Bank of Canada Policy Interest Rate Schedule 2026
CURRENT POLICY INTEREST RATE: 2.25% (Updated July 17, 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 for 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.
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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 (press release)
- Wednesday, June 10 (press release)
- Wednesday, July 15 (press release)
- 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 July 2026
The Bank of Canada’s (BoC) latest announcement, made on July 15th alongside its quarterly Monetary Policy Report, was a policy interest rate hold for a sixth consecutive time, keeping the rate at 2.25%.
The Governing Council judged that the current policy rate remained appropriate to sustain the economic recovery and bring inflation back to the 2% target, citing higher oil prices tied to the conflict in the Middle East, ongoing US trade policy uncertainty, and a Canadian economy that showed clear signs of resuming growth in the second quarter after stalling for much of the past year. The Bank left its 2026 growth projection at 0.7%, rising to 1.8% in both 2027 and 2028, while global GDP growth is projected to slow to 2.75% in 2026 before recovering to around 3.25% in 2027 and 2028. Uncertainty remains elevated, and the Bank is prepared to respond by adjusting monetary policy as needed.
Bank Of Canada Interest Rate Predictions for September 2026
On July 15, the Bank of Canada held its target for the overnight rate at 2.25% for the sixth consecutive decision, leaving the prime rate unchanged at 4.45%. The backdrop looks steadier than it did in the spring: growth rebounded to an estimated 2.5% in the second quarter, and unemployment held at 6.5% in June, within the 6.5% to 7% range it has occupied since late 2024. Inflation is the piece still working itself out. The Middle East conflict has kept oil prices volatile, pushing headline inflation to 3.2% in May, while core measures remained closer to 2%. The Bank expects inflation to ease to about 2.5% in the second half of 2026 and return to the 2% target by early 2027. Governor Tiff Macklem put it plainly:
We will not let higher oil prices become persistent inflation.
Unlike recent statements, the Bank dropped its explicit language on possible consecutive hikes or a trade-driven cut, a sign it now sees the risks as more balanced than pointed in either direction. Bond markets price a high probability of no change on September 2, with a 13% probability of a 25-basis-point hike. By October 28, markets imply a 39% chance of a hike. Read the full Opening Statement and our post-announcement mortgage strategy breakdown for what this means for Canada’s mortgage rates forecast.
Should We Expect Rates to Increase in 2026?
Forecasts suggest we are unlikely to see any meaningful changes in interest rates in 2026. The Bank of Canada has now held its policy rate at 2.25% for six consecutive announcements, and with economic uncertainty persisting, policymakers remain 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 July 17, 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 (%) |
|---|---|---|
| July 15, 2026 | 2.25 | No Change |
| June 10, 2026 | 2.25 | No Change |
| April 29, 2026 | 2.25 | No 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 |
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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