What borrowing has cost.
A HELOC or margin loan is priced at prime plus a spread, so every leverage figure on this site starts here. Prime follows the Bank of Canada's policy rate — closely, but not instantly, and not by a fixed amount forever.
Every change, both series
All 192 dates either rate moved, newest first — the same data the chart draws. Where only prime moved, that is the banks following a policy decision a few days late rather than a decision of their own.
| Effective | Prime | Policy | Spread | Moved |
|---|---|---|---|---|
| 2025-11-05 | 4.45% | 2.25% | +2.20 | prime |
| 2025-10-30 | 4.70% | 2.25% | +2.45 | policy |
| 2025-09-24 | 4.70% | 2.50% | +2.20 | prime |
| 2025-09-18 | 4.95% | 2.50% | +2.45 | policy |
| 2025-03-19 | 4.95% | 2.75% | +2.20 | prime |
| 2025-03-13 | 5.20% | 2.75% | +2.45 | policy |
| 2025-02-05 | 5.20% | 3.00% | +2.20 | prime |
| 2025-01-30 | 5.45% | 3.00% | +2.45 | policy |
| 2024-12-18 | 5.45% | 3.25% | +2.20 | prime |
| 2024-12-12 | 5.95% | 3.25% | +2.70 | policy |
| 2024-10-30 | 5.95% | 3.75% | +2.20 | prime |
| 2024-10-24 | 6.45% | 3.75% | +2.70 | policy |
| 2024-09-11 | 6.45% | 4.25% | +2.20 | prime |
| 2024-09-05 | 6.70% | 4.25% | +2.45 | policy |
| 2024-07-31 | 6.70% | 4.50% | +2.20 | prime |
| 2024-07-25 | 6.95% | 4.50% | +2.45 | policy |
| 2024-06-12 | 6.95% | 4.75% | +2.20 | prime |
| 2024-06-06 | 7.20% | 4.75% | +2.45 | policy |
| 2023-07-19 | 7.20% | 5.00% | +2.20 | prime |
| 2023-07-13 | 6.95% | 5.00% | +1.95 | policy |
| 2023-06-14 | 6.95% | 4.75% | +2.20 | prime |
| 2023-06-08 | 6.70% | 4.75% | +1.95 | policy |
| 2023-02-01 | 6.70% | 4.50% | +2.20 | prime |
| 2023-01-26 | 6.45% | 4.50% | +1.95 | policy |
| 2022-12-14 | 6.45% | 4.25% | +2.20 | prime |
| 2022-12-08 | 5.95% | 4.25% | +1.70 | policy |
| 2022-11-02 | 5.95% | 3.75% | +2.20 | prime |
| 2022-10-27 | 5.45% | 3.75% | +1.70 | policy |
| 2022-09-14 | 5.45% | 3.25% | +2.20 | prime |
| 2022-09-08 | 4.70% | 3.25% | +1.45 | policy |
| 2022-07-20 | 4.70% | 2.50% | +2.20 | prime |
| 2022-07-14 | 3.70% | 2.50% | +1.20 | policy |
| 2022-06-08 | 3.70% | 1.50% | +2.20 | prime |
| 2022-06-02 | 3.20% | 1.50% | +1.70 | policy |
| 2022-04-20 | 3.20% | 1.00% | +2.20 | prime |
| 2022-04-14 | 2.70% | 1.00% | +1.70 | policy |
| 2022-03-09 | 2.70% | 0.50% | +2.20 | prime |
| 2022-03-03 | 2.45% | 0.50% | +1.95 | policy |
| 2020-04-01 | 2.45% | 0.25% | +2.20 | prime |
| 2020-03-27 | 2.95% | 0.25% | +2.70 | policy |
| 2020-03-18 | 2.95% | 0.75% | +2.20 | prime |
| 2020-03-16 | 3.45% | 0.75% | +2.70 | policy |
| 2020-03-11 | 3.45% | 1.25% | +2.20 | prime |
| 2020-03-04 | 3.95% | 1.25% | +2.70 | policy |
| 2018-10-31 | 3.95% | 1.75% | +2.20 | prime |
| 2018-10-24 | 3.70% | 1.75% | +1.95 | policy |
| 2018-07-11 | 3.70% | 1.50% | +2.20 | both |
| 2018-01-24 | 3.45% | 1.25% | +2.20 | prime |
| 2018-01-17 | 3.20% | 1.25% | +1.95 | policy |
| 2017-09-13 | 3.20% | 1.00% | +2.20 | prime |
| 2017-09-06 | 2.95% | 1.00% | +1.95 | policy |
| 2017-07-19 | 2.95% | 0.75% | +2.20 | prime |
| 2017-07-12 | 2.70% | 0.75% | +1.95 | policy |
| 2015-07-22 | 2.70% | 0.50% | +2.20 | prime |
| 2015-07-15 | 2.85% | 0.50% | +2.35 | policy |
| 2015-01-28 | 2.85% | 0.75% | +2.10 | prime |
| 2015-01-21 | 3.00% | 0.75% | +2.25 | policy |
| 2010-09-15 | 3.00% | 1.00% | +2.00 | prime |
| 2010-09-08 | 2.75% | 1.00% | +1.75 | policy |
| 2010-07-21 | 2.75% | 0.75% | +2.00 | prime |
| 2010-07-20 | 2.50% | 0.75% | +1.75 | policy |
| 2010-06-02 | 2.50% | 0.50% | +2.00 | prime |
| 2010-06-01 | 2.25% | 0.50% | +1.75 | policy |
| 2009-04-22 | 2.25% | 0.25% | +2.00 | prime |
| 2009-04-21 | 2.50% | 0.25% | +2.25 | policy |
| 2009-03-04 | 2.50% | N/A | — | prime |
| 2009-01-21 | 3.00% | N/A | — | prime |
| 2008-12-10 | 3.50% | N/A | — | prime |
| 2008-10-22 | 4.00% | N/A | — | prime |
| 2008-10-15 | 4.25% | N/A | — | prime |
| 2008-04-23 | 4.75% | N/A | — | prime |
| 2008-03-05 | 5.25% | N/A | — | prime |
| 2008-01-23 | 5.75% | N/A | — | prime |
| 2007-12-05 | 6.00% | N/A | — | prime |
| 2007-07-11 | 6.25% | N/A | — | prime |
| 2006-05-31 | 6.00% | N/A | — | prime |
| 2006-04-26 | 5.75% | N/A | — | prime |
| 2006-03-08 | 5.50% | N/A | — | prime |
| 2006-01-25 | 5.25% | N/A | — | prime |
| 2005-12-07 | 5.00% | N/A | — | prime |
| 2005-10-19 | 4.75% | N/A | — | prime |
| 2005-09-14 | 4.50% | N/A | — | prime |
| 2004-10-20 | 4.25% | N/A | — | prime |
| 2004-09-15 | 4.00% | N/A | — | prime |
| 2004-04-14 | 3.75% | N/A | — | prime |
| 2004-03-03 | 4.00% | N/A | — | prime |
| 2004-01-21 | 4.25% | N/A | — | prime |
| 2003-09-10 | 4.50% | N/A | — | prime |
| 2003-07-16 | 4.75% | N/A | — | prime |
| 2003-04-16 | 5.00% | N/A | — | prime |
| 2003-03-05 | 4.75% | N/A | — | prime |
| 2002-07-17 | 4.50% | N/A | — | prime |
| 2002-06-05 | 4.25% | N/A | — | prime |
| 2002-04-17 | 4.00% | N/A | — | prime |
| 2002-01-16 | 3.75% | N/A | — | prime |
| 2001-11-28 | 4.00% | N/A | — | prime |
| 2001-10-24 | 4.50% | N/A | — | prime |
| 2001-09-19 | 5.25% | N/A | — | prime |
| 2001-08-29 | 5.75% | N/A | — | prime |
| 2001-07-18 | 6.00% | N/A | — | prime |
| 2001-05-30 | 6.25% | N/A | — | prime |
| 2001-04-18 | 6.50% | N/A | — | prime |
| 2001-03-07 | 6.75% | N/A | — | prime |
| 2001-01-24 | 7.25% | N/A | — | prime |
| 2000-05-17 | 7.50% | N/A | — | prime |
| 2000-03-29 | 7.00% | N/A | — | prime |
| 2000-02-09 | 6.75% | N/A | — | prime |
| 1999-11-24 | 6.50% | N/A | — | prime |
| 1999-05-05 | 6.25% | N/A | — | prime |
| 1999-04-07 | 6.50% | N/A | — | prime |
| 1998-11-25 | 6.75% | N/A | — | prime |
| 1998-10-21 | 7.00% | N/A | — | prime |
| 1998-09-30 | 7.25% | N/A | — | prime |
| 1998-09-02 | 7.50% | N/A | — | prime |
| 1998-02-04 | 6.50% | N/A | — | prime |
| 1997-12-17 | 6.00% | N/A | — | prime |
| 1997-11-26 | 5.50% | N/A | — | prime |
| 1997-10-08 | 5.25% | N/A | — | prime |
| 1996-11-13 | 4.75% | N/A | — | prime |
| 1996-10-30 | 5.00% | N/A | — | prime |
| 1996-10-23 | 5.25% | N/A | — | prime |
| 1996-10-09 | 5.50% | N/A | — | prime |
| 1996-08-28 | 5.75% | N/A | — | prime |
| 1996-08-14 | 6.00% | N/A | — | prime |
| 1996-07-24 | 6.25% | N/A | — | prime |
| 1996-04-24 | 6.50% | N/A | — | prime |
| 1996-03-27 | 6.75% | N/A | — | prime |
| 1996-02-07 | 7.00% | N/A | — | prime |
| 1996-01-31 | 7.25% | N/A | — | prime |
| 1995-12-20 | 7.50% | N/A | — | prime |
| 1995-11-01 | 7.75% | N/A | — | prime |
| 1995-08-30 | 8.00% | N/A | — | prime |
| 1995-07-12 | 8.25% | N/A | — | prime |
| 1995-06-14 | 8.75% | N/A | — | prime |
| 1995-06-07 | 9.00% | N/A | — | prime |
| 1995-05-10 | 9.25% | N/A | — | prime |
| 1995-03-08 | 9.75% | N/A | — | prime |
| 1995-03-01 | 9.25% | N/A | — | prime |
| 1995-02-22 | 9.50% | N/A | — | prime |
| 1995-01-18 | 9.25% | N/A | — | prime |
| 1994-12-14 | 8.00% | N/A | — | prime |
| 1994-12-07 | 7.50% | N/A | — | prime |
| 1994-09-14 | 7.00% | N/A | — | prime |
| 1994-08-03 | 7.25% | N/A | — | prime |
| 1994-07-20 | 7.50% | N/A | — | prime |
| 1994-07-13 | 7.75% | N/A | — | prime |
| 1994-06-22 | 8.00% | N/A | — | prime |
| 1994-04-06 | 6.75% | N/A | — | prime |
| 1994-03-30 | 6.25% | N/A | — | prime |
| 1993-11-10 | 5.50% | N/A | — | prime |
| 1993-07-14 | 5.75% | N/A | — | prime |
| 1993-03-24 | 6.00% | N/A | — | prime |
| 1993-03-10 | 6.25% | N/A | — | prime |
| 1993-02-24 | 6.50% | N/A | — | prime |
| 1993-01-20 | 6.75% | N/A | — | prime |
| 1993-01-13 | 7.00% | N/A | — | prime |
| 1992-12-23 | 7.25% | N/A | — | prime |
| 1992-12-16 | 8.50% | N/A | — | prime |
| 1992-12-09 | 8.75% | N/A | — | prime |
| 1992-12-02 | 9.00% | N/A | — | prime |
| 1992-11-25 | 9.75% | N/A | — | prime |
| 1992-11-18 | 8.25% | N/A | — | prime |
| 1992-11-04 | 7.50% | N/A | — | prime |
| 1992-10-28 | 7.75% | N/A | — | prime |
| 1992-10-07 | 8.25% | N/A | — | prime |
| 1992-09-09 | 6.25% | N/A | — | prime |
| 1992-08-12 | 6.50% | N/A | — | prime |
| 1992-07-29 | 6.75% | N/A | — | prime |
| 1992-06-24 | 7.00% | N/A | — | prime |
| 1992-06-10 | 7.25% | N/A | — | prime |
| 1992-05-27 | 7.50% | N/A | — | prime |
| 1992-04-15 | 7.75% | N/A | — | prime |
| 1992-03-11 | 8.25% | N/A | — | prime |
| 1992-01-29 | 7.50% | N/A | — | prime |
| 1991-12-11 | 8.00% | N/A | — | prime |
| 1991-11-13 | 8.50% | N/A | — | prime |
| 1991-10-30 | 8.75% | N/A | — | prime |
| 1991-10-23 | 9.00% | N/A | — | prime |
| 1991-09-18 | 9.50% | N/A | — | prime |
| 1991-05-22 | 9.75% | N/A | — | prime |
| 1991-05-01 | 10.25% | N/A | — | prime |
| 1991-04-03 | 10.75% | N/A | — | prime |
| 1991-02-20 | 11.25% | N/A | — | prime |
| 1991-02-06 | 11.75% | N/A | — | prime |
| 1991-01-23 | 12.25% | N/A | — | prime |
| 1990-12-26 | 12.75% | N/A | — | prime |
| 1990-11-28 | 13.25% | N/A | — | prime |
| 1990-09-26 | 13.75% | N/A | — | prime |
| 1990-08-22 | 14.25% | N/A | — | prime |
| 1990-04-25 | 14.75% | N/A | — | prime |
| 1990-02-21 | 14.25% | N/A | — | prime |
| 1990-01-03 | 13.50% | N/A | — | prime |
Bold marks which series moved on that date. A blank spread is a date before the policy series begins in 2009-04-21.
The spread prime keeps over the policy rate
Stable enough to model with, and worth knowing the exceptions. Prime does not move on announcement day — the banks follow within about 6 days, so a handful of dates show a spread that was never really the spread.
| Spread | From | To | |
|---|---|---|---|
| +2.20 | 2015-07-22 | 2025-11-05 | |
| +2.10 | 2015-01-28 | — | one day — prime catching up to a policy move |
| +2.00 | 2009-04-22 | 2010-09-15 |
Recent policy moves
| Effective | Policy rate | Move | Prime that day |
|---|---|---|---|
| 2025-10-30 | 2.25% | −0.25 | 4.70% |
| 2025-09-18 | 2.50% | −0.25 | 4.95% |
| 2025-03-13 | 2.75% | −0.25 | 5.20% |
| 2025-01-30 | 3.00% | −0.25 | 5.45% |
| 2024-12-12 | 3.25% | −0.50 | 5.95% |
| 2024-10-24 | 3.75% | −0.50 | 6.45% |
| 2024-09-05 | 4.25% | −0.25 | 6.70% |
| 2024-07-25 | 4.50% | −0.25 | 6.95% |
| 2024-06-06 | 4.75% | −0.25 | 7.20% |
| 2023-07-13 | 5.00% | +0.25 | 6.95% |
| 2023-06-08 | 4.75% | +0.25 | 6.70% |
| 2023-01-26 | 4.50% | — | 6.45% |
A cut is green because this page is about the cost of borrowing, which is the only thing it is about. It is not a view on rates.
What a line of credit actually cost
Not the rate a lender advertises — the average across balances outstanding, which is what borrowers were really paying.
4.04%
Prime minus 0.41 as at 2026-05-01. Below prime looks wrong and is not: this averages every outstanding balance, including rates negotiated years ago, so it lags what a new borrower is quoted today.
7.82%
The cost of not pledging the house — 3.78 points more than secured. Interest is deductible on the same terms either way; deductibility follows what the money bought, not what secured the loan.
Every figure on this page is the Bank of Canada's, fetched from its Valet API and stored as change points — the date a rate began to apply, and the rate. Prime and the policy rate are business-daily; line-of-credit rates are monthly and lag by about two months. Latest observation 2026-08-07. See the Bank's own rates page. Nothing here is a forecast, and a variable rate is variable — see the disclaimer.
Put a real rate into the spread.
The loan spread calculator asks what you borrow at. Prime plus your lender's margin is the number it wants.