Prime is 4.70% after the Bank of Canada’s October 28, 2026 hike to 2.50% – except at TD, which posts 4.85%. If your variable payment is fixed, more of it now goes to interest and you are closer to your trigger rate; if it adjusts, your payment just went up. Here is the math on an Edmonton mortgage.
Canada’s prime rate is now 4.70%, effective October 29, 2026 — up from 4.45% — after the Bank of Canada raised its policy rate to 2.50% on October 28. If you hold a variable-rate mortgage or a HELOC in Edmonton, your borrowing cost changed this week automatically. If you are with TD, check your statement carefully: TD’s separate mortgage prime — the rate its variable mortgages are actually priced on — is now 4.85%, not 4.70%.
| Bank of Canada policy rate | 2.25% → 2.50%, effective Oct. 28, 2026 |
| Big-bank prime rate | 4.45% → 4.70%, effective Oct. 29, 2026 |
| TD mortgage prime rate | 4.60% → 4.85%, effective Oct. 29, 2026 |
Source: Bank of Canada decision, Oct. 28, 2026; big-bank prime announcements reported by Canadian Mortgage Professional (Oct. 29, 2026) and Canadian Mortgage Trends (Oct. 28, 2026).
Photo via Wikimedia Commons
Who feels this, and how
Adjustable-payment variable mortgages: your payment rose with prime. On a standard amortization, a quarter-point rise adds roughly $13–$14 a month per $100,000 you owe — an illustration, not a quote; your lender’s statement is the exact number for your file.
Fixed-payment variable mortgages: your payment did not change, but more of each payment now goes to interest and less to principal, so your amortization stretches. If your payment no longer covers the interest owing, you approach your trigger rate — the point where the lender can require a payment increase, a lump sum, or a conversion. This is the group that needs to check numbers this week, not next month.
HELOCs and lines of credit priced off prime: interest cost rose the same quarter point, immediately.
Fixed-rate mortgages: nothing changed on your current term. Fixed rates are priced off bond yields, not prime, and your payment is locked until renewal.
Why TD borrowers pay 4.85%
TD prices its variable-rate mortgages off a separate “mortgage prime” that sits 15 basis points above its standard prime. When prime moved to 4.70%, TD mortgage prime moved to 4.85%. The discount in your mortgage contract (for example, “prime minus 0.50%”) is calculated off that 4.85% figure if you are a TD mortgage client — which is why comparing discounts across lenders without asking which prime they use can mislead you by exactly this gap.
What to do this week
- Find your current rate and which prime it follows. Your lender app or latest statement shows it. If you do not know whether your payment is adjustable or fixed, that is the first question to answer.
- If you are on a fixed-payment variable, ask for your current amortization and trigger rate in writing. Those two numbers tell you whether you need to act now or simply monitor.
- If you renew in the next 12 months, start the conversation now. Renewal pricing is being set in a rising-rate environment for the first time in over three years; waiting for your bank’s renewal letter is not a strategy.
- Do not panic-convert to fixed on a headline. Converting locks today’s fixed pricing and can carry costs and trade-offs. Run both scenarios on your actual balance and remaining term first.
Posted rates are a starting point, not the final word. Rates are sometimes negotiable depending on the person and the situation, and we work with multiple lenders who offer different products and sometimes more competitive rates than any single posted table shows. Contact us and we will shop across lenders for your file — call Travis Bannert at 780-720-8240. Any rate quoted for your file is based on an application and lender approval — it is confirmed only when a lender reviews your full application.
Run your numbers through the Pre-Approval & Refinance Check: https://nextdoormortgages.com/pre-approval-refinance-check/ — that page is the fastest way to sign up for a review of what you qualify for, what documents you need, and what your payment would look like at today’s prime.
Frequently asked questions
What is Canada’s prime rate today? 4.70% at the six big banks, effective October 29, 2026, up from 4.45%, following the Bank of Canada’s October 28 decision to raise its policy rate to 2.50%.
Why is TD’s mortgage prime 4.85% when prime is 4.70%? TD uses a separate mortgage prime rate to price its variable-rate mortgages, set 15 basis points above its standard prime. TD variable mortgage discounts are calculated off the 4.85% figure.
How much does a 0.25% prime increase add to my payment? On an adjustable-payment variable mortgage, roughly $13–$14 per month per $100,000 owed on a standard amortization — an illustration only. Fixed-payment variable borrowers see no payment change, but more of each payment goes to interest.
When is the next Bank of Canada decision? December 9, 2026. A BMO economist quoted this week noted the first hike in over three years “may not be its last” — future decisions depend on inflation and growth data, so variable borrowers should know their trigger rate before December, not after.
Want me to walk you through it? Call Travis Bannert at 780-720-8240 — I will try to call you this week; reply with a good time and we will set a phone appointment to review your variable, your trigger rate, or your upcoming renewal.
By Travis Bannert, Realtor and Mortgage Broker
Travis Bannert, Mortgage Broker | Next Door Mortgages, BFL Dominion Lending Centres | 780-720-8240 | nextdoormortgages.com