Benchmark rates Canadian borrowing is priced against
These are published Bank of Canada series, not offers. A lender's rate for a particular borrower is set by that lender and depends on the file, the security and the term.
Series
Target for the overnight rate
The Bank of Canada's policy rate. It is the anchor for short-term borrowing costs in Canada; changes feed through to variable-rate credit over the following weeks.
Prime rate
The rate Canadian banks charge their most creditworthy borrowers. Variable-rate loans and lines of credit are usually quoted as prime plus or minus a spread.
Canadian Overnight Repo Rate Average (CORRA)
The overnight repo benchmark that replaced CDOR as the reference for variable-rate lending in Canada. Loans priced off a benchmark are usually tied to CORRA.
Conventional mortgage: 1-year
A posted conventional one-year mortgage rate. Posted rates are higher than the discounted rates most borrowers are actually offered.
Conventional mortgage: 3-year
A posted conventional three-year mortgage rate, published weekly by the Bank of Canada.
Conventional mortgage: 5-year
A posted conventional five-year mortgage rate. The five-year fixed term is the most common in Canada, which makes this series the usual reference point.
Government of Canada benchmark bond yield: 2 year
The two-year Government of Canada yield. Fixed mortgage pricing tracks Government of Canada yields, because lenders fund fixed terms in the bond market.
Government of Canada benchmark bond yield: 5 year
The five-year Government of Canada yield, the closest public proxy for what a five-year fixed mortgage is priced against.
Government of Canada benchmark bond yield: 10 year
The ten-year Government of Canada yield, relevant to longer fixed terms and to long-dated secured lending.
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