What is the prime rate in Canada today?
4.45%, in effect since October 30, 2025. That is the rate the major Canadian banks use as the base for variable mortgages and lines of credit.
Canada · Bank of Canada data, updated after each decisionPrime Rate Canada 2026
Canada's prime rate is 4.45%: the Bank of Canada's 2.25% policy rate plus the 2.20-point spread the big banks have kept since 2015.
By Artem Titarenko · Reviewed October 14, 2026 · Methodology
Prime rate
4.45%
Since October 30, 2025
Last change
−0.25
October 30, 2025
What 4.45% prime means for your payments
- Variable mortgage: $400,000 over 25 years at prime minus 0.50% (3.95%) is $2,093.25 a month. Each 0.25% change in prime moves that payment by about $54.42.
- Home equity line of credit: $50,000 at prime plus 0.50% (4.95%) costs $206.25 a month in interest. Each 0.25% is $10.42 a month on that balance.
- Fixed-rate mortgages and GICs don't use prime; they follow bond yields and each lender's pricing.
Try other balances and moves in the rate move calculator or the mortgage calculator.
Prime rate since 1990
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1991200120112021Prime rate changes since 2015
| Effective | Change | Prime rate |
|---|---|---|
| Oct 30, 2025 | −0.25 | 4.45% |
| Sep 18, 2025 | −0.25 | 4.70% |
| Mar 13, 2025 | −0.25 | 4.95% |
| Jan 30, 2025 | −0.25 | 5.20% |
| Dec 12, 2024 | −0.50 | 5.45% |
| Oct 24, 2024 | −0.50 | 5.95% |
| Sep 5, 2024 | −0.25 | 6.45% |
| Jul 25, 2024 | −0.25 | 6.70% |
| Jun 6, 2024 | −0.25 | 6.95% |
| Jul 13, 2023 | +0.25 | 7.20% |
| Jun 8, 2023 | +0.25 | 6.95% |
| Jan 26, 2023 | +0.25 | 6.70% |
| Dec 8, 2022 | +0.50 | 6.45% |
| Oct 27, 2022 | +0.50 | 5.95% |
| Sep 8, 2022 | +0.75 | 5.45% |
| Jul 14, 2022 | +1.00 | 4.70% |
| Jun 2, 2022 | +0.50 | 3.70% |
| Apr 14, 2022 | +0.50 | 3.20% |
| Mar 3, 2022 | +0.25 | 2.70% |
| Mar 27, 2020 | −0.50 | 2.45% |
| Mar 16, 2020 | −0.50 | 2.95% |
| Mar 4, 2020 | −0.50 | 3.45% |
| Oct 24, 2018 | +0.25 | 3.95% |
| Jul 11, 2018 | +0.25 | 3.70% |
| Jan 17, 2018 | +0.25 | 3.45% |
| Sep 6, 2017 | +0.25 | 3.20% |
| Jul 12, 2017 | +0.25 | 2.95% |
| Jul 15, 2015 | −0.15 | 2.70% |
| Jan 21, 2015 | −0.15 | 2.85% |
159 changes since January 1990. Dates are the day the change took effect at the major banks.
How this page is updated
- Prime comes from the Bank of Canada's weekly series of the major banks' prime rate (V80691311).
- Change dates are aligned to the Bank of Canada move that triggered them; the weekly series records them on the following Wednesday.
- After a Bank of Canada decision, an automated job updates this page the same day. Until the weekly series confirms it, a new prime is shown as the policy rate plus 2.20 and marked as estimated.
- Payment examples use our Canadian mortgage formula (monthly payments, semi-annual compounding).
Frequently asked questions
When does the prime rate change?
When the Bank of Canada changes its policy rate, the big banks move prime by the same amount, normally effective the next day. The next Bank of Canada announcement is October 28, 2026.
Why is prime 2.20 points above the Bank of Canada rate?
Banks set prime themselves. The gap was 2.00 points for years, but when the Bank of Canada cut in 2015 the banks passed on only part of each cut, widening it. Since July 2015 prime has stayed exactly 2.20 points above the policy rate.
Is prime the same at every bank?
The prime rates of the major banks have moved together for years, and the Bank of Canada's series reflects that common rate. Smaller lenders and credit unions may set a different prime, so check your loan agreement for the reference rate it uses.
How is a variable mortgage rate set?
As prime plus or minus a fixed discount agreed when you sign, for example prime minus 0.50% = 3.95% today. The discount stays the same for the term; only prime moves. Lines of credit are usually priced at prime or above, such as prime + 0.50% = 4.95%.
What was the highest prime rate in Canada?
Since 1990 the peak was 14.75% in April 1990 and the low 2.25% in April 2009. Prime was higher still in the early 1980s, before the start of this series.