Bank of Canada Policy Rate: Current Rate & Announcement Schedule
The Bank of Canada’s Policy Rate (also called the overnight target rate) is the single most important interest rate in the Canadian economy. It determines the cost at which chartered banks lend to each other overnight, which in turn sets Prime Rate, variable mortgages, HELOCs, and shapes the entire fixed-rate yield curve. The BoC publishes 8 scheduled rate decisions per year.
2026 Bank of Canada Announcement Schedule
| Decision Date | Time (Eastern) | Status |
|---|---|---|
| January 28, 2026 | 9:45 AM ET | Past |
| March 11, 2026 | 9:45 AM ET | Past |
| April 15, 2026 | 9:45 AM ET | Past |
| June 3, 2026 | 9:45 AM ET | Next |
| July 29, 2026 | 9:45 AM ET | Upcoming |
| September 9, 2026 | 9:45 AM ET | Upcoming |
| October 28, 2026 | 9:45 AM ET | Upcoming |
| December 9, 2026 | 9:45 AM ET | Upcoming |
How BoC Decisions Flow to Your Mortgage
The transmission from a Bank of Canada decision to your mortgage takes different paths depending on your product. Variable-rate mortgages and HELOCs move within 24 hours: lenders adjust Prime Rate the same afternoon as the BoC announcement, and your rate changes on the next billing cycle.
Fixed-rate mortgages are priced off Government of Canada bond yields, not directly off the Policy Rate. However, bond markets anticipate BoC decisions weeks or months in advance. By the time the BoC announces a rate cut, bond yields have typically already moved, and new fixed-rate pricing reflects expectations rather than the announcement itself.
Existing fixed-rate mortgagesare not affected at all — your rate is locked for the term. BoC decisions only matter at renewal, when you enter the current rate environment.