Every major Canadian lender sets its prime rate off the Bank of Canada policy rate (2.25%). Here is where each one sits today.
Most major Canadian banks — RBC, BMO, Scotiabank, CIBC and others — have a prime rate of 4.45% in 2026, set at the Bank of Canada overnight rate (2.25%) plus about 2.2 points. TD is the exception, using a 4.60% mortgage prime rate for variable mortgages.