Bank of Canada Policy Interest Rate Schedule 2026
CURRENT POLICY INTEREST RATE: 2.25% (Updated May 11, 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.
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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
- 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 April 2026
The Bank of Canada’s (BoC) latest announcement, made on April 29th, was a policy interest rate hold, keeping the rate at 2.25%.
The Governing Council decided to maintain the policy rate, citing a need to monitor the impact of the conflict in the Middle East and the economic response to it. 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 June 2026
On April 29, the Bank of Canada maintained its target for the overnight rate at 2.25%, with the prime rate left unchanged at 4.45%. The hold reflects a rare two-directional dilemma: a soft domestic economy with GDP contracting 0.6% in Q4 2025 and unemployment holding in the 6.5%–7% range, colliding with a new inflation risk as the Middle East conflict drives Brent crude above $100 USD and pushes headline inflation toward a projected 3% peak in April. Governor Tiff Macklem was direct:
For the first time this cycle, the Bank signalled explicitly that both cuts and hikes remain on the table depending on how trade and energy risks resolve. Bond markets continue to price a high probability of no change on June 10, with a 5% probability of a 25-basis-point hike. By July 15, markets imply a 23% chance of a hike. Read the full Monetary Policy Report 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?
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.
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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 (%) |
|---|---|---|
| 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 |
| January 24, 2024 | 5.00 | No Change |
| December 6, 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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