Prime Rate Falls to 2.95%, Some Banks Increase Variable Premiums

By Steve Huebl, Bank of Canada, Mortgage Rate Trends·March 18, 2020 For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points. Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most of the other big  banks soon following suit. That lowered the country’s prime rate—which is the basis of all floating mortgage rates and lines of credit—from 3.45% to 2.95%. “Centr