Rates
Bank of Canada rate dates, and where rates are now.
The Bank of Canada sets its policy rate on eight fixed dates a year. Every scheduled date for 2026 and 2027 is below, with the current policy rate and the chartered bank prime rate, read from the Bank of Canada's own data feed.
Next announcement
Wednesday, December 9, 2026
9:45 a.m. Eastern (6:45 a.m. Pacific).
Policy interest rate
2.50%
Target for the overnight rate as of 2026-10-29
Prime rate
4.45%
Chartered bank prime, weekly series, as of 2026-10-28. Banks usually change prime the day after an announcement, so this can lag a few days.
Data: Bank of Canada Valet API, series V39079 (policy rate) and V80691311 (prime rate), refreshed every six hours. Last fetched 2026-11-02 03:02:33 (site time).
Announcement schedule, 2026 and 2027
Dates from the Bank of Canada's policy interest rate page. Variable-rate mortgages and lines of credit move with prime, which banks adjust after these decisions. Fixed rates follow bond markets and can move any day.
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Wednesday, January 28, 2026 Rate announcement and Monetary Policy Report · Decision: 2.25% (—)
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Wednesday, March 18, 2026 Rate announcement · Decision: 2.25% (—)
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Wednesday, April 29, 2026 Rate announcement and Monetary Policy Report · Decision: 2.25% (—)
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Wednesday, June 10, 2026 Rate announcement · Decision: 2.25% (—)
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Wednesday, July 15, 2026 Rate announcement and Monetary Policy Report · Decision: 2.25% (—)
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Wednesday, September 2, 2026 Rate announcement · Decision: 2.25% (—)
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Wednesday, October 28, 2026 Rate announcement and Monetary Policy Report · Decision: 2.50% (+0.25)
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Wednesday, December 9, 2026 Rate announcement · Next
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Wednesday, January 27, 2027 Rate announcement and Monetary Policy Report
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Wednesday, March 3, 2027 Rate announcement
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Wednesday, April 28, 2027 Rate announcement and Monetary Policy Report
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Wednesday, June 2, 2027 Rate announcement
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Wednesday, July 21, 2027 Rate announcement and Monetary Policy Report
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Wednesday, September 8, 2027 Rate announcement
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Wednesday, October 27, 2027 Rate announcement and Monetary Policy Report
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Wednesday, December 8, 2027 Rate announcement
Recent decisions
| Date | Target (%) | Change |
|---|---|---|
| October 28, 2026 | 2.50 | +0.25 |
| September 2, 2026 | 2.25 | — |
| July 15, 2026 | 2.25 | — |
| June 10, 2026 | 2.25 | — |
| April 29, 2026 | 2.25 | — |
| March 18, 2026 | 2.25 | — |
| January 28, 2026 | 2.25 | — |
| December 10, 2025 | 2.25 | — |
| October 29, 2025 | 2.25 | −0.25 |
| September 17, 2025 | 2.50 | −0.25 |
| July 30, 2025 | 2.75 | — |
| June 4, 2025 | 2.75 | — |
From the Bank of Canada. Since 2021 a change takes effect the day after its announcement. This table is updated by hand after each decision; the cards above update automatically.
What does a rate change mean for me?
- Variable-rate mortgage or line of credit: your rate moves with prime, usually within a day or two of the announcement. Some variable mortgages keep the payment fixed and change how much goes to principal; others change the payment.
- Fixed-rate mortgage: nothing changes until renewal. Fixed rates for new mortgages follow government bond yields, which react to expectations before the announcement, not just the decision itself.
- Pre-approval: a rate hold protects you if rates rise before you buy; if they fall, you get the lower rate.
- Qualifying: the stress test is the higher of 5.25% or your rate plus 2%, so lower rates can raise how much you qualify for.
Questions people ask
What time does the Bank of Canada announce its rate?
Rate decisions are published at 9:45 a.m. Eastern time, which is 6:45 a.m. Pacific, on each scheduled date.
Is the prime rate the same as the Bank of Canada rate?
No. The Bank sets the policy rate (the target for the overnight rate). Each bank sets its own prime rate, which has usually been about 2.2 percentage points above the policy rate in recent years, and changes it after Bank of Canada decisions.
Can the Bank change rates between the scheduled dates?
It can in an emergency, as it did in March 2020, but in normal times changes happen only on the eight scheduled dates.
Wondering what the next decision means for your plans?
Elena can connect you with a mortgage broker and run the numbers with you.