Bank of Canada Rate Announcement Days 2026

The Bank of Canada sets its overnight rate target eight times per year on a fixed schedule announced in advance. The overnight rate is the benchmark interest rate in Canada — it directly determines the prime rate charged by major banks (typically overnight rate + 2.20%), which in turn sets variable and adjustable-rate mortgage payments across Canada.

For mortgage professionals, BoC announcement days are among the most operationally significant events of the year. A rate cut means variable-rate borrowers see immediate payment relief; a rate hold keeps the market stable; a rate increase triggers payment increases for hundreds of thousands of borrowers in the same month.

The 2026 Bank of Canada rate announcement schedule (dates are confirmed by the BoC in advance):

January 29, 2026 — The first decision of the year, typically preceded by the BoC's December Monetary Policy Report and setting the tone for Q1 lending activity.

March 4, 2026 — An early-spring decision coinciding with peak mortgage pre-approval season as spring real estate markets warm up.

April 16, 2026 — Mid-spring, released alongside a full Monetary Policy Report (MPR) which includes updated GDP, inflation, and housing market forecasts.

June 4, 2026 — The June decision is historically influential for the summer real estate market.

July 30, 2026 — A summer decision; released with a full MPR. Historically significant as a "mid-year checkpoint" for the BoC's inflation trajectory.

September 17, 2026 — Post-summer, as fall real estate markets begin to accelerate.

October 29, 2026 — Accompanied by a full Monetary Policy Report. One of the most closely watched decisions as lenders and brokers plan for Q4 and year-end volumes.

December 10, 2026 — The final decision of the year; no MPR released alongside, but the tone set here carries into the new year's lending environment.

Each announcement is released at 9:45 AM Eastern Time, followed by a press conference at 10:30 AM where the Governor of the Bank of Canada explains the reasoning behind the decision and takes questions from journalists. Brokers and lenders monitor these press conferences closely for guidance on the trajectory of future decisions.

Fixed mortgage rates are less directly tied to the overnight rate — they track the Government of Canada 5-year bond yield, which can move before or after BoC decisions based on market expectations. However, BoC rate changes shift market expectations and typically cause bond yields to move in the same direction over the weeks that follow.

Brokers should communicate proactively with clients on rate announcement days, particularly clients in variable-rate mortgages or those with pending rate holds that are about to expire.