|
| Account | CIBC Closed Variable Rate Mortgage | nesto | Meridian Closed Fixed Mortgage | Tangerine Closed Variable Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Prepay up to 20% annually with no penalty + Excellent special rates. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Get competitive mortgage rates + Flexible portability and prepayments. |
| Mortgage | Variable Closed
| Fixed Closed
| Fixed Closed
| Variable (Closed)
|
| Rate Type | Variable Closed | Fixed Closed | Fixed Closed | Variable Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | 1 | See Issuer for Details | Unlimited | See Issuer for Details |
Show More | ||||
| See rates & details See more CIBC products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more Tangerine products Compare |
FAQ
What types of variable rate mortgages does CIBC offer?
CIBC offers 3 year and 5 year closed variable rate mortgages, and a 5 year open variable rate mortgage. Their closed variable rate mortgages come with high prepayment privileges along with lower interest rates.
Does CIBC offer a cash back bonus for opening a mortgage with them?
CIBC advertises up to $3,500 cash back for opening a mortgage with them. It sounds great at first, but it turns out that the amount of cash you actually get back depends entirely on how large your mortgage is. To get the full $3,500 cash back, your mortgage has to be for $1,000,000 or more.
Are CIBC mortgage rates the best available?
CIBC mortgage rates are competitive, and some of their special rates are excellent when they’re available, but in general, CIBC does not have the best mortgage rates available. That said, you do get the security of having your mortgage with one of Canada’s big banks, which can be a bit of added peace of mind for some people.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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