Canada Prime Rate History
The prime rate at Canada's big banks is set from the Bank of Canada's overnight rate — over this whole period it sat exactly 2.20 points higher. Variable-rate mortgages, HELOCs and most lines of credit are priced from prime, so each change below moved millions of Canadians' payments.
Verified through October 2025. For any later change, check the Bank of Canada. You may reuse this table with a link to this page.
| Effective date | Overnight rate | Prime rate | Change | Interest on $100k HELOC / month* |
|---|---|---|---|---|
| October 29, 2025 | 2.25% | 4.45% | -0.25 | $413 |
| September 17, 2025 | 2.50% | 4.70% | -0.25 | $433 |
| March 12, 2025 | 2.75% | 4.95% | -0.25 | $454 |
| January 29, 2025 | 3.00% | 5.20% | -0.25 | $475 |
| December 11, 2024 | 3.25% | 5.45% | -0.50 | $496 |
| October 23, 2024 | 3.75% | 5.95% | -0.50 | $538 |
| September 4, 2024 | 4.25% | 6.45% | -0.25 | $579 |
| July 24, 2024 | 4.50% | 6.70% | -0.25 | $600 |
| June 5, 2024 | 4.75% | 6.95% | -0.25 | $621 |
| July 12, 2023 | 5.00% | 7.20% | +0.25 | $642 |
| June 7, 2023 | 4.75% | 6.95% | +0.25 | $621 |
| January 25, 2023 | 4.50% | 6.70% | +0.25 | $600 |
| December 7, 2022 | 4.25% | 6.45% | +0.50 | $579 |
| October 26, 2022 | 3.75% | 5.95% | +0.50 | $538 |
| September 7, 2022 | 3.25% | 5.45% | +0.75 | $496 |
| July 13, 2022 | 2.50% | 4.70% | +1.00 | $433 |
| June 1, 2022 | 1.50% | 3.70% | +0.50 | $350 |
| April 13, 2022 | 1.00% | 3.20% | +0.50 | $308 |
| March 2, 2022 | 0.50% | 2.70% | +0.25 | $267 |
| March 27, 2020 | 0.25% | 2.45% | -0.50 | $246 |
| March 13, 2020 | 0.75% | 2.95% | -0.50 | $288 |
| March 4, 2020 | 1.25% | 3.45% | — | $329 |
*Interest-only, assuming prime + 0.50%. Simple estimate for illustration.
What the numbers show
- Prime fell to 2.45% in March 2020 and stayed there for two years.
- From March 2022 to July 2023 it rose 4.75 points to 7.20% — the interest on a $100,000 HELOC more than doubled.
- Cuts from June 2024 to October 2025 brought it back down to 4.45%.