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.