Over time, the BoC cut rates and the prime rate was down to 8.25% in March 1987 before gradually rising back to 13.5% by the end of 1989. Prime rate high 22.75% (August 1981) ...

Canada's annual inflation rate in May was unchanged from the previous month at 1.7% as a drop in gasoline costs continued to ...

When the Bank of Canada raises rates, you've probably heard about the prime rate, but do you really know what it is? Wonder no more, thanks to this deep dive from Forbes Advisor Canada.

If Canada’s benchmark prime rate soars 275 bps or more — and your payment doesn’t cover the interest due — most, but not all, lenders will raise your “fixed” payment to cover the interest.

The prime rate in Canada, as of June 4, 2025, is 4.95%. When you’re considering a new line of credit or a mortgage with a variable rate, you also will need to keep a close eye on the prime rate.