CIBC Prime Rate

This Page's Content Was Last Updated: January 25, 2023
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CIBC Prime Rate Today
CIBC Prime Rate: 7.20%
Today’s CIBC Prime Rate is current as of December 11, 2023

About CIBC's Prime Rate

CIBC’s prime rate is currently 7.2% as of December 11, 2023. All CIBC loans, whether they are fixed-rate loans or variable-rate loans, are based on this current CIBC prime rate. For variable-rate loans, your interest rate will change whenever CIBC changes their prime rate. Fixed-rate loans have an interest rate that doesn’t change during the loan term. In both cases, the rate when you get the loan is priced based on the current prime rate. This means that the CIBC prime rate will affect CIBC mortgage rates, personal loans, and line of credit rates.

What Was the Latest Change in CIBC’s Prime Rate?

The last time that CIBC’s Prime Rate changed was on July 12, 2023 when CIBC increased their prime rate from 6.95% to 7.20%. That’s a change of 0.25%.

CIBC Prime Rate History

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

What is the Prime Rate?

The prime rate isn’t set by the government or by the Bank of Canada. Instead, each financial institution in Canada will set its own prime rate. It’s what they use to price their loans, such as variable rate mortgages, with a spread being added to their prime rate. Strong, creditworthy borrowers might get a discount on the prime rate, while more risky borrowers would have to pay a premium above the prime rate. There are other factors in play as well, such as the loan type and collateral, your income and debts, and the term length of the loan. The difference between your loan rate and the prime rate is known as the “adjustment factor.”

While CIBC has its own prime rate, just like how other banks have their own prime rate, the prime rate of all major banks will typically be the same. The banks will generally increase or decrease their prime rates at the same time too. That’s because banks in Canada follow the Bank of Canada’s policy interest rate when making prime rate change decisions. If the Bank of Canada announces a rate hike of 0.5%, then you can expect CIBC to increase its prime rate by 0.5% as well.

Even though RBC’s prime rate is the same as TD’s prime rate and CIBC’s prime rate, it doesn’t mean that all banks will have the same loan or mortgage rates. Banks base their variable rates on the prime rate, but the actual rate that you’ll get will vary from loan type to loan type, and from bank to bank.

Higher-risk loans, such as unsecured personal loans, are more likely to have a higher interest rate than prime. Collateralized loans, which are loans secured by an asset such as a home, are more likely to be priced at a discount to prime. For example, you might find variable mortgage rates and HELOC rates that are at or below the current prime rate. Some student loan rates might also be priced below prime, more often for professional or medical students.

When Does CIBC Announce Prime Rate Changes?

When the Bank of Canada makes an interest rate decision, which is announced on a fixed schedule eight times per year, CIBC will announce any change in their prime rate on the same day through a press release.

Changes in CIBC’s prime rate will usually be effective the following business day. For example, the Bank of Canada and CIBC announced a change in their rates on July 12, 2023. The new prime rate will be effective on loans starting July 13, 2023.

How Did CIBC's Prime Rate Change Affect Your Mortgage?

CIBC variable-rate borrowers will be immediately impacted by any change in the CIBC prime rate. The latest 0.25% increase in CIBC’s prime rate meant that interest rates will be going up for borrowers with a variable mortgage rate. Just how much would CIBC’s latest prime rate change cost you?

On a $500,000 mortgage, a 0.25% increase in the prime rate would cost you approximately $104.17 per month.

Enter your mortgage balance below to see how CIBC’s latest prime rate change would affect your mortgage.

Calculate the Impact of CIBC’s Latest Prime Rate Change
Mortgage Balance:
Previous Prime Rate:
New Prime Rate:
$208.33 more interest per month on your mortgage. This change would cost you more money.
Note: Values are estimates only.

Impact of CIBC’s Prime Rate Change of 0.5%

Mortgage BalanceEffect On Monthly Interest
$100,000$41.67 more per month
$200,000$83.33 more per month
$300,000$125.00 more per month
$400,000$166.67 more per month
$500,000$208.33 more per month
$600,000$250.00 more per month
$700,000$291.67 more per month
$800,000$333.33 more per month
$900,000$375.00 more per month
$1,000,000$416.67 more per month
Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Select: Term

What Happens When CIBC’s Prime Rate Increases?

CIBC’s variable rates will increase if CIBC’s prime rate increases. For example, if CIBC’s prime rate is currently 7.2% and the Bank of Canada announces a rate hike of 1%, you can expect CIBC’s prime rate to increase to 8.2%.

The impact of this will depend on your loan type. Borrowers with an adjustable-rate mortgage will have to pay more money each month, as their required mortgage payment will automatically increase. This allows for their principal repayments to stay the same, even as the interest increases, which keeps the mortgage amortization the same.

However, variable-rate mortgages are more popular, and with them, the mortgage payment amount will not increase. Instead, your regular mortgage payment will stay the same, but less money will go towards paying your mortgage principal. That’s because a higher interest rate will cause more of your payment to be siphoned off to pay for mortgage interest. This can make you fall behind on your original amortization, meaning that it will take you longer to pay off your mortgage.

If CIBC’s prime rate increases fast enough, it might even be possible for your entire mortgage payment to go towards interest only. That’s known as hitting your mortgage trigger rate. At that point, you might be required to increase your regular mortgage payment or make a lump-sum prepayment.

Does CIBC’s Prime Rate Affect CIBC’s Fixed Rates?

Fixed mortgage rates are usually based on government bond yields, not the prime rate, which means that fixed mortgage rates currently offered on the market might not immediately change even if the prime rate has changed.

For borrowers that already have a CIBC fixed mortgage, your interest rate will not change. That’s because your mortgage rate has been locked in for the length of your term. However, once your term is over, you will need to renew your mortgage at current rates.

CIBC Fixed Mortgage Rates

TermCIBC RateLowest Rates of Big 6 Banks
5-Year Fixed
BMO source
7-Year Fixed
BMO source
0.5-Year Fixed
National Bank source

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

CIBC Variable Mortgage Rates

TermCIBC RateLowest Rates of Big 6 Banks
5-Year Variable
CIBC source

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

CIBC Loans & Lines of Credit

CIBC Personal Loans

Personal loans with CIBC can have either a fixed or variable interest rate, based on CIBC’s current prime rate. Term lengths can range from 1 year to as long as 5 years. The minimum amount that you can borrow is $3,000, with the maximum amount being up to $200,000 with an unsecured CIBC loan. CIBC requires a minimum annual income of $17,000 in order to apply for an unsecured loan. If you want a lower rate and a higher credit limit, you can secure the loan using your home equity or using other assets as collateral.

CIBC Personal Car Loan

CIBC's personal car loans have a fixed interest rate that is based on prime, with a rate hold of 30 days after applying. You can use it to buy a new or used car with a term length of 1 year to as long as 96 months (8 years). If the car is used, it must be less than 10 years old. The minimum amount that you can borrow is $7,500, up to a maximum of 100% of the cost of the car.


When you contribute to your RRSP, you can reduce the amount of income tax that you pay. CIBC lets you borrow money to make RRSP contributions with their RRSP Maximizer Loan. With it, you can borrow between $1,000 to $50,000 for a term length of 12 months to 10 years. If the term length is exactly one year, you may be eligible to borrow at CIBC's prime lending rate. Otherwise, interest rates start at CIBC Prime + 1%.

CIBC Personal Line of Credit

CIBC's personal line of credit can be either secured or unsecured, and they all have an open-ended term. The unsecured line of credit requires a slightly higher income than unsecured personal loans, with CIBC requiring a minimum annual income of $20,000.

The CIBC Home Power Plan Line of Credit, which is a home equity line of credit (HELOC), can also be used as a readvanceable mortgage when combined with a CIBC mortgage. This allows for the HELOC's credit limit to increase when you make mortgage payments. CIBC may occasionally have special offers to new applicants that allow for a rate as low as CIBC prime.

CIBC Student Line of Credit

Just like other major banks, CIBC offers a variety of student lines of credit that are targeted to different programs. Some students, such as medical and dental students, may have a line of credit rate below prime. Undergraduate students can borrow up to $60,000, while the CIBC Professional Edge Student Program lets you borrow up to $350,000 for students in some fields of study.

The interest rate for CIBC’s student line of credit varies based on your program. The current CIBC student line of credit rates are shown below.

CIBC logo

CIBC Line of Credit Rates

Current Interest Rates as of December 11th, 2023

Personal Secured and Unsecured Loans and Lines of Credit: Starting from 8.20% (Prime + 1%)

Business Secured and Unsecured Loans and Lines of Credit: Starting from 7.20% (Prime)

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Select: Term


The CIBC GIC rates below are current as of December 11, 2023.


CIBC Variable Rate GIC

CIBC offers a variable rate GIC that is linked to CIBC’s prime rate. If the CIBC prime rate changes, then CIBC's Variable Rate GIC will change the day after. It's a cashable GIC, which means that you can withdraw your money before the end of the term, and it is eligible for CDIC coverage. The minimum investment is $1,000, and it is only available with 1-year terms.

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.