The prime rate is a base rate set by financial institutions in Canada to determine the variable interest rates they can charge on lending products, such as mortgages and loans. A bank’s prime ...

What is the prime interest rate in Canada? As of Jan. 2, 2025, Canada’s prime rate is 5.45%. The prime interest rate in Canada is calculated as a mode average of the Six Big banks’ official ...

This share will rise if banks’ prime rates increase further ... in the policy interest rate by the Bank of Canada since March 2022, variable-rate mortgage borrowers have faced historically large ...