Bank of Montreal and Laurentian Bank raise prime rate to 4.70%
BMO and Laurentian Bank are lifting their Canadian dollar prime lending rate from 4.45% to 4.70% effective October 29, 2026, per TradingView.
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what happened
Bank of Montreal (BMO) said it will raise its Canadian dollar prime lending rate from 4.45% to 4.70% starting October 29, 2026. Laurentian Bank of Canada reported a similar move: its prime rate rises by 25 basis points to 4.70%, and the change also applies to B2B Bank.
Both changes take effect on October 29, 2026. The details come from TradingView, which relayed press releases distributed through PR Newswire.
why it matters
The prime rate sets the cost of variable-rate loans and home equity lines. A higher rate lifts interest income for banks but may dampen borrower demand. Investors typically watch how such changes show up in net interest margins and credit quality in later reports.
market impact
Canadian banks: higher lending rates support net interest margins and may cool borrowing demand
tags
instruments
sources
- Bank of Montreal (BMO) Raises CDN$ Prime Rate to 4.70% — TradingView, 28 October 2026 at 19:09 UTC
- Laurentian Bank of Canada (LB) Raises Prime Rate to 4.70% — TradingView, 28 October 2026 at 19:24 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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