Bank of Canada: understand the rate, follow the decisions.

The rate that sets the tone.

The Bank of Canada is the country’s central bank. One of its main responsibilities is keeping prices stable. Its policy rate helps influence borrowing costs, spending and inflation.

The policy rate shown here is the target for the overnight rate: a reference for very short-term lending between financial institutions. It is not the mortgage rate offered to a borrower. Lenders set their own rates based on funding costs and the details of the loan.

The Bank normally schedules eight rate announcements each year. It can raise, lower or hold its rate at each one. An announcement does not necessarily mean a rate change.

Bank of Canada — Understanding the policy interest rate

Five years, decision by decision.

Coverage: October 26, 2021 to October 26, 2026. The 40 announcements include 10 increases, 9 cuts and 21 holds. Upcoming announcements are listed separately.

40 decisions shown · newest first

How to read the table: the rate is the target announced on that date; the change is measured against the previous decision. “Unchanged” means no adjustment. One basis point (bp) is 0.01 percentage point: +25 bp means +0.25 percentage point. Since 2021, changes take effect the day after the announcement. The dates shown are announcement dates. Both the chart and table show the overnight rate target, not the Bank Rate or a lender’s prime rate.

Upcoming decisions: what we can say.

As of October 26, 2026, the two remaining scheduled announcements are October 28 and December 9, 2026, at 9:45 a.m. Eastern. Neither outcome has been announced.

December 9: a confirmed date, an open decision.

No direction is assigned to that announcement here. The October decision, the new Monetary Policy Report and data released afterward need to be assessed first.

Our perspective: prepare your budget without making a bet.

Expectations can change. Inflation, employment, economic activity and the Bank’s communications will help explain what comes next. For your mortgage, compare how your budget would handle rising, falling or unchanged rates instead of making the next announcement the sole basis of your choice.

Bank of Canada — 2026 announcement calendar · Latest verified decision

What does this mean for your mortgage?

Bank of Canada — Your mortgage rate and how it’s set · Variable rates with fixed payments

A Bank decision alone does not determine the best mortgage for you. Your budget, timeline, penalties and contract flexibility matter too.