Explore the current and historical Canadian Prime Rate alongside the Bank of Canada Overnight Rate. Compare both with our detailed Canadian Prime Rate vs. Bank of Canada Overnight Rate chart. (1974 to 2025)
4.95%
Date: Aug 26, 2025
2.75%
Date: Aug 26, 2025
| Effective Date | Canadian Prime Rate | BOC Overnight Rate |
|---|---|---|
| Mar 13, 2025 | 4.95% | 2.75% |
| Jan 30, 2025 | 5.2% | 3% |
| Dec 12, 2024 | 5.45% | 3.25% |
| Oct 24, 2024 | 5.95% | 3.75% |
| Sep 5, 2024 | 6.45% | 4.25% |
| Jul 25, 2024 | 6.7% | 4.5% |
| Jun 6, 2024 | 6.95% | 4.75% |
| Jul 13, 2023 | 7.2% | 5% |
| Jun 8, 2023 | 6.95% | 4.75% |
| Jan 26, 2023 | 6.7% | 4.5% |
| Dec 8, 2022 | 6.45% | 4.25% |
| Oct 26, 2022 | 5.95% | 3.75% |
| Sep 8, 2022 | 5.45% | 3.25% |
| Jul 14, 2022 | 4.7% | 2.5% |
| Jun 1, 2022 | 3.7% | 1.5% |
| Apr 14, 2022 | 3.2% | 1% |
| Mar 2, 2022 | 2.7% | 0.5% |
| Mar 30, 2020 | 2.45% | 0.25% |
| Mar 17, 2020 | 2.95% | 1.75% |
| Mar 5, 2020 | 3.45% | 1.75% |
| Oct 25, 2018 | 3.95% | 1.75% |
| Jul 31, 2018 | 3.7% | 1.5% |
| Jan 18, 2018 | 3.45% | 1.25% |
| Sep 7, 2017 | 3.2% | 1% |
| Jul 13, 2017 | 2.95% | 0.75% |
| Jul 15, 2015 | 2.7% | 0.5% |
| Jan 21, 2015 | 2.85% | 0.75% |
| Sep 9, 2010 | 3% | 1% |
| Jul 21, 2010 | 2.75% | 0.75% |
| Jun 2, 2010 | 2.5% | 0.5% |
| Apr 22, 2009 | 2.25% | 0.5% |
| Mar 4, 2009 | 2.5% | 0.5% |
| Jan 21, 2009 | 3% | 1% |
| Dec 10, 2008 | 3.5% | 1.5% |
| Oct 22, 2008 | 4% | 2.25% |
| Oct 14, 2008 | 4.35% | 3% |
| Oct 9, 2008 | 4.5% | 3% |
| Apr 23, 2008 | 4.75% | 3% |
| Mar 5, 2008 | 5.25% | 3.5% |
| Jan 23, 2008 | 5.75% | 4% |
| Dec 5, 2007 | 6% | 4.25% |
| Jul 11, 2007 | 6.25% | 4.5% |
| May 25, 2006 | 6% | 4.25% |
| Apr 26, 2006 | 5.75% | 4% |
| Mar 8, 2006 | 5.5% | 3.75% |
| Jan 25, 2006 | 5.25% | 3.5% |
| Dec 7, 2005 | 5% | 3.25% |
| Oct 19, 2005 | 4.75% | 3% |
| Sep 8, 2005 | 4.5% | 2.75% |
| Oct 20, 2004 | 4.25% | 2.5% |
| Sep 9, 2004 | 4% | 2.25% |
| Apr 14, 2004 | 3.75% | 2% |
| Mar 3, 2004 | 4% | 2.25% |
| Jan 21, 2004 | 4.25% | 2.5% |
| Sep 4, 2003 | 4.5% | 2.75% |
| Jul 16, 2003 | 4.75% | 3% |
| Apr 16, 2003 | 5% | 3.25% |
| Mar 5, 2003 | 4.75% | 3% |
| Jul 17, 2002 | 4.5% | 2.75% |
| Jun 5, 2002 | 4.25% | 2.5% |
| Apr 17, 2002 | 4% | 2.25% |
| Jan 16, 2002 | 3.75% | 2% |
| Nov 28, 2001 | 4% | 2.25% |
| Oct 24, 2001 | 4.5% | 2.75% |
| Sep 18, 2001 | 5.25% | 3.5% |
| Aug 29, 2001 | 5.75% | 4% |
| Jul 18, 2001 | 6% | 4.25% |
| May 30, 2001 | 6.25% | 4.5% |
| Apr 18, 2001 | 6.5% | 4.75% |
| Mar 7, 2001 | 6.75% | 5% |
| Jan 21, 2001 | 7.25% | 5.5% |
| May 18, 2000 | 7.5% | 5.75% |
| Mar 23, 2000 | 7% | 5.75% |
| Feb 4, 2000 | 6.75% | 5% |
| Nov 18, 1999 | 6.5% | 4.75% |
| May 5, 1999 | 6.25% | 4.5% |
| Apr 1, 1999 | 6.5% | 4.75% |
| Nov 19, 1998 | 6.75% | 5% |
| Oct 19, 1998 | 7% | 5.25% |
| Sep 30, 1998 | 7.25% | 5.5% |
| Aug 28, 1998 | 7.5% | 4.75% |
| Feb 2, 1998 | 6.5% | 4.75% |
| Dec 15, 1997 | 6% | 4.25% |
| Nov 26, 1997 | 5.5% | 3.75% |
| Oct 2, 1997 | 5.25% | 3.5% |
| Nov 12, 1996 | 4.75% | 3% |
| Oct 29, 1996 | 5% | 3.25% |
| Oct 17, 1996 | 5.25% | 3.25% |
| Oct 3, 1996 | 5.5% | 3.25% |
| Aug 23, 1996 | 5.75% | 4% |
| Aug 12, 1996 | 6% | 4% |
| Jul 26, 1996 | 6.25% | 4.5% |
| Apr 19, 1996 | 6.5% | 4.75% |
| Mar 25, 1996 | 6.75% | 5% |
| Feb 1, 1996 | 7% | 5.25% |
| Jan 29, 1996 | 7.25% | 5.12% |
| Dec 20, 1995 | 7.5% | 5.54% |
| Nov 1, 1995 | 7.75% | 5.82% |
| Nov 1, 1995 | 7.75% | 5.82% |
| Aug 29, 1995 | 8% | 6.34% |
| Jul 12, 1995 | 8.25% | 6.62% |
| Jul 7, 1995 | 8.5% | 6.62% |
| Jun 14, 1995 | 8.75% | 6.72% |
| Jun 5, 1995 | 9% | 6.72% |
| May 8, 1995 | 9.25% | 7.39% |
| Mar 8, 1995 | 9.75% | 8.22% |
| Mar 1, 1995 | 9.25% | 8.22% |
| Feb 21, 1995 | 9.5% | 8.13% |
| Jan 18, 1995 | 9.25% | 8.13% |
| Jan 13, 1995 | 8.5% | 8.13% |
| Dec 14, 1994 | 8% | 7.18% |
| Dec 5, 1994 | 7.5% | 7.18% |
| Sep 14, 1994 | 7% | 5.29% |
| Aug 3, 1994 | 7.25% | 5.35% |
| Jul 19, 1994 | 7.5% | 5.79% |
| Jul 13, 1994 | 7.75% | 5.79% |
| Jun 22, 1994 | 8% | 6.67% |
| Apr 4, 1994 | 6.75% | 5.82% |
| Apr 1, 1994 | 6.5% | 5.82% |
| Mar 28, 1994 | 6.25% | 5.39% |
| Nov 9, 1993 | 5.5% | 4.11% |
| Sep 16, 1993 | 5.75% | 4.65% |
| Aug 25, 1993 | 6% | 4.65% |
| Jul 12, 1993 | 5.75% | 4.16% |
| Mar 22, 1993 | 6% | 5.11% |
| Mar 4, 1993 | 6.25% | 5.11% |
| Feb 27, 1993 | 6.5% | 5.84% |
| Jan 15, 1993 | 6.75% | 6.56% |
| Jan 12, 1993 | 7% | 6.56% |
| Dec 23, 1992 | 7.25% | 7.11% |
| Dec 22, 1992 | 7.5% | 7.11% |
| Dec 21, 1992 | 7.75% | 7.11% |
| Dec 18, 1992 | 8% | 7.11% |
| Dec 17, 1992 | 8.25% | 7.11% |
| Dec 15, 1992 | 8.5% | 7.11% |
| Dec 8, 1992 | 8.75% | 7.11% |
| Nov 20, 1992 | 9% | 8.57% |
| Nov 17, 1992 | 8.25% | 8.57% |
| Nov 3, 1992 | 7.5% | 8.57% |
| Oct 28, 1992 | 7.75% | 7.12% |
| Oct 1, 1992 | 8.25% | 7.12% |
| Sep 3, 1992 | 6.25% | 5.44% |
| Aug 6, 1992 | 6.5% | 4.86% |
| Jul 24, 1992 | 6.75% | 5.25% |
| Jun 19, 1992 | 7% | 5.66% |
| Jun 5, 1992 | 7.25% | 5.66% |
| May 22, 1992 | 7.5% | 6.25% |
| Apr 16, 1992 | 7.75% | 6.6% |
| Apr 10, 1992 | 8% | 6.6% |
| Mar 6, 1992 | 8.25% | 7.4% |
| Jan 24, 1992 | 7.5% | 6.83% |
| Dec 6, 1991 | 8% | 7.42% |
| Nov 7, 1991 | 8.5% | 7.44% |
| Oct 25, 1991 | 8.75% | 7.92% |
| Oct 21, 1991 | 9% | 7.92% |
| Sep 13, 1991 | 9.5% | 8.43% |
| May 22, 1991 | 9.75% | 8.82% |
| Apr 25, 1991 | 10.25% | 9.41% |
| Apr 3, 1991 | 10.75% | 9.41% |
| Feb 19, 1991 | 11.25% | 9.77% |
| Jan 31, 1991 | 11.75% | 10.63% |
| Jan 18, 1991 | 12.25% | 10.63% |
| Dec 21, 1990 | 12.75% | 11.53% |
| Nov 23, 1990 | 13.25% | 12% |
| Sep 21, 1990 | 13.75% | 12.36% |
| Aug 17, 1990 | 14.25% | 12.76% |
| Apr 23, 1990 | 14.75% | 13.52% |
| Feb 15, 1990 | 14.25% | 13% |
| Mar 23, 1989 | 13.5% | 12.15% |
| Feb 17, 1989 | 12.75% | 11.45% |
| Dec 9, 1988 | 12.25% | 10.92% |
| Sep 16, 1988 | 11.75% | 10.29% |
| Aug 26, 1988 | 11.25% | 9.78% |
| Jun 3, 1988 | 10.75% | 9.19% |
| Apr 23, 1988 | 10.25% | 8.81% |
| Oct 23, 1987 | 9.75% | 8.01% |
| Oct 9, 1987 | 10.25% | 8.01% |
| Jul 31, 1987 | 10% | 8.51% |
| May 22, 1987 | 9.5% | 8.29% |
| Apr 24, 1987 | 9.25% | 8.01% |
| Mar 13, 1987 | 8.75% | 6.89% |
| Jan 23, 1987 | 9.25% | 7.49% |
| Jul 18, 1986 | 9.75% | 8.38% |
| May 16, 1986 | 10.25% | 8.18% |
| May 2, 1986 | 10.5% | 8.18% |
| Apr 11, 1986 | 11.25% | 9.02% |
| Apr 7, 1986 | 11.5% | 9.02% |
| Mar 21, 1986 | 12% | 10.19% |
| Mar 14, 1986 | 12.5% | 10.19% |
| Feb 14, 1986 | 13% | 11.59% |
| Feb 7, 1986 | 12.25% | 11.59% |
| Jan 31, 1986 | 11.5% | 10.08% |
| Jan 14, 1986 | 11% | 10.08% |
| Jan 7, 1986 | 10.5% | 10.08% |
| Nov 11, 1985 | 11% | 8.73% |
| Oct 7, 1985 | 10% | 8.52% |
| Aug 23, 1985 | 10.25% | 8.95% |
| May 22, 1985 | 10.5% | 9.34% |
| Apr 19, 1985 | 10.75% | 9.5% |
| Apr 12, 1985 | 11% | 9.5% |
| Mar 29, 1985 | 11.25% | 10.93% |
| Mar 8, 1985 | 11.75% | 10.93% |
| Feb 22, 1985 | 11.5% | 10.7% |
| Dec 21, 1984 | 11.25% | 9.91% |
| Dec 7, 1984 | 11.75% | 9.91% |
| Nov 20, 1984 | 12% | 10.53% |
| Oct 26, 1984 | 12.5% | 11.46% |
| Aug 10, 1984 | 13% | 12.14% |
| Jul 6, 1984 | 13.5% | 12.99% |
| Jun 29, 1984 | 13% | 11.73% |
| Jun 25, 1984 | 12.5% | 11.73% |
| May 9, 1984 | 12% | 11.35% |
| Mar 23, 1984 | 11.5% | 10.51% |
| Apr 19, 1983 | 11% | 9.21% |
| Feb 18, 1983 | 11.5% | 9.18% |
| Jan 7, 1983 | 12% | 9.56% |
| Dec 17, 1982 | 12.5% | 10.01% |
| Nov 12, 1982 | 13% | 10.62% |
| Oct 15, 1982 | 13.75% | 11.28% |
| Oct 8, 1982 | 14.5% | 11.28% |
| Sep 24, 1982 | 15% | 12.93% |
| Sep 3, 1982 | 15.5% | 12.93% |
| Aug 20, 1982 | 16% | 14.01% |
| Aug 6, 1982 | 17% | 14.01% |
| Jul 23, 1982 | 17.25% | 15.35% |
| Jul 16, 1982 | 17.75% | 15.35% |
| Jun 18, 1982 | 18.25% | 16.33% |
| Jun 4, 1982 | 17.5% | 16.33% |
| Mar 26, 1982 | 17% | 14.86% |
| Jan 4, 1982 | 16.5% | 14.47% |
| Nov 23, 1981 | 17.25% | 15.15% |
| Nov 16, 1981 | 18% | 15.15% |
| Nov 9, 1981 | 19.5% | 15.15% |
| Oct 19, 1981 | 20% | 18.05% |
| Oct 9, 1981 | 20.75% | 18.05% |
| Sep 21, 1981 | 21.25% | 19.38% |
| Sep 14, 1981 | 21.75% | 19.38% |
| Sep 8, 1981 | 22.25% | 19.38% |
| Aug 7, 1981 | 22.75% | 20.78% |
| Jul 31, 1981 | 21.75% | 19.64% |
| Jul 24, 1981 | 21% | 19.64% |
| Jun 5, 1981 | 20% | 18.82% |
| May 8, 1981 | 19.5% | 18.81% |
| May 1, 1981 | 18.5% | 18.81% |
| Apr 20, 1981 | 18% | 17.15% |
| Mar 23, 1981 | 17.75% | 16.34% |
| Dec 19, 1980 | 18.25% | 17.01% |
| Dec 12, 1980 | 17% | 17.01% |
| Dec 5, 1980 | 15.5% | 17.01% |
| Nov 28, 1980 | 14.5% | 12.81% |
| Nov 18, 1980 | 13.75% | 12.81% |
| Nov 3, 1980 | 13.25% | 12.81% |
| Oct 10, 1980 | 12.75% | 11.51% |
| Oct 3, 1980 | 13% | 11.51% |
| Aug 5, 1980 | 12.25% | 10.2% |
| Jul 25, 1980 | 12.5% | 9.93% |
| Jul 21, 1980 | 12.75% | 9.93% |
| Jun 23, 1980 | 13.25% | 10.42% |
| May 26, 1980 | 13.75% | 11.58% |
| May 15, 1980 | 14.75% | 11.58% |
| May 12, 1980 | 15.75% | 11.58% |
| May 5, 1980 | 16.5% | 11.58% |
| Apr 28, 1980 | 16.75% | 15.42% |
| Apr 21, 1980 | 17.25% | 15.42% |
| Apr 3, 1980 | 17.5% | 15.42% |
| Mar 28, 1980 | 16.5% | 14.54% |
| Mar 17, 1980 | 15.75% | 14.54% |
| Nov 2, 1979 | 15% | 13.75% |
| Oct 26, 1979 | 14.75% | 13.75% |
| Oct 10, 1979 | 13.75% | 13.75% |
| Sep 10, 1979 | 13% | 12% |
| Jul 25, 1979 | 12.5% | 11.5% |
| Jan 5, 1979 | 12% | 11% |
| Nov 7, 1978 | 11.5% | 10.5% |
| Oct 18, 1978 | 11% | 10% |
| Sep 15, 1978 | 10.25% | 9.25% |
| Aug 1, 1978 | 9.75% | 8.75% |
| Apr 5, 1978 | 9.25% | 8.25% |
| Mar 15, 1978 | 8.75% | 7.75% |
| Jun 1, 1977 | 8.25% | 7.25% |
| Feb 1, 1977 | 8.75% | 7.75% |
| Dec 24, 1976 | 9.25% | 8.25% |
| Nov 23, 1976 | 9.75% | 8.75% |
| Mar 10, 1976 | 10.25% | 9.25% |
| Sep 5, 1975 | 9.75% | 8.75% |
| Feb 26, 1975 | 9% | 8% |
| Feb 1, 1975 | 9.75% | 8% |
| Jan 15, 1975 | 10.5% | 8% |
| Nov 21, 1974 | 11% | 8.5% |
| Jul 24, 1974 | 11.5% | 9% |
| May 13, 1974 | 11% | 8.5% |
| Apr 16, 1974 | 10.5% | 8% |
What is the Canadian Prime Rate and how is it determined?
The current Canadian Prime Rate is 4.95%. The Canadian Prime Rate serves as a guide for banks in Canada to determine interest rates for their loans. These loans include variable-rate mortgages and lines of credit. The rate is determined by the Bank of Canada Overnight Rate plus an additional percentage to cover the bank's operating costs and loan risks. The spread between the prime rate and the overnight rate typically ranges from 1.5% to 3%.
What is the Bank of Canada Overnight Rate and why does it matter?
The current Canadian Prime Rate is 2.75%. The Bank of Canada Overnight Rate is the main interest rate at which major banks lend and borrow money overnight from one another. It is the central bank's primary tool for controlling the rates at which other banks in Canada loan out money to people or institutions. This means it impacts major loans such as mortgages, business loans, and car loans. As such, this rate has a massive impact on Canada’s economy and is used as the primary tool for controlling inflation, house prices, and more. A shift in this rate has borrowing implications across the overall financial system.
How does the Bank of Canada Overnight Rate affect the Canadian Prime Rate?
The Bank of Canada Overnight Rate is used as the base lending rate for banks. This is because it is the rate at which they and other institutions are able to borrow money from the Bank of Canada. The banks must also cover their operating expenses and loan risks. As such, they add a few percentage points to the overnight rate, which then becomes the Canadian Prime Rate. This means that the two rates are very closely tied together and are often within 1 to 3 percentage points of each other.
How do changes in the Canadian Prime Rate impact consumers and businesses?
Changes in the Canadian Prime Rate can have large impacts on consumers and businesses, since most loans follow the prime rate as a guide. This includes variable-rate loans, credit cards, and mortgages. As a result, customers are forced to pay more for owning a home or a car, leading to less spending and slower economic activity. These rate changes are crucial tools in managing inflation and supporting economic stability.