Bank of Canada Interest Rate Dates Schedule 2023
Whether you’re a homeowner, homebuyer, or are just looking to get your foot in the real estate door, you’ve probably heard of the Bank of Canada’s interest rate announcements and the anticipation surrounding them. In this article, we dive into what the Bank of Canada interest rate announcements are, why they happen, and the rate announcement dates in 2023.
- As the country’s central bank, the Bank of Canada is responsible for setting the target overnight rate, also known as the key policy rate
- The target overnight rate represents the starting point for many interest rates in the country.
- Bank of Canada target overnight rate announcements follow a predetermined schedule.
What to Expect from a Bank of Canada Announcement
As the country’s central bank, the Bank of Canada is responsible for the nation’s monetary policy and part of this job is setting the target overnight rate, also known as the key policy rate. When you see headlines talk about the “Bank of Canada announcement,” it typically refers to a change made to this rate by the BoC.
The target overnight rate represents the starting point for many interest rates in the country, including the benchmark rate set by the banks, known as the Prime rate. Basically, when the BoC rate changes, mortgage rates also change accordingly. Following a period of historically low rates, the Bank of Canada began to increase its rate in 2022 and has not stopped since.
Bank of Canada Interest Rate Announcement Schedule for 2023
Bank of Canada rate announcements don’t happen randomly and instead, they follow a set schedule for the entire year. Here is the Bank of Canada interest rate announcement schedule for 2023.
- Wednesday, January 25*
- Wednesday, March 8
- Wednesday, April 12*
- Wednesday, June 7
- Wednesday, July 12*
- Wednesday, September 6
- Wednesday, October 25*
- Wednesday, December 6
How Many Rate Increases Should We Expect in 2023?
While the Bank of Canada’s efforts to mitigate inflation have yet to see real results, there is no certainty that we will see rate increases continue or come to an end in 2023. So far, the first announcement of the year in January resulted in a 0.25 bps rate hike. Currently, the Bank of Canada interest rate sits at 4.50%.
Are you a first-time buyer?
Find a better rate and we’ll match it, beat it, or give you $500*.
With nesto it’s stress free
Where to Find Bank of Canada’s Historical Interest Changes
To better understand how the interest rates fluctuate over the years, checking out the Bank of Canada’s historical interest rate changes is a great place to start. It’s obvious that these changes directly affect the country’s housing market and housing affordability, but learning to manage your expectations in relation to the BoC rate changes is key, especially if you are currently planning to enter the real estate market.
|Date||Target (%)||Change (%)|
|January 25, 2023||4.50||+0.25|
|December 7, 2022||4.25||+0.50|
|October 26, 2022||3.75||+0.50|
|September 7, 2022||3.25||+0.75|
|July 13, 2022||2.50||+1.00|
|June 1, 2022||1.50||+0.50|
|April 13, 2022||1.00||+0.50|
|March 2, 2022||0.50||+0.25|
|January 26, 2022||0.25||—|
|December 8, 2021||0.25||—|
|October 27, 2021||0.25||—|
|September 8, 2021||0.25||—|
Where to Find Bank of Canada’s Monetary Policy Reports
When the Bank of Canada announces their target overnight rate, they also release a monetary policy report. These quarterly reports are an assessment of both the global and Canadian economy and summarize the decisions made by the Bank of Canada in light of inflation.
The data presented covers a wide range of perspectives, including the status of the Canadian dollar, the state of inflation, overall consumption, housing, exports, imports, and others. The report itself is a great overview, but the Bank of Canada also releases an even more condensed version with bite-sized information in a 1-minute video format.
In order to make sound decisions when it comes to your housing situation and budget, taking the time to understand the Bank of Canada’s role in interest rate changes is a great idea. These rates have a direct effect on the country’s housing market which then trickles down to housing affordability. By managing your expectations in light of these BoC rate changes, you’ll be in a much better position – especially if you’re looking to enter the real estate market any time soon. For more personalized advice, consider speaking with one of our mortgage experts today who can help you understand what these changes mean for you specifically and what steps you need to take next.
Ready to get started?
In just a few clicks you can see our current rates. Then apply for your mortgage online in minutes!
in this series Bank of Canada Guide
Table of contents
Lock in your mortgage rate for 150 days
Lock in your rate today