Canada's prime rate in 2005 was about 5.45% — higher than today's 4.45%. Prime tracks the Bank of Canada's policy rate (3.25% that year) plus roughly 2.2 points. See the full prime-rate history and the BoC rate that year.
Canada's prime rate in 2005 was about 5.45% — higher than today's 4.45%. Prime tracks the Bank of Canada's policy rate (3.25% that year) plus roughly 2.2 points, and it prices variable mortgages and lines of credit.
With the Bank of Canada's overnight rate at 3.25% in 2005, the big banks set prime near 5.45%. Anyone with a variable-rate mortgage or line of credit that year paid interest based on this number, minus their negotiated discount. Compared with today's 4.45%, borrowing off prime in 2005 was higher than now.
This is an approximate figure for context — verify exact historical prime rates and change dates with the banks and the Bank of Canada.
Approximately 5.45% (BoC 3.25% + ~2.2 points; verify exact dates).