Prime Rate in Canada Today
The chartered banks' prime rate, every change since 2000 and the Bank of Canada rate behind it, from the Bank of Canada.
Canada's prime rate is 4.45% as of October 7, 2026. It has been there since November 5, 2025, when the banks cut it by 0.25 points from 4.70% after the Bank of Canada's decision of October 29, 2025. It is 2.20 points above the Bank of Canada's policy rate of 2.25%, a gap the banks have kept since July 2015: prime moves within days of each Bank decision. A year ago it was 4.70%: 0.25 points lower now. The next Bank of Canada announcement is on October 28, 2026: if the policy rate moves, prime follows. Banks charged an average of 3.86% on new variable mortgages in July 2026, 0.59 points below prime.
Prime and the policy rate since 2000
Month by month. The banks set prime from the Bank of Canada's policy rate, so the two lines move together.
- Bank of Canada policy rate
- Prime rate
Every change since 2000
| Week of | Prime | Change (points) | Bank of Canada rate | Prime above it |
|---|---|---|---|---|
| November 5, 2025 | 4.45% | −0.25 | 2.25% | 2.20 |
| September 24, 2025 | 4.70% | −0.25 | 2.50% | 2.20 |
| March 19, 2025 | 4.95% | −0.25 | 2.75% | 2.20 |
| February 5, 2025 | 5.20% | −0.25 | 3.00% | 2.20 |
| December 18, 2024 | 5.45% | −0.50 | 3.25% | 2.20 |
| October 30, 2024 | 5.95% | −0.50 | 3.75% | 2.20 |
| September 11, 2024 | 6.45% | −0.25 | 4.25% | 2.20 |
| July 31, 2024 | 6.70% | −0.25 | 4.50% | 2.20 |
| June 12, 2024 | 6.95% | −0.25 | 4.75% | 2.20 |
| July 19, 2023 | 7.20% | +0.25 | 5.00% | 2.20 |
| June 14, 2023 | 6.95% | +0.25 | 4.75% | 2.20 |
| February 1, 2023 | 6.70% | +0.25 | 4.50% | 2.20 |
| December 14, 2022 | 6.45% | +0.50 | 4.25% | 2.20 |
| November 2, 2022 | 5.95% | +0.50 | 3.75% | 2.20 |
| September 14, 2022 | 5.45% | +0.75 | 3.25% | 2.20 |
| July 20, 2022 | 4.70% | +1.00 | 2.50% | 2.20 |
| June 8, 2022 | 3.70% | +0.50 | 1.50% | 2.20 |
| April 20, 2022 | 3.20% | +0.50 | 1.00% | 2.20 |
| March 9, 2022 | 2.70% | +0.25 | 0.50% | 2.20 |
| April 1, 2020 | 2.45% | −0.50 | 0.25% | 2.20 |
| March 18, 2020 | 2.95% | −0.50 | 0.75% | 2.20 |
| March 11, 2020 | 3.45% | −0.50 | 1.25% | 2.20 |
| October 31, 2018 | 3.95% | +0.25 | 1.75% | 2.20 |
| July 11, 2018 | 3.70% | +0.25 | 1.50% | 2.20 |
| January 24, 2018 | 3.45% | +0.25 | 1.25% | 2.20 |
| September 13, 2017 | 3.20% | +0.25 | 1.00% | 2.20 |
| July 19, 2017 | 2.95% | +0.25 | 0.75% | 2.20 |
| July 22, 2015 | 2.70% | −0.15 | 0.50% | 2.20 |
| January 28, 2015 | 2.85% | −0.15 | 0.75% | 2.10 |
| September 15, 2010 | 3.00% | +0.25 | 1.00% | 2.00 |
| July 21, 2010 | 2.75% | +0.25 | 0.75% | 2.00 |
| June 2, 2010 | 2.50% | +0.25 | 0.50% | 2.00 |
| April 22, 2009 | 2.25% | −0.25 | 0.25% | 2.00 |
| March 4, 2009 | 2.50% | −0.50 | ||
| January 21, 2009 | 3.00% | −0.50 | ||
| December 10, 2008 | 3.50% | −0.50 | ||
| October 22, 2008 | 4.00% | −0.25 | ||
| October 15, 2008 | 4.25% | −0.50 | ||
| April 23, 2008 | 4.75% | −0.50 | ||
| March 5, 2008 | 5.25% | −0.50 | ||
| January 23, 2008 | 5.75% | −0.25 | ||
| December 5, 2007 | 6.00% | −0.25 | ||
| July 11, 2007 | 6.25% | +0.25 | ||
| May 31, 2006 | 6.00% | +0.25 | ||
| April 26, 2006 | 5.75% | +0.25 | ||
| March 8, 2006 | 5.50% | +0.25 | ||
| January 25, 2006 | 5.25% | +0.25 | ||
| December 7, 2005 | 5.00% | +0.25 | ||
| October 19, 2005 | 4.75% | +0.25 | ||
| September 14, 2005 | 4.50% | +0.25 | ||
| October 20, 2004 | 4.25% | +0.25 | ||
| September 15, 2004 | 4.00% | +0.25 | ||
| April 14, 2004 | 3.75% | −0.25 | ||
| March 3, 2004 | 4.00% | −0.25 | ||
| January 21, 2004 | 4.25% | −0.25 | ||
| September 10, 2003 | 4.50% | −0.25 | ||
| July 16, 2003 | 4.75% | −0.25 | ||
| April 16, 2003 | 5.00% | +0.25 | ||
| March 5, 2003 | 4.75% | +0.25 | ||
| July 17, 2002 | 4.50% | +0.25 | ||
| June 5, 2002 | 4.25% | +0.25 | ||
| April 17, 2002 | 4.00% | +0.25 | ||
| January 16, 2002 | 3.75% | −0.25 | ||
| November 28, 2001 | 4.00% | −0.50 | ||
| October 24, 2001 | 4.50% | −0.75 | ||
| September 19, 2001 | 5.25% | −0.50 | ||
| August 29, 2001 | 5.75% | −0.25 | ||
| July 18, 2001 | 6.00% | −0.25 | ||
| May 30, 2001 | 6.25% | −0.25 | ||
| April 18, 2001 | 6.50% | −0.25 | ||
| March 7, 2001 | 6.75% | −0.50 | ||
| January 24, 2001 | 7.25% | −0.25 | ||
| May 17, 2000 | 7.50% | +0.50 | ||
| March 29, 2000 | 7.00% | +0.25 | ||
| February 9, 2000 | 6.75% | +0.25 | ||
| January 5, 2000 | 6.50% | first |
Dated by the Bank of Canada's weekly reading, the Wednesday after the banks moved. The policy rate before 2009 is not in the site's history.
What prime sets
A variable-rate mortgage is priced as prime minus a discount fixed in the contract, a HELOC or line of credit as prime plus a margin. When prime moves, those rates move with it the same day. The HELOC payment calculator and the mortgage payment calculator show what a change does to a payment.
Fixed mortgage rates are set from bond yields, not prime, which is why they can fall while prime stays put, or rise before the Bank of Canada moves. The monthly averages of both, insured and uninsured, are on the average mortgage rates page, and the Bank's decisions and schedule on the Bank of Canada interest rate page; its last announcement was on September 2, 2026.
Prime Rate: Quick Answers
What is the prime rate in Canada today?
4.45% at the chartered banks, as of October 7, 2026, the latest week the Bank of Canada has published. The big banks all post the same prime rate and change it on the same day.
When does the prime rate change?
When the Bank of Canada changes its policy rate: the banks usually announce the new prime the same day and it takes effect the next business day. They have kept prime 2.20 points above the policy rate since July 2015, so a 0.25-point move by the Bank is a 0.25-point move in prime. The Bank's next announcement is on October 28, 2026; its policy rate is 2.25% today.
What does the prime rate affect?
Variable-rate mortgages, home equity lines of credit and most personal and business lines of credit, which are priced as prime plus or minus a margin fixed in the contract. Fixed-rate mortgages are not: they follow bond yields. In July 2026, banks' average rate on new variable mortgages was 3.86%, 0.59 points below prime; HELOCs are usually priced at prime plus 0.50 to 1.00 points.
What is the highest the prime rate has been?
Since 2000, 7.50%, from May 2000 to January 2001. The lowest was 2.25%, last from April 2009 to June 2010.
Where the figures come from
The prime rate is the chartered banks' prime business rate, which the Bank of Canada publishes every Wednesday (Bank of Canada, Valet series V80691311). A change is dated the first day the series shows the new rate: the Wednesday after the banks moved. The policy rate alongside it is the Bank's target for the overnight rate (Bank of Canada). Figures as of October 7, 2026, read from the Bank today.
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