Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Bank of Montreal have cut their prime lending rates 50 basis points to 2.45 per cent from 2.95 per cent in a move matching the Bank of Canada’s latest interest rate cut.

It’s the third significant cut to the prime rate in less than three weeks, following a pair of 50 basis point cuts on March 16 and March 5.

The prime rate underpins a slate of variable-rate loans, including mortgages, and thus impact the cost of borrowing for a range of financial products.


BoC emergency rate cut in 90 seconds

The Bank of Canada has made a second unscheduled cut to its benchmark interest rate, lowering it to 0.25 per cent amid the COVID-19 crisis.