RBC & CIBC Join the Variable Revelry

The big fella, RBC, has come to play with its very own prime – 1.00% offer.

So has CIBC, according to our branch contacts. (CIBC’s official comment is that, “Our posted rates…have not changed,” but that says nothing about its discretionary rates, which are lower. Spokesperson Jason Wesley suggests people “speak to a financial advisor” to get a quote.)

It’s been years since we’ve seen this degree of confrontation among the Big 5. Even when BMO ran its historical 2.99% five-year fixed special only a few banks countered with any meaningful promotions of their own. But now, they’re all going at it, at the same time.

When it Ends

RBC’s promo lasts till June 4, a little longer than the other top banks’ variable promotion deadlines. No word on CIBC’s expiry date, yet.

This begs the question, what happens in June?

We’d bet our next born that there will still be prime – 1.00% or better to be had from some large bank in June. (We don’t expect future children, but that’s beside the point.)

Moreover, if you’ve got—or are getting—a default insured mortgage, prime – 1.00% or better is now the new norm. Hence, no need to panic about losing out if you’re buying with less than 20% down or switching an already-insured (or insurable) mortgage to a new lender.

More RBC Mortgage Rates; More Bank Mortgage Rates