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Scotia Down to Prime

Scotiabank Scotiabank has followed BMO and become the 2nd major bank to announce prime rate on variable-rate mortgages.

RBC, CIBC, and TD are still advertising “prime +” but many of their branches are reportedly giving discretion down to prime.

The big banks are flush with cash right now–that they have to lend out.  Therefore, it may not be long before the other big three conform and officially announce prime on their variables.


Update:  After this post went live…

  • RBC, Canada’s biggest mortgage lender, cut their 5-year closed variable to prime.  Their open variable fell to prime + 0.70%.
  • First National, the biggest non-bank lender, also cut their 5-year variable to prime.