Canada's biggest banks increase prime rates to 3.95%

The Royal Bank of Canada (RBC), Bank of Montreal (BMO), The Canadian Imperial Bank of Commerce (CIBC), and Bank of Nova Scotia (Scotiabank) recently disclosed that they are increasing their prime rates by a quarter of a percentage point, as reported by The Canadian Press.

These four major banks all lifted their prime lending rates to 3.95% from 3.70%, effective Thursday, October 25.

With this move, it is expected that the cost of loans with interest rates linked to the prime rate will be higher. The loans referred to include variable-rate mortgages and home equity lines of credit.

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