Updated: Banks hike prime lending rates to 3.45%

Note: This post was updated on Jan. 17, 2018, to include Scotiabank. BMO, CIBC, RBC, Scotiabank, TD and Desjardins today increased their prime lending rates by 25 basis points to 3.45% from 3.20%, effective January 18, 2018. The increased rate will affect the cost of variable-rate lending, including variable-rate mortgages. The hike comes after the […]

By Staff | January 17, 2018 | Last updated on January 17, 2018

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Note: This post was updated on Jan. 17, 2018, to include Scotiabank.

BMO, CIBC, RBC, Scotiabank, TD and Desjardins today increased their prime lending rates by 25 basis points to 3.45% from 3.20%, effective January 18, 2018. The increased rate will affect the cost of variable-rate lending, including variable-rate mortgages.

The hike comes after the Bank of Canada raised its benchmark rate to 1.25%, on strong economic data.

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