New mortgage rules

Want to know more about the new mortgage rules in Canada?

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?

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