Canada Prime Rates

This Page's Content Was Last Updated: January 24, 2024
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Today's Prime Rate:5.95%

As of Today, November 13th, 2024

Current Bank Prime Rates

BankPrime Rate
TD
TD
5.95%*
RBC
RBC
5.95%
CIBC
CIBC
5.95%
BMO
BMO
5.95%
Scotiabank
Scotiabank
5.95%
National Bank
National Bank
5.95%
* Toronto-Dominion (TD) Bank uses a different Prime rate for its variable rate mortgage products. As of November 2024, that rate was 6.10%.
Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Select Mortgage Term:
Fixed
Variable

Latest Update: October 23, 2024

The Prime Rate declined to 5.95% as the Bank of Canada reduced the policy rate by 50 basis points to 3.75%.

Inflation reached 1.6% in September 2024, down from a multi-decade high of 8.1% in June 2022. Weakness and oversupply in the economy are pushing inflation down. Inflation has undershoot the Bank of Canada's (BoC) 2% target, but core inflation is still higher than the target. Therefore, the BoC is bringing its policy rate toward the neutral rate. The past 4 interest rate cuts are not easing monetary policy and more about avoiding a passive tightening. As inflation declines in the absence of rate cuts, real rates would have risen significantly.

The Bank of Canada lowered its policy rate again, aiming to nail the soft landing of the Canadian economy:

  • Annualized seasonally adjusted 9-month inflation between December 2023 and September 2024 was 1.5%.
  • Annualized adjusted inflation over the past three months was 1.2%.
  • The unemployment rate has risen from 5% at the beginning of 2023 to 6.5%.
  • Excess demand is no more, and once again, the Canadian economy is in excess supply of goods and services.

The prime rate rose from 2.45% in March 2022 to 7.2%, its highest level over the past 22 years. After almost one year at 7.2%, it went down to 5.95% over the past five months. As inflation is cooled down BoC is adjusting its policy rate.

What is Canada's prime rate today?

The Prime rate in Canada is currently 5.95%. The Prime rate is the interest rate that banks and lenders use to determine the interest rates for many types of loans and lines of credit. These can include credit cards, HELOCs, variable-rate mortgages, car and auto loans, and much more. If you have any of these loans, changes in the prime rate will also change your debt payments and thus your GDS and TDS ratios.

Today’s Mortgage Rates

TermLowest RatesAverage Rates
(10 Lenders)
30-Days Change of Average Rates
HELOC%----
-Year Fixed%%
NaN bps lower
-Year Fixed%%
NaN bps lower
-Year Fixed%%
NaN bps lower
-Year Fixed%%
NaN bps lower
undefined-Year Variable%%
NaN bps lower

The basket of 10 lenders includes: CIBC logoCIBC, BMO logoBMO, TD logoTD, Scotiabank logoScotiabank, RBC logoRBC, National Bank logoNational Bank, Desjardins logoDesjardins, nesto logonesto, Tangerine logoTangerine, First National logoFirst National

*Prior to March 2024, HSBC Canada was included in the basket

Prime Rate and Bank of Canada Overnight Rate
(1935 - 2024)

Highest1-YearGIC Ratesmaple leaf
Select GIC Term:
1-Year

Canada Prime Rate Changes Since 2010

Effective DatePrime RateChange
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Canada Bank Prime Rates

RBC Royal Bank

RBC Royal Bank Prime Rate

RBC Royal Bank's Prime rate is currently %
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Scotiabank

Scotiabank Prime Rate

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TD Bank

TD Bank Prime Rate

TD Bank's Prime rate is currently %
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CIBC

CIBC Prime Rate

CIBC's Prime rate is currently %
CIBC's Prime rate was changed to % from % on

BMO

BMO Prime Rate

BMO's Prime rate is currently %
BMO's Prime rate was changed to % from % on

National Bank

National Bank Prime Rate

National Bank's Prime rate is currently %
National Bank's Prime rate was changed to % from % on

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Disclaimer:

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  • Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.