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Market data

Prime rate in Canada: 4.45%

The Canadian prime rate is 4.45% as of October 7, 2026. It sits 220 basis points above the Bank of Canada policy rate of 2.25%.

Last updated October 7, 2026. Source: Bank of Canada Valet API (big 6 banks).

Prime rate
4.45%
Bank of Canada policy rate
2.25%
Spread over policy rate
220 bps
Prime minus 0.90 (example)
3.55%

Prime last changed down 25 basis points on November 5, 2025. Prime moves only after the Bank of Canada changes its policy rate. The next scheduled decision is October 28, 2026. See the Bank of Canada interest rate page for the decision history.

Prime rate changes since 2022

Every change to the big 6 banks' prime rate. Holds are not listed.

Canadian prime rate changes, newest first
Effective dateChangePreviousNew prime rate
November 5, 2025-25 bps4.70%4.45%
September 24, 2025-25 bps4.95%4.70%
March 19, 2025-25 bps5.20%4.95%
February 5, 2025-25 bps5.45%5.20%
December 18, 2024-50 bps5.95%5.45%
October 30, 2024-50 bps6.45%5.95%
September 11, 2024-25 bps6.70%6.45%
July 31, 2024-25 bps6.95%6.70%
June 12, 2024-25 bps7.20%6.95%
July 19, 2023+25 bps6.95%7.20%
June 14, 2023+25 bps6.70%6.95%
February 1, 2023+25 bps6.45%6.70%
December 14, 2022+50 bps5.95%6.45%
November 2, 2022+50 bps5.45%5.95%
September 14, 2022+75 bps4.70%5.45%
July 20, 2022+100 bps3.70%4.70%
June 8, 2022+50 bps3.20%3.70%
April 20, 2022+50 bps2.70%3.20%
March 9, 2022+25 bps2.45%2.70%

What prime means for borrowers

Variable-rate mortgages: quoted as prime plus or minus a discount, so the rate changes the day the lender moves prime. Adjustable-rate mortgages reprice the payment; fixed-payment variables change how much of each payment is interest.

HELOCs and lines of credit: usually prime plus a premium, so they track every move.

Fixed-rate mortgages: priced off Government of Canada bond yields, not prime, so they can move even when prime does not.

Qualifying: the stress test rate is the greater of the contract rate plus 2% and 5.25%, regardless of where prime is.

Frequently asked questions

What is the prime rate in Canada today?
The Canadian prime rate is 4.45% as of October 7, 2026. It is the rate the big Canadian banks use as the base for variable-rate mortgages, lines of credit and HELOCs.
How is the prime rate set?
Each lender sets its own prime rate, but they move together and follow the Bank of Canada policy rate (2.25%). Prime has sat about 2.20 points above the policy rate; today the gap is 220 basis points. Banks usually adjust within a day or two of a Bank of Canada decision.
When will the prime rate change next?
Prime changes only after the Bank of Canada moves its policy rate. The next scheduled announcement is October 28, 2026. If the Bank holds, prime stays where it is.
When did the prime rate last change?
Prime last changed down 25 basis points to 4.45% on November 5, 2025.
How does prime affect a variable-rate mortgage?
A variable mortgage is priced as prime plus or minus a discount. For example, prime minus 0.90 today is 3.55%. When prime moves 0.25 points, the rate moves 0.25 points with it, and on a $500,000 balance that is about $1,250 a year in interest.

Data: Bank of Canada Valet API (series V80691311, prime rate of the big 6 banks). Individual lenders may differ briefly after a change. Full dataset as JSON: https://bips.ca/api/market-data/full (CC BY 4.0, cite bips.ca). More indicators on the Canadian mortgage market data page.

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