Simplii Financial mortgage rates (2026): what to know

Simplii Financial mortgage rates now matter mainly to existing Simplii borrowers. As of June 19, 2025, Simplii stopped offering new Simplii-branded mortgages, and new mortgage products come directly from CIBC, of which Simplii is a division (Simplii). Existing mortgages carry on, and Simplii invites those customers to renew with it. See Simplii's current mortgage rates page, which lists both CIBC's special rates and Simplii's posted rates. This guide explains the terms on Simplii mortgages, with Bank of Canada averages for context, not Simplii's or CIBC's prices.

Dibz isn't affiliated with or endorsed by Simplii Financial or CIBC. Trademarks belong to their owners. Figures shown are Bank of Canada averages, not offers; talk to a licensed mortgage professional before you decide.

Simplii quick facts

Status: no new Simplii-branded mortgages since June 19, 2025; existing mortgages are unaffected and can be renewed with Simplii.
Who's behind it: Simplii Financial is a division of CIBC, and mortgages are handled by CIBC mortgage specialists.
Lump sums: up to 20% of the original principal each year on eligible mortgages (Simplii).
Payment increases: up to 25% once each mortgage year on fixed closed mortgages of two years or more.
Fixed-rate penalty: the greater of three months' interest or an IRD against Simplii's posted rate.
No branches: service is by phone and online.

What Simplii mortgages look like

Simplii's rates page lists posted rates for variable, fixed, convertible and specialty products across terms from 6 months to 10 years. These posted rates are the ones that apply to the terms of existing Simplii mortgages, including penalties.

Looking at home equity borrowing? CIBC's Home Power Plan is covered in our CIBC guide.

Prepayments and penalties

Simplii's prepayment page sets out:

Lump sums: up to 20% of the original principal each year, on mortgages that have the privilege. Simplii notes that not every mortgage does.
Payment increases (fixed closed, 2+ year terms): once each mortgage year, up to 25% of the payment you chose when you started or last renewed. A mortgage year runs from the interest adjustment date and each anniversary of it.
Payment increases (variable): any amount, as long as the remaining amortization doesn't fall below five years.

When you prepay more than that, or break the mortgage:

Fixed closed: the greater of three months' interest, calculated at your rate plus any discount you received, or an IRD. The IRD compares interest at your rate plus discount with interest at Simplii's current posted rate for a mortgage it considers similar, over the remaining term.
Variable closed: three months' interest at the CIBC Prime Rate on the prepayment date.

Simplii adds your original discount back to your rate in both the three-months' calculation and the IRD, so a borrower who got a large discount at signing faces a bigger charge.

Porting

Simplii says you may be able to port your existing term, interest rate and balance to a new property when you sell and buy. Because new mortgages are now CIBC products, ask a mortgage specialist how a port or an increase would be handled before you commit to a purchase.

How to apply or renew

For new borrowing, Simplii directs customers to CIBC's mortgage specialists. Existing borrowers can call Simplii's mortgage specialists about renewals, refinancing and general questions; numbers are on its manage your mortgage page.

Posted vs discounted rates

Simplii's rates page shows two kinds of rates. CIBC's special rates are discounted and can change without notice. Simplii's posted rates are reference prices that matter for existing mortgages because the IRD formula uses them. Separately, any new mortgage must pass the stress test at the higher of 5.25% or the contract rate plus two points (FCAC).

How Simplii's posted rates compare with the chartered-bank benchmark

Simplii isn't one of the six banks in the Bank of Canada's posted-rate benchmarks, and it sets its own posted rates, so compare them directly on its page. What new borrowers actually pay is better captured by the Bank of Canada's new-mortgage averages. When you renew, whether your mortgage is insured (originally less than 20% down) or uninsured matters, since the two are priced differently:

Insured vs uninsured: average new 5-year-and-over fixed ratesSelected months, Sep 2024 to Jul 2026 (latest new-mortgage data)

Insured (less than 20% down)
Uninsured (20% or more down)

Average rates on new fixed mortgages of 5 years and over (funds advanced), across lenders. Not Simplii's or CIBC's rates or offers.

Source: Bank of Canada (free at bankofcanada.ca)

Show the numbers

	Insured (less than 20% down)	Uninsured (20% or more down)
Sep 2024	4.52%	4.93%
Dec 2024	4.21%	4.61%
Mar 2025	4.13%	4.52%
Jun 2025	3.92%	4.25%
Sep 2025	4.05%	4.37%
Dec 2025	3.97%	4.31%
Mar 2026	3.96%	4.22%
Jul 2026	4.05%	4.49%

In every month shown, the uninsured average was higher, by 0.26 to 0.44 points.

Negotiating your Simplii renewal

Read the renewal offer next to the averages. The Bank of Canada figures on this page show what borrowers across lenders have recently paid.
Ask whether renewal stays a Simplii product. Simplii says you can renew with it; it's worth confirming which terms and privileges come with the renewed mortgage.
Check your prepayment room. If your current mortgage has the 20% privilege, plan any lump sum around your mortgage year.
Compare the CIBC route too. Since new products come from CIBC, a specialist can explain how a CIBC mortgage's terms would differ from your renewed Simplii terms.
Switching is possible. Since November 2024, a straight switch of an uninsured mortgage to another federally regulated lender generally doesn't require a new stress test.

Try our mortgage calculator to check what a renewal rate does to your payment.

See the CIBC guide for the bank behind Simplii, 5-year fixed mortgage rates for how fixed pricing works, and 5-year variable mortgage rates.

FAQ

Does Simplii Financial still offer mortgages?

Not new ones. As of June 19, 2025, Simplii stopped offering new Simplii-branded mortgages and new mortgage products come directly from CIBC. Existing Simplii mortgages are unaffected and can be renewed with Simplii.

How much can I prepay on a Simplii mortgage?

On eligible mortgages, up to 20% of the original principal each year. Fixed closed mortgages of two years or more also allow a payment increase of up to 25% once each mortgage year.

How does Simplii calculate the penalty on a fixed mortgage?

It is the greater of three months' interest at your rate plus any discount, or an interest rate differential comparing your rate plus discount with Simplii's current posted rate for a similar mortgage.

Is Simplii part of CIBC?

Yes. Simplii Financial is a division of CIBC, and its mortgages are handled by CIBC mortgage specialists.

Are the rates on this page Simplii's rates?

No. They are Bank of Canada averages across lenders. For Simplii's posted rates and CIBC's special rates, check Simplii's mortgage rates page.

Sources

Simplii: Manage your mortgage
Simplii: Mortgage prepayment options
Simplii: Mortgages
Simplii: Mortgage rates
FCAC: Preparing to get a mortgage
Bank of Canada: new-mortgage rate series (free at bankofcanada.ca)

This article is general information, not financial advice. Rates shown are Bank of Canada averages, not offers. Talk to a licensed mortgage professional before choosing a mortgage.