Interest rates charged for new and existing lending by chartered banks

View or download the latest monthly data. For metadata and background information, see the notes.

Typically published within the third week of the month.

Monthly series

Mortgages1

Data available as: CSV, JSON and XML

Residential variable rate mortgages

Data available as: CSV, JSON and XML

Consumer credit

Data available as: CSV, JSON and XML

Credit extended to corporate sector2

Data available as: CSV, JSON and XML

Notes

Source: Bank of Canada

Federally-regulated credit unions and subsidiaries of non-bank financial institutions are excluded from the universe of chartered banks for the purposes of the Banking and Financial Statistics (BFS) tables. This treatment is consistent with the methodology used by Statistics Canada in their key economic and financial statistical programs (e.g., National Balance Sheet Accounts), which follows the NAICS framework.

The data shown is to provide information on the interest rates charged vis-à-vis new and existing loans, booked in Canada, in Canadian dollars only, to Canadian households and corporate sectors by institutions. Reporting coverage encompasses banks and foreign bank branches.

Information provided on mortgages and consumer credit tables represent credit extended to individuals for non-business purposes. These loans are those used to finance the acquisition of housing, consumer goods and services, including the acquisition of securities.

The funds advanced and outstanding balance section classify amounts across terms based on the term set at loan origination.

Interest-rates are calculated by a volume-weighted average, cross-sectioned on reporting institutions for a given month. The volume-weighted average interest rate for a given loan instrument in a specific month, is the sum of all reporting institutions’ weights multiplied by the reporting institutions’ interest rate. Weights are measured using a reporting institution’s funds advanced or outstanding balance for a loan instrument of a given month relative to the cumulative total funds advanced or outstanding balance of all reporting institutions for the reference loan instrument and month. A sample calculation for a loan instrument in a specific month is displayed below.

$$\begin{gather} R=\sum_{i=1}^{N}w_{i}r_{i}\\ R = weighted\,average\,interest\,rate\\ w_{i}=weight\,of\,given\,respondent\\ r_{i}=interest\,rate\,of\,given\,respondent\\ N=Set\,of\,respondents\\ \end{gather} $$

Funds advanced represents the cumulative total of new credit extended, new draws on existing credit facilities, mortgage or term-loan renewals and refinancing for a given month.

Outstanding balances are reported as month-end accounting book values, gross of allowances for expected credit losses. Outstanding balances for credit card lending is reported based on the closest billing cycle period.

Data collection on outstanding balances, auto-loans, open and closed variable rate residential mortgages began in July 2016.

For precise definitions of loan categories and general detail, please visit the Report on New and Existing Lending (A4) instructions on the OSFI website.