Latest Mortgage Rates Canada
Compare current rates from Canada's top lenders including Big 6 Banks and monoline lenders. Updated twice daily.
BMO vs CIBC Mortgage Rates
BMO vs CIBC is another Big 5 fork: both will quote posted and special 5-year rates, both offer mortgage-plus-HELOC packages, and neither should be shopped on the homepage posted rate. BMO leans on Smart Fixed and a straightforward HELOC. CIBC leans on the Home Power Plan. Use the live 5-year cells below, then decide whether you need the equity structure at all.
Percentages below are live from our daily lender feed. A dash means that product is not in today's scrape — we do not invent a current rate. Always confirm with the lender.
Live BMO vs CIBC rates
| Product | BMO | CIBC | Lower in today's feed |
|---|---|---|---|
| 5-year fixed insured | 4.74% | 4.59% | Canadian Imperial Bank of Commerce |
| 5-year fixed uninsured | 4.84% | 4.94% | Bank of Montreal |
| 5-year variable insured | — | 3.95% | Canadian Imperial Bank of Commerce |
| 5-year variable uninsured | 4.10% | 4.10% | Tied |
When to choose BMO
Big 5 lender with Smart Fixed mortgages, a full HELOC, and online pre-approval. Competitive when the discounted special is in writing.
- ✓You already bank at BMO or want a Smart Fixed with prepayment flexibility you have confirmed
- ✓BMO's live 5-year insured or uninsured cell is the lower special today
- ✓A standalone HELOC (rather than CIBC's Home Power Plan packaging) fits how you use equity
- ✓You want a full-service bank and are not solely optimizing a brokered insured print
When to choose CIBC
Big 5 lender with the Home Power Plan (mortgage plus HELOC), convertible options, and a full term sheet including insured 5-year cells.
- ✓You want Home Power Plan's combined mortgage and HELOC structure
- ✓CIBC's live 5-year cell beats BMO on the same insurance label
- ✓A convertible or newcomer CIBC product is the reason you are at this bank
- ✓You already hold CIBC banking and will receive a real special, not a posted quote
BMO vs CIBC: pros and cons
BMO Bank of Montreal
Pros
- +Smart Fixed positioning with advertised prepayment flexibility (confirm the current sheet)
- +HELOC available as a distinct equity product
- +Shows multiple terms in our feed, not only a 5-year poster
- +National specialist and digital pre-approval path
Cons
- −Posted rates still need a negotiation to be comparable
- −May trail digital insured specials on a blind 5-year shop
- −Standard closed-mortgage penalties if you break early
CIBC
Pros
- +Home Power Plan packages mortgage + HELOC-style access
- +Insured and uninsured 5-year cells both appear in our feed
- +Convertible mortgage options on some products
- +Advisor channel with no-obligation quotes
Cons
- −Complexity of a combined plan is wasted if you never draw the HELOC
- −Posted vs special gap still applies
- −IRD or three-month-interest penalties on closed products
How to decide
If you do not need a HELOC, ignore the plan names
Smart Fixed vs Home Power Plan only matters if you will use equity. Otherwise this is a 5-year rate, penalty, and prepayment comparison. Use the live table and the 5-year fixed / variable hubs.
Write down the special, not the brand
Get term, insured vs uninsured, cash-back, and prepayment rules from both banks. Then check nesto, Wealthsimple, TD, and RBC so a BMO vs CIBC tie does not hide a cheaper channel.
Qualify the payment you will actually make
Run the payment calculator, affordability calculator, and stress-test qualifier on the contract rate. Combined HELOC limits are separate from GDS/TDS on the mortgage segment.
Renewal is a new shop
Neither bank is entitled to your renewal. Use the renewal calculator and a fresh 5-year from this page or the rate hubs before you sign a standard increase letter.
Mortgage Negotiation Guide
Save $5,000-$25,000 with insider secrets banks don't want you to know.
Learn MoreLive rate hubs
Jump from this comparison into today's 5-year fixed, variable, insured, and uninsured tables.
Calculators and the negotiation guide
Run the payment, affordability, and stress-test numbers on a live contract rate, then use the mortgage guide when you negotiate.
Mortgage comparison guides
Fixed vs variable, insured vs uninsured, and lender vs lender — with live rates from the same feed as our hubs.
Product
Fixed vs Variable
The contract rate stays the same for the term. Best when you want a known payment and can live with a higher break penalty.
Product
Insured vs Uninsured
Less than 20% down on an eligible owner-occupied purchase. Default insurance is required; the premium is usually added to the loan.
Lender vs lender
Wealthsimple vs TD
Licensed digital brokerage. Brokers shop partner lenders. Cash-back promos may apply on new mortgages; coverage is not Canada-wide.
Lender vs lender
TD vs RBC
Big 5 lender with FlexLine, newcomer programs, and a large branch plus digital network. Shop the discounted special, not the posted rate.
Lender vs lender
nesto vs Wealthsimple
Digital mortgage lender with an advertised low-rate guarantee, 150-day rate holds, and a fully online application backed by licensed experts.
Frequently Asked Questions
Is BMO or CIBC cheaper for a 5-year fixed mortgage today?
In today's feed, BMO's 5-year fixed insured is 4.74% (Bank of Montreal) and uninsured is 4.84% (Bank of Montreal). CIBC's 5-year fixed insured is 4.59% (Canadian Imperial Bank of Commerce) and uninsured is 4.94% (Canadian Imperial Bank of Commerce). Compare the same label only.
How do BMO and CIBC 5-year variable rates compare?
BMO's 5-year variable uninsured is 4.10% (Bank of Montreal) in today's feed. CIBC's 5-year variable insured is 3.95% (Canadian Imperial Bank of Commerce) and uninsured is 4.10% (Canadian Imperial Bank of Commerce). Variable quotes are spreads to each bank's prime.
What is the difference between BMO Smart Fixed and CIBC Home Power Plan?
Smart Fixed is BMO's branded closed fixed product with stated prepayment flexibility. Home Power Plan is CIBC's mortgage-plus-HELOC package. One is a rate product; the other is a structure. Do not compare them as if they were the same 5-year special.
Should first-time buyers pick BMO or CIBC?
Pick the lower written special on the insurance label you qualify for, then confirm prepayment and penalty language. First-time-buyer programs at either bank do not replace the stress test. Use the affordability calculator and CMHC calculator if you are high-ratio.
Can I switch from BMO to CIBC (or the reverse) at renewal?
Yes, as a switch or refinance, subject to qualification and any remaining penalty if you are not at term. Run the renewal calculator and compare both live 5-year cells plus a digital quote.
Do I need a Big 5 mortgage if nesto or Wealthsimple is cheaper?
Only if you value the branch HELOC structure, a specific newcomer program, or a relationship special that actually beats the digital print. Otherwise the cheaper written 5-year on the same label is the rational pick.
Are BMO and CIBC insured rates different from their uninsured rates?
Yes. Always match insured vs uninsured. Mixing a high-ratio special with a conventional quote is how fake “bank vs bank” gaps show up in blogs. This page's table keeps the labels separate.
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