Rules · Bank of Canada benchmark rates
Bank of Canada benchmark rates
These are the Bank of Canada series this site publishes, read directly from the Bank's Valet API. Each value carries its series code, the date it was in force and a link to the source, so a figure can always be re-checked.
Published values
| Item | Value | Note | Publisher |
|---|---|---|---|
| Policy rate | confirm with the publisher | Live value published on this page from the Bank of Canada Valet API; see the series table below. | Bank of Canada |
| Government of Canada benchmark bond yields | confirm with the publisher | Published by the Bank of Canada at several terms; the live values are shown in the series table below. | Bank of Canada |
A blank value means we could not verify a current figure against the publisher's own publication. We leave it blank rather than publish a guess.
Why these series
Most consumer lending rates in Canada are described relative to a benchmark: a lender's prime rate moves with the policy rate, and fixed mortgage pricing is influenced by Government of Canada bond yields at the relevant term. Publishing the benchmarks makes the rest of the site's explanations checkable.
How to read them
- The policy rate is the target for the overnight rate, not a rate you can borrow at.
- The bank rate sits above the policy rate and is what the central bank charges on some facilities.
- Benchmark bond yields are market rates at a given term, published by the Bank of Canada.
What they do not tell you
No benchmark is a quote for your loan. A lender adds its own spread, its own fees and its own assessment of your file. Use these figures to understand the direction and the reference point, not as a price.
Fixed and variable borrowing track different things
Variable-rate consumer credit is usually described as a lender's prime rate plus or minus a margin, and prime moves with the central bank's policy rate. Fixed-rate mortgage pricing is driven more by bond yields at the matching term, because lenders fund fixed loans in the bond market. That is why the two can move in different directions.
How to use a benchmark
A benchmark tells you what the market reference point is, not what you will be offered. When a lender quotes prime plus a margin, the benchmark lets you sanity-check the margin. When a fixed rate is quoted, the matching bond yield tells you roughly what the lender's own funding cost is, which is useful context when comparing offers at the same term.
What changes a benchmark
Policy decisions, inflation data, government bond issuance and global demand for Canadian debt all move these series. None of them is a prediction, and none of them is a reason on its own to take a particular product.
Bank of Canada series
| Series | Value | As of | Publisher |
|---|---|---|---|
| Target for the overnight rate (business daily) | 2.25% | 2026-09-16 | Bank of Canada |
| Prime rate | 4.45% | 2026-09-16 | Bank of Canada |
| Conventional mortgage: 5-year | 6.09% | 2026-09-16 | Bank of Canada |
| Benchmark bond yield: 2 year | 3.35% | 2026-09-16 | Bank of Canada |
| Benchmark bond yield: 3 year | 3.44% | 2026-09-16 | Bank of Canada |
| Benchmark bond yield: 5 year | 3.64% | 2026-09-16 | Bank of Canada |
| Benchmark bond yield: 10 year | 3.92% | 2026-09-16 | Bank of Canada |
| Daily interest savings (balances over $100,000) | 0.01% | 2026-09-16 | Bank of Canada |
Questions
How often are these values updated?
They are refreshed from the Bank of Canada Valet API when the site's content is rebuilt, and each value shows the date it was in force from the Bank's own response.
Can I borrow at the policy rate?
No. The policy rate is a central bank target for the overnight rate between financial institutions. Lenders price consumer credit well above it, with their own margin and fees.
Where do the series codes come from?
They are the Bank of Canada's own Valet series identifiers, documented in the Valet API reference linked on this page.
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Sources
Every figure on this page is attributed to the publisher above. Where a value could not be verified against the publisher's own publication, it is left out rather than estimated.