what is bank of canada prime rate

The Bank of Canada Prime Rate is the interest rate that banks and lenders use to determine the interest rates for many types of loans and lines of credit. The Prime Rate is primarily influenced by the policy interest rate set by the Bank of Canada (BoC), also known as the BoCs target for the overnight rate. When the BoC changes the target for the overnight rate, lenders will generally adjust their Prime Rates within a few days. The current Bank of Canada Prime Rate is 6.95%.