Bank of Canada Rate Announcement Schedule 2026: Every Date You Need to Know

Watch the 54-second walkthrough above, or read the full breakdown below.

The 2026 Schedule at a Glance

The Bank of Canada announces its policy interest rate decision eight times per year, always at 9:45 a.m. Eastern. Four of those announcements come with a full Monetary Policy Report (MPR). This report is a detailed economic outlook that explains the reasoning behind the decision. The MPR dates tend to carry more weight in markets because they signal the Bank's longer-term thinking.

We update this schedule after each announcement. Bookmark this page and check back before each date.

What Is the Bank of Canada?

The Bank of Canada (BoC) is Canada's central bank. It is not a commercial bank. You can't open an account there or walk into a branch. Its job is to manage the country's monetary policy. In plain terms, that means controlling the cost of borrowing across the whole economy.

The Bank operates independently from the federal government. The Minister of Finance appoints the Governor, but the Bank makes its rate decisions without political direction. That independence gives the Bank its credibility with financial markets. Lenders set their rates partly based on where they expect the Bank of Canada to take policy next.

The Overnight Rate and Why It Matters to Your Mortgage

The Bank of Canada's main tool is the overnight rate. That's the rate at which major commercial banks lend money to each other for a single day. It might sound abstract, but it has a direct, mechanical effect on your mortgage.

When the Bank raises or lowers the overnight rate, every major lender in Canada changes their prime rate by the same amount. Usually within 24 hours. Your variable-rate mortgage is priced as prime plus or minus a discount — for example, prime minus 0.65%. So every Bank of Canada rate change flows right into your monthly payment, or the interest part of it.

As of March 2026, the overnight rate is 2.25% and the prime rate is 4.45%. If you have a variable-rate mortgage at prime minus 0.65%, your current rate is 3.80%.

Fixed Rates: A Different Engine Entirely

If you have a fixed-rate mortgage, Bank of Canada announcements don't change your rate mid-term. Fixed rates are driven by the bond market. Specifically, the yield on Government of Canada bonds with the same maturity as your mortgage term. We cover this in detail in our article on how bond yields drive your mortgage rate.

That said, BoC decisions still matter to fixed-rate borrowers. When the Bank signals it may hold rates steady or cut further, bond yields tend to fall. Fixed rates get pulled down too. When it signals concern about inflation, bond yields tend to rise. Fixed rates follow. So even if your payment doesn't change on the announcement day, the Bank's policy direction still shapes your renewal rate.

What the Bank of Canada Looks At

The Governing Council considers three main things when deciding whether to raise, lower, or hold the overnight rate:

Inflation. The Bank targets 2% annual inflation, measured by the Consumer Price Index (CPI). If inflation runs above 2%, the Bank is more likely to hold or raise rates to cool spending. If inflation is below target, it has room to cut. Core inflation measures — which strip out volatile items like gas and food — carry special weight in the decision.

Employment and economic growth. Strong job creation and GDP growth suggest the economy can handle higher rates. Weakness in either gives the Bank room to ease. The Bank watches Canadian data closely. It also watches global conditions — mostly in the U.S., since the two economies are deeply linked.

Financial stability. The Bank also weighs risks in the housing market, household debt levels, and global financial conditions. Even if inflation is on target, a fragile housing market or high household debt may push the Bank to move with care.

Where Things Stand Right Now

Between June 2024 and October 2025, the Bank of Canada cut the overnight rate seven times in a row. A total of 275 basis points, from 5.00% down to 2.25%. That was one of the most aggressive easing cycles in recent memory. Since then, the Bank has held steady through three back-to-back announcements (December 2025, January 2026, and March 2026).

The market is now watching two forces pull in opposite directions. On one side, trade tensions and tariff worries are weighing on growth. That could justify more cuts. On the other, inflation has been sticky in certain areas. The Bank has signalled it wants to see sustained proof that price pressure is truly under control before moving again.

The next announcement on April 29 comes with a full Monetary Policy Report. The report will give the Bank's updated economic forecasts. That makes it one of the most important dates on the calendar for mortgage borrowers this year.

What Should You Do Before Each Announcement?

If you're on a variable rate, your payment may change after each announcement. There's nothing you need to do. The change is automatic. But it's worth knowing the date so you're not caught off guard by a payment shift.

If you're shopping for a mortgage or coming up on renewal, the days around each announcement are worth your attention. Lenders sometimes tweak their posted rates in the 24 to 48 hours around a BoC decision. A well-timed rate hold can lock in a better number.

If you're debating between fixed and variable, the Bank's direction is a key piece of the puzzle. A broker can help you read the signals and build a mortgage that fits your risk tolerance — not just today's headline rate. For the framework itself, see our breakdown of fixed vs variable rate mortgages. For the broader economic backdrop, see our 2026 Canadian housing market outlook. If you're approaching renewal, our renewal and refinancing guide covers the timing decision in detail.