Take a central role at the Bank of Canada with our current opportunities and scholarships.Learn how the selection process for the portrait subject of the $5 note will unfold.Find out what removing legal tender status means and which bank notes are affected.Browse and filter Bank of Canada publications by author, JEL code, topic and content type.The Bank expects a sharp rebound in economic activity in the reopening phase of the recovery, followed by a more prolonged recuperation phase.Understanding digital currencies and related financial technologies is an important part of our research agenda.Browse and filter Bank of Canada press content by topic, author, location and content type.These forecasts are provided to Governing Council in preparation for monetary policy decisions. Rather, we have responsibilities for Canada’s monetary policy, bank notes, financial system, and funds management.

The Bank of Canada is the nation’s central bank. The Prime rate is the basis for all variable mortgage rates in Canada. The prime rate is driven by the overnight rate as set by the Bank of Canada. Rather, we have responsibilities for Canada’s monetary policy, bank notes, financial system, and funds management. It typically follows the Bank of Canada’s overnight rate but there have been notable exceptions, most recently in 2015 when Canadian banks refused to pass through 20 bps of BoC rate cuts to borrowers. We are not a commercial bank and do not offer banking services to the public. In Canada, the prime lending rate is the average rate of interest charged on loans by commercial banks to the most credit-worthy borrowers.

Here’s a table published by Ratehub that shows the history of the prime rate since 1935:

Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. If you'd like to access the data for the charts you can license it here.

Today variable mortgage rates are listed as Prime +/- a constant.

We have captured historical values for this adjustment to prime. The Bank of Canada is the nation’s central bank.

They are released once a year with a five-year lag.A modern browser with javascript enabled is required to view our charts.Alternatively, the data is available for download in:A modern browser with javascript enabled is required to view our charts.Alternatively, the data is available for download in:A modern browser with javascript enabled is required to view our charts.Alternatively, the data is available for download in:View or download the latest data for CORRA, Canada’s risk-free rate.Yields on zero-coupon bonds, generated using pricing data on Government of Canada bonds and treasury bills.The market in which short-term capital is raised, invested, and traded using financial instruments such as treasury bills, bankers' acceptances, commercial paper, and bonds maturing in one year or less.U.S. In Canada, benchmark interest rate is set by the Bank of Canada's (BoC) Governing Council. The overnight rate is rate at which banks lend to each other.



Below is a graph of Canada’s prime rate since the mid-1970s. Bank Lending Rate in Canada averaged 7.20 percent from 1960 until 2020, reaching an all time high of 22.75 percent in August of 1981 and a record low of 2.25 percent in April of 2009. About RBC Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Prime Rate History Date of Change MCAP Prime Rate; April 2, 2020: 2.45: April 1, 2020: 2.95: March 6, 2020: 3.45: October 25, 2018: 3.95: July 12, 2018: 3.70: January 18, 2018: 3.45: September 7, 2017: 3.20: July 13, 2017: 2.95: July 17, 2015: 2.70: January 29, 2015: 2.85: September 9, 2010: 3.00: July 21, 2010: 2.75: June 2, 2010: 2.50: April 22, 2009: 2.25: March 4, 2009: 2.50: January 21, 2009: 3.00

*Not for US dollar loans in Canada. The overnight rate is rate at which banks lend to each other.

Latest RBC Royal Bank decreases prime rate.

Bank of Canada The Bank of Canada (BOC) is the Canadian central bank.



The prime rate is driven by the overnight rate as set by the Bank of Canada. The overnight rate is rate at which banks lend to each other. Since 1996 the Bank Rate is set at the upper limit of an operating band for the money market overnight rate. Royal Bank of Canada cut its prime rate by 50 basis points, matching Bank of Canada’s latest emergency rate cut.

They are released once a year with a five-year lag. Secure a great mortgage rate below prime today.

The weekly Chartered Bank Interest Rates can now be found in a new table: Notes Interest rates are subject to change without notice at any time.

If you'd like to access the data for the charts you can download that here. Our principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada." If prime increases, your mortgage rate increases.


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