How often does the prime interest rate change

Question

How often does the prime interest rate change? Will it only change when the new budget comes out or can it change anytime? I am interested to know this because all other interest rates (i.e mortgage interest rate) are affected by the prime rate.

Answer 1

As with the federal funds rate set by the FOMC in the US, the Bank of Canada sets their overnight lending rate 8 times per year. You can see the schedule at their website.