Sunday, December 8, 2019Canada's Leading Online Business Magazine

Banks Cut Prime Lending Rates

Prime Rate Percentage symbol

CBJ – Royal Bank of Canada, TD Bank and BMO Bank of Montreal have all decreased their prime lending rates by 15 basis points to 2.85%, effective immediately. As of now, CIBC has not reduced its rate; it remains at 3%.

Canada’s major banks are heading into a renewed mortgage price war in the wake of the Bank of Canada’s surprise decision to cut interest rates by 25 basis points to .75% on January 21.

Royal Bank of Canada dropped its five-year fixed rate for qualified borrowers to 2.84% last Saturday.


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