Bank | Prime Rate |
---|---|
TD | 7.20%* |
RBC | 7.20% |
CIBC | 7.20% |
BMO | 7.20% |
Scotiabank | 7.20% |
National Bank | 7.20% |
Inflation reached 2.8% in February 2024 from a multi-decade high of 8.1% in June 2022. It is still higher than the 2% target of the Bank of Canada (BoC) but is heading in the right direction.
The Bank of Canada is likely to start lowering its rates soon:
The prime rate has risen from 2.45% in March 2022 to the current prime rate of 7.2%. As inflation is heading to the target and as the largest contribution to inflation is shelter whose shortage cannot be resolved by monetary policy, we expect prime rates to decline over the coming quarters. The Prime Rate is at its highest level over the past 22 years. This rate is burdensome on those with variable-rate mortgages, HELOCs, and lines of credit.
The Prime rate in Canada is currently 7.20%. 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.
HELOC | 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 5-Year Fixed | 5-Year Variable | |
---|---|---|---|---|---|---|
Lowest Rates | % | 6.63% | 6.09% | 5.04% | 4.74% | 6.25% |
Average Rates (10 Lenders) | -- | |||||
30-Days Change of Average Rates | -- |
Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
---|---|---|---|
HELOC | % | -- | -- |
1-Year Fixed | 6.63% | % | NaN bps lower |
2-Year Fixed | 6.09% | % | NaN bps lower |
3-Year Fixed | 5.04% | % | NaN bps lower |
5-Year Fixed | 4.74% | % | NaN bps lower |
5-Year Variable | 6.25% | % | NaN bps lower |
The basket of 10 lenders includes: CIBC, BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National
*Prior to March 2024, HSBC Canada was included in the basket
Effective Date | Prime Rate | Change |
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RBC Royal Bank's Prime rate is currently %
RBC Royal Bank's Prime rate was changed to % from % on
Scotiabank's Prime rate is currently %
Scotiabank's Prime rate was changed to % from % on
TD Bank's Prime rate is currently %
TD Bank's Prime rate was changed to % from % on
CIBC's Prime rate is currently %
CIBC's Prime rate was changed to % from % on
BMO's Prime rate is currently %
BMO's Prime rate was changed to % from % on
National Bank's Prime rate is currently %
National Bank's Prime rate was changed to % from % on