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Market data

Bank of Canada interest rate: 2.25%

The Bank of Canada policy interest rate (target for the overnight rate) is 2.25% as of October 7, 2026.

Last updated October 7, 2026. Source: Bank of Canada Valet API.

Policy rate (target overnight)
2.25%
Bank rate
2.50%
Deposit rate
2.20%
Prime rate (big banks)
4.45%

The Bank of Canada held the rate at 2.25% at its September 2, 2026 announcement. The last change was a cut of 25 basis points on October 30, 2025. The next scheduled decision is October 28, 2026. Prime is 220 basis points above the policy rate.

Bank of Canada rate decisions since 2022

Every change to the overnight target rate. Holds are not listed.

Bank of Canada policy rate changes, newest first
Effective dateChangePreviousNew policy rate
October 30, 2025-25 bps2.50%2.25%
September 18, 2025-25 bps2.75%2.50%
March 13, 2025-25 bps3.00%2.75%
January 30, 2025-25 bps3.25%3.00%
December 12, 2024-50 bps3.75%3.25%
October 24, 2024-50 bps4.25%3.75%
September 5, 2024-25 bps4.50%4.25%
July 25, 2024-25 bps4.75%4.50%
June 6, 2024-25 bps5.00%4.75%
July 13, 2023+25 bps4.75%5.00%
June 8, 2023+25 bps4.50%4.75%
January 26, 2023+25 bps4.25%4.50%
December 8, 2022+50 bps3.75%4.25%
October 27, 2022+50 bps3.25%3.75%
September 8, 2022+75 bps2.50%3.25%
July 14, 2022+100 bps1.50%2.50%
June 2, 2022+50 bps1.00%1.50%
April 14, 2022+50 bps0.50%1.00%
March 3, 2022+25 bps0.25%0.50%

2026 announcement schedule

The Bank of Canada announces its rate decision eight times a year at 9:45 a.m. Eastern.

  • January 28, 2026Announced
  • March 18, 2026Announced
  • April 29, 2026Announced
  • June 10, 2026Announced
  • July 15, 2026Announced
  • September 2, 2026Announced
  • October 28, 2026Next
  • December 9, 2026Upcoming

How the Bank of Canada rate affects mortgages

Variable and HELOC: priced off prime, which lenders move within days of a decision. Prime is currently 4.45%. A 25 bps cut lowers a variable-rate mortgage by about 0.25 points.

Fixed: follows Government of Canada bond yields, which move on expectations for the policy rate rather than the decision itself. A rate hold can still see fixed rates change.

Renewals: existing fixed-rate mortgages are unaffected until they renew. See the renewal wave data.

Stress test: the qualifying rate is the greater of the contract rate plus 2% and 5.25%, so a change in the policy rate alone does not move the 5.25% floor.

Frequently asked questions

What is the Bank of Canada interest rate today?
The Bank of Canada policy interest rate (target for the overnight rate) is 2.25% as of October 7, 2026. Prime rate at the big banks is 4.45%.
When is the next Bank of Canada rate announcement?
The next scheduled announcement is October 28, 2026. The Bank announces its rate decision eight times a year, at 9:45 a.m. Eastern.
What was the last Bank of Canada rate decision?
The Bank held the rate at 2.25% at its September 2, 2026 announcement. The most recent change was a cut of 25 basis points to 2.25% on October 30, 2025.
What is the difference between the policy rate, bank rate and prime rate?
The policy rate (2.25%) is the Bank of Canada's target for the overnight rate. The bank rate (2.50%) sits 0.25 points above it and the deposit rate (2.20%) sits 0.05 points below it. Prime (4.45%) is set by each lender and has tracked the policy rate at about 2.20 points above it; today the spread is 220 basis points.
How does the Bank of Canada rate affect my mortgage?
Variable-rate mortgages and HELOCs are priced off prime, so they move within days of a decision. Fixed rates follow Government of Canada bond yields, which react to expectations for the policy rate more than to the decision itself. Existing fixed-rate mortgages do not change until renewal.

Data: Bank of Canada Valet API (series V39079). Bank rate and deposit rate are derived from the policy rate (+0.25 and -0.05 points). Full dataset as JSON: https://bips.ca/api/market-data/full (CC BY 4.0, cite bips.ca). More indicators on the Canadian mortgage market data page.

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