Indicator
Bank of Canada policy interest rate
The Bank of Canada's target for the overnight rate, its main policy interest rate.
Recent changes
| Effective | New rate | Change |
|---|---|---|
| 2026-10-29 | 2.50% | +0.25 pts |
| 2025-10-30 | 2.25% | −0.25 pts |
| 2025-09-18 | 2.50% | −0.25 pts |
| 2025-03-13 | 2.75% | −0.25 pts |
| 2025-01-30 | 3.00% | −0.25 pts |
| 2024-12-12 | 3.25% | −0.50 pts |
| 2024-10-24 | 3.75% | −0.50 pts |
| 2024-09-05 | 4.25% | −0.25 pts |
| 2024-07-25 | 4.50% | −0.25 pts |
| 2024-06-06 | 4.75% | −0.25 pts |
| 2023-07-13 | 5.00% | +0.25 pts |
| 2023-06-08 | 4.75% | +0.25 pts |
| 2023-01-26 | 4.50% | +0.25 pts |
| 2022-12-08 | 4.25% | +0.50 pts |
| 2022-10-27 | 3.75% | +0.50 pts |
| 2022-09-08 | 3.25% | +0.75 pts |
| 2022-07-14 | 2.50% | +1.00 pts |
| 2022-06-02 | 1.50% | +0.50 pts |
| 2022-04-14 | 1.00% | +0.50 pts |
| 2022-03-03 | 0.50% | +0.25 pts |
| 2020-03-27 | 0.25% | −0.50 pts |
| 2020-03-16 | 0.75% | −0.50 pts |
| 2020-03-04 | 1.25% | −0.50 pts |
| 2018-10-24 | 1.75% | +0.25 pts |
Understanding this indicator
- What it is
- The Bank of Canada's target for the overnight rate, the rate at which major financial institutions lend to each other overnight. It's Canada's main policy interest rate.
- How it's measured
- The Bank sets it on eight scheduled announcement dates a year to keep inflation near its 2% target.
- How to read it
- Banks' prime rates usually move with it, so variable-rate mortgages and lines of credit change soon after.
- Fixed mortgage rates follow Government of Canada bond yields more closely than the policy rate.
- Limitations
- The rate you pay depends on your lender and contract.
