INTEREST RATES · CANADA
Bank of Canada interest rate announcement dates
The Bank of Canada sets its policy interest rate on eight fixed dates each year. Those decisions flow directly into variable mortgage rates, HELOCs, and the offers you'll see at renewal. Here is the full confirmed schedule — the real dates published by the Bank, not estimates — and what to actually do around each one.
Source: the official schedule published at bankofcanada.ca. Current policy rate: 2.25%, held at the September 2, 2026 announcement. Educational only — not personalized financial advice.
The confirmed schedule
All announcements are released at 9:45 a.m. Eastern Time. Four meetings each year — January, April, July, and October — come with the quarterly Monetary Policy Report and a press conference, which is where the Bank signals its thinking beyond the rate itself.
Remaining 2026 dates
- Wednesday, October 28, 2026+ Monetary Policy Report
- Wednesday, December 9, 2026
The September 2, 2026 announcement (a hold at 2.25%) has already passed — these are the two decisions left this year.
All 2027 dates
- Wednesday, January 27, 2027+ Monetary Policy Report
- Wednesday, March 3, 2027
- Wednesday, April 28, 2027+ Monetary Policy Report
- Wednesday, June 2, 2027
- Wednesday, July 21, 2027+ Monetary Policy Report
- Wednesday, September 8, 2027
- Wednesday, October 27, 2027+ Monetary Policy Report
- Wednesday, December 8, 2027
Published by the Bank of Canada in mid-2026, so the full 2027 calendar is already confirmed — not projected.
The 60-second version
What the announcement actually is
Eight times a year, the Bank of Canada's Governing Council sets the target for the overnight rate — the interest rate major banks charge each other for one-day loans. That number is the anchor for every lender's prime rate, and prime is the anchor for variable mortgages, HELOCs, and most lines of credit in Canada. When the Bank moves, prime moves, and anything tied to prime reprices within days.
Fixed mortgage rates work differently — they're priced off bond yields, not the policy rate — which is why "the Bank cut, so fixed rates dropped" is often wrong. The full mechanics are in the fixed vs variable guide.
What each announcement means for you
Variable & adjustable-rate mortgages
Your rate is priced as prime minus (or plus) a discount, and prime moves with the policy rate — usually the same day. On an ARM, your payment changes at the next payment date. On a fixed-payment variable, the interest/principal split changes instead.
Fixed vs variable — how each one actually behavesHELOCs and lines of credit
Home equity lines of credit are almost always priced at prime plus a margin, so every announcement flows straight through to your interest cost. A 0.25% move on a $100,000 HELOC balance is about $250 a year.
How a HELOC works in CanadaUpcoming renewals
If your term matures in the next 6–12 months, each announcement shapes the rates you'll be offered at renewal — and the window where a rate hold protects you. Renewal dates matter more than announcement dates, but the two are connected.
Renew vs refinance vs switch — your three options at maturityThe practical part
What to actually do around an announcement date
- If you have a rate hold or pre-approval, know its expiry — most holds run 90–120 days and protect you if rates rise while you shop.
- If you're on a variable, check whether you hold an ARM or a fixed-payment VRM before the announcement, not after — the effect on your cash flow is completely different.
- If you're renewing within the year, start the conversation 4–6 months before maturity. That's when you can lock a renewal rate and still benefit if rates fall before your date.
- Don't make a fixed-vs-variable decision on a single announcement. One cut or hike is noise; the trend across several meetings is the signal.
- Ignore the headline prediction pieces. The Bank tells you what it did at 9:45 a.m. — what it does next meeting is genuinely uncertain, and nobody's track record at guessing it is good.
Don't build a mortgage strategy on rate predictions
Economists at the big banks — with full research teams — regularly split on what the next decision will be. If you're buying, renewing, or carrying a variable rate, the useful question isn't "what will the Bank do?" It's "what's my exposure if it goes either way, and is that a risk I can live with?" That's a much easier question to answer, and it's the one worth working through.
Common questions
What time is the Bank of Canada rate announcement?
Announcements are published at 9:45 a.m. Eastern Time on each scheduled date. When a decision comes with a Monetary Policy Report (the January, April, July, and October meetings), the Governor and Senior Deputy Governor hold a press conference at 10:30 a.m. ET. Lenders typically move their prime rates within hours of a change — often the same day.
Does the Bank of Canada announcement affect fixed mortgage rates?
Not directly. The policy rate drives variable mortgage rates, HELOCs, and lines of credit through lender prime rates. Fixed mortgage rates are priced off Government of Canada bond yields, which move on inflation and market expectations — often weeks before the announcement itself. That said, a surprise hike or cut can shift bond yields quickly, so fixed rates often react around announcement days too, just indirectly.
My variable-rate mortgage payment changes after every announcement — is that normal?
It depends which type you have. With an adjustable-rate mortgage (ARM), your payment moves with prime immediately. With a variable-rate mortgage (VRM) on a fixed payment, the payment stays the same but the split between interest and principal shifts — and if rates rise far enough, you can hit your trigger rate. If you're not sure which one you have, that's worth a two-minute call.
Should I lock in before or wait until after an announcement?
Don't try to time the Bank — even economists get these calls wrong regularly. What matters is your file: if a rate hold or pre-approval protects you on the upside while letting you take a lower rate if things improve, that's the practical hedge. The right move depends on your closing date, your tolerance for payment changes, and the spread between the fixed and variable options in front of you — not on guessing the next decision.
What is the current Bank of Canada policy rate?
As of the September 2, 2026 announcement, the target for the overnight rate is 2.25% — held unchanged through the June, July, and September 2026 decisions. The Bank sets the rate on eight fixed dates each year, and the full schedule is published annually on bankofcanada.ca.
Wondering how much of a rate you can actually qualify for? That's the stress test — here's how the qualifying rate works.
An announcement is coming up and you're not sure what it means for you?
Whether it's a variable rate, a HELOC, or a renewal in the next year — send Rahul your real numbers and you'll get a straight answer on your exposure, in plain English. No judgment, no pitch.
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