Prime Interest Rate Forecasts from the 6 Major Banks.
Here are the latest rate forecasts from the Banks. On average, the Banks expect the overnight rate to increase to 1.25% by the end of 2022.
By the end of 2023, on average the Banks are expecting the overnight rate to be 1.75%.
| Target Rate: Year-end ’21 | Target Rate: Year-end ’22 | Target Rate: Year-end ’23 | 5-Year BoC Bond Yield: Year-end ’21 | 5-Year BoC Bond Yield: Year-end ’22 | |
| BMO | 0.25% | 1.25% | NA | 1.45% | 1.80% |
| CIBC | 0.25% | 1.00% | 1.75% | NA | NA |
| NBC | 0.25% | 1.50% | 1.75% | 1.40% | 1.90% |
| RBC | 0.25% | 1.00% | 1.75% | 1.25% | 1.65% |
| Scotiabank | 0.25% | 1.25% | 2.25% | 1.50% | 2.05% |
| TD Bank | 0.25% | 1.00% | 1.75% | 1.35% | 1.90% |