Two Canadian banks lift prime lending rate to 4.70% from October 29
Royal Bank of Canada and CIBC are raising their prime lending rate to 4.70% effective October 29, 2026, according to Reuters reports of the announcements.
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what happened
Reuters reports that RBC Royal Bank is raising its prime rate to 4.70%, effective October 29, 2026. CIBC has announced a similar move, lifting its Canadian prime lending rate to 4.70% from the same date.
Both announcements were made on October 28, 2026. The change affects the benchmark that banks use to price loans for corporate and retail borrowers.
why it matters
The prime rate is a reference point for floating-rate loans, so an increase quickly feeds into what borrowers pay. Two major banks moving together signals that borrowing costs in Canada are rising, which matters for the Canadian dollar and for financial-sector stocks.
market impact
Canadian banks and borrowers: floating-rate loans become more expensive
tags
instruments
sources
- RBC Royal Bank Increases Prime Rate To 4.70% Effective October 29, 2026 — Reuters, 28 October 2026 at 19:15 UTC
- CIBC Raises Canadian Prime Lending Rate To 4.70% Effective October 29, 2026 — Reuters, 28 October 2026 at 19:13 UTC
- Laurentian Bank Of Canada Increases Prime Rate To 4.70% Effective October 29, 2026 — Reuters, 28 October 2026 at 19:25 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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