Bank of Canada Policy Interest Rate Schedule 2026
CURRENT POLICY INTEREST RATE: 2.25% (Updated March 20, 2026)
Whether you’re a homeowner, homebuyer, or are just looking to own some real estate, you’ve probably heard of the Bank of Canada’s interest rate announcements and the anticipation surrounding them.
This post will examine the Bank of Canada’s interest rate announcements, why they occur, and the dates of the 2026 rate announcements.
Key Takeaways
- As the country’s central bank, the Bank of Canada is responsible for setting the target to the overnight rate, also known as the policy interest rate.
- The target overnight rate represents the starting point for all interest rates in the country.
- Bank of Canada policy rate announcements follow a predetermined schedule 8 times each year.
What to Expect from a Bank of Canada Announcement
The Bank of Canada is responsible for the nation’s monetary policy. Part of this job is setting the target for the overnight rate, also known as the policy interest rate. When headlines refer to the “Bank of Canada announcement,” they typically mean any changes to this rate by the BoC.
The target overnight rate serves as the benchmark for all interest rates in the country, including the prime rate set by banks and lenders. When the BoC rate changes, all variable and adjustable mortgage rates change accordingly.
Bank of Canada Interest Rate Announcement Schedule
Bank of Canada rate announcements follow a set schedule for the entire year. Here is the Bank of Canada interest rate announcement schedule.
Announcement Dates 2026
- Wednesday, January 28 (press release)
- Wednesday, March 18 (press release)
- Wednesday, April 29
- Wednesday, June 10
- Wednesday, July 15
- Wednesday, September 2
- Wednesday, October 28
- Wednesday, December 9
Announcement Dates 2025
- Wednesday, January 29 (press release)
- Wednesday, March 12 (press release)
- Wednesday, April 16 (press release)
- Wednesday, June 4 (press release)
- Wednesday, July 30 (press release)
- Wednesday, September 17 (press release)
- Wednesday, October 29 (press release)
- Wednesday, December 10 (press release)
Where Rates Stand in March 2026
The Bank of Canada’s (BoC) latest announcement, made on March 18th, was a policy interest rate hold, keeping the rate at 2.25%.
The Governing Council decided to maintain the policy rate, citing recent data that points to weaker economic activity. Uncertainty remains elevated, and inflation risks are increasing due to higher energy prices. The Bank will continue to assess the impacts of tariffs and the conflict in the Middle East on growth and inflation. However, uncertainty remains high, and as the economic outlook evolves, the Bank is prepared to respond by adjusting monetary policy as needed.
Bank Of Canada Interest Rate Predictions for April 2026
On March 18, the Bank of Canada maintained its target for the overnight rate at 2.25%, with the prime rate left unchanged at 4.45%. Our mortgage rates forecast projects no further easing in 2026, with bond markets now assigning a slight probability of a 0.25% rate hike by the October announcement. Read the current Monetary Policy Decision Press Conference Opening Statement and our post-rate announcement insights. The Bank assessed that the Canadian and global economies face acute uncertainty from unpredictable US trade policy and the unfolding conflict in the Middle East. The domestic economy is struggling, marked by a 0.6% contraction in GDP in the fourth quarter of 2025 and an 84,000-job loss in February. However, these domestic weaknesses are colliding with rising inflation risks driven by the recent oil price shock. Addressing this dilemma, Bank of Canada Governor Tiff Macklem stated,
The Governing Council will look through the war’s immediate impact on inflation but if energy prices stay high, we will not let their effects broaden and become persistent inflation.
Notably, the Bank removed language from its January statement that suggested the current policy rate “remains appropriate.” Instead, policymakers adopted a more reactive stance, warning that “as the outlook evolves, we stand ready to respond as needed.” Bond markets continue to price a high probability of no change to the Bank of Canada’s policy rate on April 29, with a more limited 2% probability of a 25-basis-point hike. By the June 10 policy rate announcement, market-implied odds of a rate hike increase to 16%, reflecting the Bank’s data-dependent stance and the persistence of trade-related and geopolitical risks.
Should We Expect Rates to Increase in 2026?
Early forecasts suggest we are unlikely to see any meaningful changes in interest rates in 2026. With economic uncertainty persisting, policymakers are focused on keeping inflation within the 2% target. The more realistic scenario is a prolonged hold rather than a sharp rate increase.
However, if inflation accelerates or economic growth comes in higher than expected, the Bank of Canada has made clear that future decisions will remain data-dependent, based on inflation trends, wage growth, and global economic conditions.
Today’s Best Mortgage Rates as of March 20, 2026
Where to Find the Bank of Canada’s Historical Interest Rate Changes
The Bank of Canada lists the last 12 interest rate changes and allows users to view how rates have changed over the past 10 years. It’s evident that these changes directly affect the country’s housing market and affordability, but learning to manage your expectations regarding BoC rate changes is key, especially if you are planning to enter the real estate market.
| Date | Target (%) | Change (%) |
|---|---|---|
| March 18, 2026 | 2.25 | No Change |
| January 28, 2026 | 2.25 | No Change |
| December 10, 2025 | 2.25 | No Change |
| October 29, 2025 | 2.25 | -0.25 |
| September 17, 2025 | 2.50 | -0.25 |
| July 30, 2025 | 2.75 | No Change |
| June 4, 2025 | 2.75 | No Change |
| April 16, 2025 | 2.75 | No Change |
| March 12, 2025 | 2.75 | -0.25 |
| January 29, 2025 | 3.00 | -0.25 |
| December 11, 2024 | 3.25 | -0.50 |
| October 23, 2024 | 3.75 | -0.50 |
| September 4, 2024 | 4.25 | -0.25 |
| July 24, 2024 | 4.50 | -0.25 |
| June 5, 2024 | 4.75 | -0.25 |
| April 10, 2024 | 5.00 | No Change |
| March 6, 2024 | 5.00 | No Change |
| January 24, 2024 | 5.00 | No Change |
| December 6, 2023 | 5.00 | No Change |
| October 25, 2023 | 5.00 | No Change |
Where to Find the Bank of Canada’s Monetary Policy Reports
When the Bank of Canada announces its policy rate, it also releases a quarterly monetary policy report. These reports assess both the global and Canadian economies and summarize the reasoning behind the Bank of Canada’s decisions.
The data presented covers a wide range of perspectives, including the Canadian dollar’s exchange rate, inflation, overall consumption, housing, exports, imports, and projections for future economic performance.
Final Thoughts
The Bank of Canada’s policy rate decisions directly affect the country’s housing market, which in turn affects housing affordability. By managing your expectations in light of upcoming BoC rate changes, you’ll be in a much better position, especially if you’re looking to enter the real estate market soon.
For more personalized advice that better matches your financial circumstances, contact one of nesto’s mortgage experts, who can help you understand what changes in interest rates mean for your mortgage qualifying amount.
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