What is the prime lending rate in Canada?

Prime Rate Advertising Disclosure. Content last updated: March 2, 2022. The prime rate in Canada is currently 2.7%. The prime rate, also known as the prime lending rate, is the annual interest rate Canada’s major banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages.

What is the current prime rate of Canada?

The prime rate has remained at 2.45% since it was cut three times in a row in early 2020 when the pandemic first hit Canada. The prime interest rate fell from its previous level of 3.95% as the bank of Canada accelerated cuts to its overnight rate in order to boost the economy and minimize the financial impact of the pandemic.

What is the current bank rate in Canada?

The prime rate in Canada is currently 3.2%. The prime rate, also known as the prime lending rate, is the annual interest rate Canada’s major banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages.