GTA
Mortgage rates, without an MKG quote
A posted rate and the rate on a GTA approval are different numbers. This page shows the Bank of Canada policy rate and the prime rate the major banks post, from the Bank's own series. It does not list a rate MKG Mortgages is offering.
Any rate or payment mentioned is illustrative and on approved credit (OAC). It is not a quote, a commitment, or a current offer.
What is posted, and what does a borrower get?
The policy rate is the target for the overnight rate. Lenders use it as an anchor. It is not the rate on a five-year mortgage, and it is not a payment.
Prime is the rate the major chartered banks post, collected by the Bank of Canada. Many variable-rate contracts are written as prime plus or minus a spread. The spread is in the contract. Two borrowers can have different spreads on the same day.
A discounted fixed rate, when a lender offers one, comes off that lender's pricing for the term, the file, and the day. A rate in a renewal letter can differ from both prime and the policy rate. Nothing on this page fills that letter in.
Qualification is a separate test. A lender can ask you to qualify at a higher rate than the contract rate. Passing a payment sketch on a website is not an approval. The office that reads the file is in North York, and the work covers the GTA.
Where have the policy rate and prime been?
The chart and the table use Bank of Canada series from January 2022 through October 18, 2026. A posted five-year conventional series is not added here. The same chart is on the seven city hubs.
As of 2026-10-18, the target-overnight series still reads 2.25, first recorded at that level on October 30, 2025. The prime series still reads 4.45, first recorded at that level on November 5, 2025. The weekly posted-rate table for October 14, 2026 also shows prime at 4.45. These are published levels, not an MKG rate.
| Date recorded | Policy rate (%) | Prime rate (%) |
|---|---|---|
| Jan 4, 2022 | 0.25 | — |
| Jan 5, 2022 | 0.25 | 2.45 |
| Mar 3, 2022 | 0.50 | 2.45 |
| Mar 9, 2022 | 0.50 | 2.70 |
| Apr 14, 2022 | 1.00 | 2.70 |
| Apr 20, 2022 | 1.00 | 3.20 |
| Jun 2, 2022 | 1.50 | 3.20 |
| Jun 8, 2022 | 1.50 | 3.70 |
| Jul 14, 2022 | 2.50 | 3.70 |
| Jul 20, 2022 | 2.50 | 4.70 |
| Sep 8, 2022 | 3.25 | 4.70 |
| Sep 14, 2022 | 3.25 | 5.45 |
| Oct 27, 2022 | 3.75 | 5.45 |
| Nov 2, 2022 | 3.75 | 5.95 |
| Dec 8, 2022 | 4.25 | 5.95 |
| Dec 14, 2022 | 4.25 | 6.45 |
| Jan 26, 2023 | 4.50 | 6.45 |
| Feb 1, 2023 | 4.50 | 6.70 |
| Jun 8, 2023 | 4.75 | 6.70 |
| Jun 14, 2023 | 4.75 | 6.95 |
| Jul 13, 2023 | 5.00 | 6.95 |
| Jul 19, 2023 | 5.00 | 7.20 |
| Jun 6, 2024 | 4.75 | 7.20 |
| Jun 12, 2024 | 4.75 | 6.95 |
| Jul 25, 2024 | 4.50 | 6.95 |
| Jul 31, 2024 | 4.50 | 6.70 |
| Sep 5, 2024 | 4.25 | 6.70 |
| Sep 11, 2024 | 4.25 | 6.45 |
| Oct 24, 2024 | 3.75 | 6.45 |
| Oct 30, 2024 | 3.75 | 5.95 |
| Dec 12, 2024 | 3.25 | 5.95 |
| Dec 18, 2024 | 3.25 | 5.45 |
| Jan 30, 2025 | 3.00 | 5.45 |
| Feb 5, 2025 | 3.00 | 5.20 |
| Mar 13, 2025 | 2.75 | 5.20 |
| Mar 19, 2025 | 2.75 | 4.95 |
| Sep 18, 2025 | 2.50 | 4.95 |
| Sep 24, 2025 | 2.50 | 4.70 |
| Oct 30, 2025 | 2.25 | 4.70 |
| Nov 5, 2025 | 2.25 | 4.45 |
Source. Bank of Canada Valet, target for the overnight rate (V39079) · Bank of Canada, prime rate posted by the major chartered banks (V80691311) · Bank of Canada policy interest rate. Dates are the first day the series shows the new level. A change can show up the business day after the announcement. As of 2026-10-18.
Where are the upcoming dates?
Announcement dates, CPI release dates, and the big banks' published forecasts are on the rates outlook. That page is dated, sourced, and it does not turn those forecasts into an offer.