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Policy rate 2.50% since Oct 29, 2026Prime 4.70% lenders' pages Nov 2, 20265-yr GoC bond 3.58% Oct 29, 20265-yr posted (big banks) 6.19% wk of Oct 28, 2026Next BoC decision Dec 9, 2026 38 days tracker
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Decision tracker

Bank of Canada interest rate decisions and the next announcement

Short answer

The Bank of Canada raised its policy rate by 0.25 points to 2.50% on Oct 28, 2026, its first increase since July 2023, and said there could be a need to increase it further. The next announcement is Dec 9, 2026, in 38 days. Lenders' prime rate is 4.70%.

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Upcoming decisions

  1. Dec 9, 2026 · in 38 days
  2. Jan 27, 2027 · with Monetary Policy Report
  3. Mar 3, 2027
  4. Apr 28, 2027 · with Monetary Policy Report
  5. Jun 2, 2027
  6. Jul 21, 2027 · with Monetary Policy Report
  7. Sep 8, 2027
  8. Oct 27, 2027 · with Monetary Policy Report
  9. Dec 8, 2027
Announcements are at 9:45 a.m. ET; a change takes effect the next day. Source: Bank of Canada, 2027 schedule for policy interest rate announcements, effective July 27, 2026. Checked .

What the October 28, 2026 hike means

First increase since July 2023. The Bank said inflation is higher and more persistent than in its July Report, and that there could be a need to increase the policy rate further.

  • Variable and HELOC borrowers: prime went to 4.70%. Each 0.25 points adds about $13.90 a month per $100,000 on a 25-year variable mortgage at 4%.
  • Fixed borrowers: nothing changes until renewal. New fixed rates follow the 5-year bond yield (3.58% on Oct 29, 2026).
  • Renewing soon: compare your renewal offer with today's board; switching lenders at renewal no longer requires a new stress test for a straight switch.

How many more hikes before variable loses?

Every decision since January 2025

Bank of Canada policy rate announcements
AnnouncedPolicy rateChangeReportPress release
Oct 28, 20262.50%+0.25MPRbankofcanada.ca
Sep 2, 20262.25%holdkey rate table
Jul 15, 20262.25%holdMPRbankofcanada.ca
Jun 10, 20262.25%holdkey rate table
Apr 29, 20262.25%holdMPRbankofcanada.ca
Mar 18, 20262.25%holdkey rate table
Jan 28, 20262.25%holdMPRkey rate table
Dec 10, 20252.25%holdkey rate table
Oct 29, 20252.25%−0.25MPRkey rate table
Sep 17, 20252.50%−0.25key rate table
Jul 30, 20252.75%holdMPRkey rate table
Jun 4, 20252.75%holdkey rate table
Apr 16, 20252.75%holdMPRbankofcanada.ca
Mar 12, 20252.75%−0.25bankofcanada.ca
Jan 29, 20253.00%−0.25MPRbankofcanada.ca

Every change since 2015

Policy rate changes (date in effect, Bank of Canada series V39079)
In effectFromToChange
Oct 29, 20262.25%2.50%+0.25
Oct 30, 20252.50%2.25%−0.25
Sep 18, 20252.75%2.50%−0.25
Mar 13, 20253.00%2.75%−0.25
Jan 30, 20253.25%3.00%−0.25
Dec 12, 20243.75%3.25%−0.50
Oct 24, 20244.25%3.75%−0.50
Sep 5, 20244.50%4.25%−0.25
Jul 25, 20244.75%4.50%−0.25
Jun 6, 20245.00%4.75%−0.25
Jul 13, 20234.75%5.00%+0.25
Jun 8, 20234.50%4.75%+0.25
Jan 26, 20234.25%4.50%+0.25
Dec 8, 20223.75%4.25%+0.50
Oct 27, 20223.25%3.75%+0.50
Sep 8, 20222.50%3.25%+0.75
Jul 14, 20221.50%2.50%+1.00
Jun 2, 20221.00%1.50%+0.50
Apr 14, 20220.50%1.00%+0.50
Mar 3, 20220.25%0.50%+0.25
Mar 27, 20200.75%0.25%−0.50
Mar 16, 20201.25%0.75%−0.50
Mar 4, 20201.75%1.25%−0.50
Oct 24, 20181.50%1.75%+0.25
Jul 11, 20181.25%1.50%+0.25
Jan 17, 20181.00%1.25%+0.25
Sep 6, 20170.75%1.00%+0.25
Jul 12, 20170.50%0.75%+0.25
Jul 15, 20150.75%0.50%−0.25
Jan 21, 20151.00%0.75%−0.25
Policy rate and prime since 2015Bank of Canada policy rate and the typical chartered-bank prime rate, quarterly.0.00%2.50%5.00%7.50%10.00%Jan 2015Apr 2016Jul 2017Oct 2018Jan 2020Apr 2021Jul 2022Oct 2023Jan 2025Apr 2026Oct 2026
Show the numbers
Policy rate and prime since 2015
Policy ratePrime (typical)
Jan 20150.75%2.85%
Apr 20150.75%2.85%
Jul 20150.50%2.70%
Oct 20150.50%2.70%
Jan 20160.50%2.70%
Apr 20160.50%2.70%
Jul 20160.50%2.70%
Oct 20160.50%2.70%
Jan 20170.50%2.70%
Apr 20170.50%2.70%
Jul 20170.75%2.95%
Oct 20171.00%3.20%
Jan 20181.25%3.45%
Apr 20181.25%3.45%
Jul 20181.50%3.70%
Oct 20181.75%3.95%
Jan 20191.75%3.95%
Apr 20191.75%3.95%
Jul 20191.75%3.95%
Oct 20191.75%3.95%
Jan 20201.75%3.95%
Apr 20200.25%2.45%
Jul 20200.25%2.45%
Oct 20200.25%2.45%
Jan 20210.25%2.45%
Apr 20210.25%2.45%
Jul 20210.25%2.45%
Oct 20210.25%2.45%
Jan 20220.25%2.45%
Apr 20221.00%3.20%
Jul 20222.50%4.70%
Oct 20223.75%5.45%
Jan 20234.50%6.45%
Apr 20234.50%6.70%
Jul 20235.00%7.20%
Oct 20235.00%7.20%
Jan 20245.00%7.20%
Apr 20245.00%7.20%
Jul 20244.50%6.70%
Oct 20243.75%5.95%
Jan 20253.00%5.45%
Apr 20252.75%4.95%
Jul 20252.75%4.95%
Oct 20252.25%4.70%
Jan 20262.25%4.45%
Apr 20262.25%4.45%
Jul 20262.25%4.45%
Oct 20262.50%4.45%
Source: Bank of Canada, Bank of Canada target for the overnight rate (policy rate) (series V39079), effective October 29, 2026. Checked .
What each Bank of Canada move does to a $450,000 variable mortgage
What each Bank of Canada move does to a $450,000 variable mortgage: inputs, steps and result
Mortgage$450,000, 25-year amortization
Variable rate today4.40%prime 4.70% − 0.30, illustrative
Payment today$2,475.77
After one more 0.25 hike$2,539.71
After two more$2,604.50
Two hikes add$128.73 a monthadjustable-payment variable

Open this example in the calculator →

Mitey the yeti with a notebook, budgeting
Mitey pencils in Dec 9, 2026 and works out what one more quarter point would add to a variable payment.

Frequently asked questions

When is the next Bank of Canada rate announcement?

Dec 9, 2026 at 9:45 a.m. Eastern, per the Bank's published schedule. The last one, on Oct 28, 2026, raised the policy rate to 2.50%.

What is the Bank of Canada policy rate now?

2.50%, in effect since Oct 29, 2026. The Bank raised it by 0.25 points on Oct 28, 2026, the first increase since July 2023.

How does a Bank of Canada hike affect my mortgage?

Variable-rate and HELOC rates follow your lender's prime rate, which lenders moved to 4.70% after the October 2026 hike. A 0.25-point rise adds about $13.90 a month per $100,000 on a 25-year variable mortgage at 4%. Fixed-rate mortgages don't change until renewal; new fixed rates follow bond yields.

What's the difference between the policy rate and prime?

The policy rate (target for the overnight rate) is what the Bank of Canada sets. Prime is each lender's own benchmark for variable loans; today it sits 2.20 points above the policy rate (2.50% policy, 4.70% prime). Some articles confuse the two.

Primary sources

  1. Bank of Canada — Press release: policy rate raised to 2.5% (October 28, 2026) (effective October 28, 2026). Checked .
  2. Bank of Canada — Policy interest rate. Checked .
  3. Bank of Canada — 2026 schedule for policy interest rate announcements. Checked .
  4. Bank of Canada — 2027 schedule for policy interest rate announcements (effective July 27, 2026). Checked .
  5. Bank of Canada — Bank of Canada target for the overnight rate (policy rate) (series V39079) (effective October 29, 2026). Checked .
  6. Bank of Canada — Prime rate (chartered banks, typical): derived from the Oct 29 policy decision (policy 2.50% + 2.20); Bank of Canada weekly series pending (last observation 4.45% on 2026-10-28, series V80691311) (effective October 29, 2026). Checked .
Fixed vs variable break-evenUses this calendar.Open →The October 2026 hike, explainedVariable, fixed and renewing borrowers.Open →Is this a good rate?Paste an offer or renewal rate and see how it scores against benchmarks.isthisagoodrate.ca →Mortgage stress test calculatorCheck the qualifying rate and the payment you must pass at.mortgagestresstestcalculator.ca →