Bank of Canada Interest Rate Schedule 2026 | All 8 Dates

The Bank of Canada makes eight scheduled interest rate decisions per year, each announced at exactly 9:45 AM Eastern Time. These decisions directly affect every Canadian with a variable-rate mortgage, a HELOC, a savings account, a GIC, or a loan tied to the prime rate, which is the vast majority of Canadians with any financial product.

The Bank’s policy tool is the overnight rate (also called the policy interest rate). By raising or lowering it, the Bank influences how expensive it is to borrow money across the entire economy, which in turn affects inflation, housing markets, business investment, and employment. When you see headlines about “the Bank of Canada raising rates” or “cutting rates,” this is the rate being changed.

2026 rate announcement schedule

All eight 2026 announcement dates fall on Wednesdays. Every decision is published at 9:45 AM ET.

Monetary Policy Report (MPR) dates — January, April, July, and October decisions come with a full MPR release at 10:00 AM ET and a Governor’s press conference at 10:30 AM ET. These are the most consequential meetings because the Bank publicly updates its inflation and growth forecasts, often signalling the direction of future decisions. Non-MPR meetings still include a published press release and the Governor takes questions, but there is no formal economic forecast update.

2026 decisions and current policy rate

This table is updated after each announcement. For the latest decision, visit bankofcanada.ca.

Source: Bank of Canada Valet API, series V39079 (target rate) and BR.CDN (Bank Rate), fetched 2026-09-02, as of September 1, 2026.

The current policy rate is 2.25%, held at all five 2026 meetings to date. The Bank last cut rates on October 30, 2025, bringing the rate down from 2.50% to 2.25% (confirmed via the Bank of Canada Valet API, series V39079). Since then, elevated trade uncertainty, new US tariffs, and persistently high energy prices have kept the Bank on hold.

Rate cycle context: 2022–2026

To understand where the overnight rate stands today, it helps to see the full cycle. The Bank raised rates aggressively from near zero in 2022 to combat the highest inflation Canada had seen in 40 years, then began cutting once inflation returned to target.

The Bank cut rates by a total of 2.75 percentage points from the June 2023 peak of 5.00% to the current 2.25%. This easing cycle was driven by inflation returning to the 2% target and concern about slowing economic growth. The Bank has been on hold since October 2025 as trade uncertainty and elevated energy-price inflation gave the Bank reason to pause.

What happens on announcement day

Understanding the sequence of events on a rate announcement day helps you interpret financial news as it comes out.

The press conference at 10:30 AM is often more market-moving than the rate decision itself. Financial journalists ask the Governor about the Bank’s future intentions, inflation risks, and economic concerns. Forward-looking statements about the path of rates drive bond yields and therefore fixed mortgage rates.

How each rate outcome affects your finances

Rate cut (−0.25% or more)

A 0.25% rate cut on a $400,000 variable-rate mortgage balance reduces annual interest cost by approximately $1,000, or about $83/month.

Rate hold (0% change)

A hold meeting is not a neutral non-event for markets. If the Bank’s statement sounds more hawkish (concerned about inflation) than expected, bond yields may rise, pushing fixed mortgage rates up. If the language sounds dovish (open to future cuts), bond yields may fall.

Rate increase (+0.25% or more)

Rate increases from the Bank of Canada are rare during an established easing cycle. As of mid-2026, markets do not expect the Bank to raise rates in the near term, though the June 2026 CPI rise to 3.2% has increased uncertainty around the timing of the next cut.

The overnight rate, prime rate, and your mortgage

The overnight rate and the prime rate move together, but they are different things. Understanding the relationship is essential for anyone with a variable-rate mortgage or HELOC.

The overnight rate is what the Bank of Canada sets — it is the interest rate at which major Canadian banks lend money to each other overnight to settle daily transactions. Most Canadians never interact directly with the overnight rate.

The prime rate is set by each chartered bank independently, typically at exactly 2.20 percentage points above the overnight rate. All five major banks and most credit unions maintain the same prime rate. As of mid-2026, with the overnight rate at 2.25%, the prime rate is 4.45%.

Variable-rate mortgages are priced at prime rate minus a discount (e.g., prime minus 0.90%), or prime rate plus a premium. When the BoC cuts the overnight rate by 0.25%, prime drops by 0.25%, and your variable mortgage rate drops by 0.25% — usually within two business days.

HELOCs (Home Equity Lines of Credit) are typically priced at prime plus a small spread. They move exactly with prime.

Fixed-rate mortgages are priced based on Government of Canada bond yields, not the prime rate. The 5-year fixed mortgage rate roughly tracks the 5-year GoC bond yield. Because bond markets are forward-looking, fixed rates often move in advance of BoC decisions rather than after them.

Timing your mortgage around BoC announcements

The decision of when to lock in, renew, or convert between variable and fixed depends on your personal risk tolerance and rate expectations — not just on the BoC schedule.

Variable-rate mortgage holders: Every BoC rate cut automatically reduces your rate and interest cost. If you believe rates will fall further, staying variable captures those savings automatically. If you are concerned that rates could rise unexpectedly, converting to a fixed rate provides certainty.

Fixed-rate mortgage renewals: Bond yields (which set fixed rates) often move months before a BoC decision. Waiting for a BoC rate cut to “get a lower fixed rate” may not work — the cut is often already priced in. What can work: getting a 90–120 day rate hold from a lender at today’s rates, then asking for a rate improvement if fixed rates drop before your close date.

First-time buyers: The BoC announcement schedule affects when you might get the most favourable variable rates, but the difference between acting before versus after any single announcement is typically 0.25% — meaningful but not worth delaying a purchase significantly for.

Rule of thumb: If you expect more BoC cuts, a variable rate captures those benefits. If you value payment certainty and believe rates have bottomed, a fixed rate protects against any unexpected upward moves.

How markets predict BoC decisions

Financial markets do not wait for the Bank of Canada to announce a decision — they price in expectations weeks or months in advance. These indicators show where market consensus sits ahead of each meeting.

OIS probabilities are the fastest real-time signal. When a financial headline says “markets pricing in 80% chance of a cut,” that is derived from OIS pricing. These probabilities shift daily and can move sharply on a surprising inflation or jobs number.

Economic data releases that influence BoC decisions

The Bank of Canada does not operate on gut feeling — it reacts to incoming data, particularly inflation and growth. These releases are the inputs that set the context for each rate decision.

The most important data point is typically the CPI release that falls closest to each announcement date. A higher-than-expected CPI makes a cut less likely; a lower-than-expected CPI makes a cut more likely.

Related resources

• Bank of Canada Rate History (2000–2026)
• How BoC Rate Decisions Impact Mortgages
• Bank of Canada Rate and Savings Accounts
• Fixed vs. Variable Rate Mortgage — Which Is Better?
• Best Mortgage Rates in Canada
• HISA Guide — Best High-Interest Savings Accounts
• Best GIC Rates in Canada