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New mortgage rules
Want to know more about the new mortgage rules in Canada?
Video: Understanding the mortgage qualification rules (2:20)
Here’s what you need to know:
- home buyers with an uninsured residential mortgage the greater of the client mortgage rate plus 2% or the Bank of Canada’s 5-year conventional mortgage interest rate.
- home buyers with an insured residential mortgage the greater of the client mortgage rate or the Bank of Canada’s 5-year conventional mortgage interest rate.
- secured lines of credit, the greater of the line of credit contract rate plus 2% or the Bank of Canada’s 5-year conventional mortgage interest rate.
- don’t apply
Here are some scenarios to help you know when the new qualification rules apply:
Scenario | New Qualification Rules Apply |
---|---|
You are a first-time home buyer looking to apply for your first mortgage | Yes |
You refinance an existing CIBC mortgage | Yes |
You transfer your mortgage to CIBC from another financial institution | Yes |
Your mortgage is coming up for renewal | No |
Need additional help understanding the impact of the new rules?
Learn about mortgages