In brief
As of November 3, 2026, the Bank of Canada policy (target overnight) rate is 2.50%: on October 28, 2026, the Bank raised it by 25 basis points, from 2.25% to 2.50%. Banks’ prime rate was 4.45%, before the October 28, 2026 decision; the Bank of Canada has not yet published the adjusted rate. Next Bank of Canada announcement: December 9, 2026. Source: Bank of Canada.
Bank of Canada rate decision: October 2026
On October 28, 2026, the Bank of Canada raised its policy rate by 25 basis points, from 2.25% to 2.50%, alongside its Monetary Policy Report. It is the first hike since July 13, 2023.
Banks usually adjust their prime rate the same day: variable-rate loans and lines of credit follow; a fixed rate only changes at renewal.
For scale: on a $400,000 variable-rate mortgage amortized over 25 years, at the average variable rate of 3.90% (Bank of Canada, August 2026), this 25-basis-point hike moves the monthly payment from about $2,082 to $2,137, or $55 more a month if your payment follows the rate. Your own rate and contract set the real figure.
Bank of Canada interest rate today
Today (November 3, 2026), the Bank of Canada policy rate is 2.50%. Banks’ prime rate was 4.45%, before the October 28, 2026 decision; the Bank of Canada has not yet published the adjusted rate.
Calendar: the next Bank of Canada rate announcement
The next Bank of Canada policy rate announcement is scheduled for Wednesday, December 9, 2026, at 9:45 a.m. Eastern.
Announcement dates already scheduled by the Bank of Canada (09:45 ET). The rate may then be lowered, raised or held.
Next inflation reading (Consumer Price Index) (October 2026): on November 16, 2026 — Statistics Canada.
- with Monetary Policy Report
- with Monetary Policy Report
- with Monetary Policy Report
- with Monetary Policy Report
2026 Bank of Canada announcement calendar
In 2026, the Bank of Canada has announced 7 decisions, with 1 still to come; the policy rate went from 2.25% on January 1 to 2.50% as of November 3, 2026.
- 2.25% · held · MPR
- 2.25% · held
- 2.25% · held · MPR
- 2.25% · held
- 2.25% · held · MPR
- 2.25% · held
- 2.50% · hike 25 bps · MPR
- upcoming
Wednesday, December 9, 2026 announcement: three scenarios in numbers
On Wednesday, December 9, 2026, the Bank of Canada may cut, hold or raise its policy rate, now 2.50%. If it moves by 25 basis points, banks’ prime rate usually moves by the same amount that day: on a $400,000 variable-rate mortgage amortized over 25 years, the payment changes by about $54 a month; on $50,000 drawn on a line of credit, interest changes by about $10 a month. A fixed-rate mortgage does not move until renewal.
| Scenario | Policy rate | Prime rate | Payment, $400,000 variable mortgage | Interest, $50,000 line of credit |
|---|---|---|---|---|
| Cut of 25 basis points | 2.25% | −0.25 point | about $54 less | about $10 less |
| Hold | 2.50% | unchanged | no change | no change |
| Hike of 25 basis points | 2.75% | +0.25 point | about $54 more | about $10 more |
Monthly differences. Payment: $400,000 over 25 years at the average variable rate of 3.90% (Bank of Canada, August 2026), compounded semi-annually; the difference barely changes with the rate. Line: interest only on $50,000. Assumption: banks move prime by the same amount, as they usually do. These figures do not predict the decision and do not replace your contract.
Get told when the rate moves
Eight announcements a year, and the rate does not change at every one. Leave your address: you get an email the day the Bank of Canada changes its policy rate — two to four times a year, never more. No other mail, one-click unsubscribe.
Bank of Canada policy rate history since 2022
Since January 4, 2022 (0.25%), the Bank of Canada has raised its policy rate 11 times and cut it 9 times; it peaked at 5.00% on July 13, 2023 and stands at 2.50% as of November 3, 2026.
Each row is a Bank of Canada decision: the date, the policy rate set, and the move (cut, hike or hold). The calendar has eight fixed announcements per year.
- RPM 2.50% hike 25 bps
- 2.25% held
- RPM 2.25% held
- 2.25% held
- RPM 2.25% held
- 2.25% held
- RPM 2.25% held
- 2.25% cut 25 bps
- 2.50% cut 25 bps
- 2.75% cut 25 bps
- 3.00% cut 25 bps
- 3.25% cut 50 bps
- 3.75% cut 50 bps
- 4.25% cut 25 bps
- 4.50% cut 25 bps
- 4.75% cut 25 bps
- 5.00% hike 25 bps
- 4.75% hike 25 bps
- 4.50% hike 25 bps
- 4.25% hike 50 bps
- 3.75% hike 50 bps
- 3.25% hike 75 bps
- 2.50% hike 100 bps
- 1.50% hike 50 bps
- 1.00% hike 50 bps
- 0.50% hike 25 bps
- 0.25% starting point
Who sets this rate, and when
The policy rate is set by the Bank of Canada’s Governing Council, the country’s central bank. It is the target for the overnight rate — the rate at which major financial institutions lend funds to one another overnight. It anchors the cost of money across Canada.
Decisions land on fixed dates announced in advance: eight times a year, roughly every six weeks. At each announcement the Bank raises, lowers or holds the rate based on its read of inflation and the economy. Between announcements the rate does not move (barring exceptional circumstances) — which is why the table above only changes on those dates.
Policy, prime, mortgage: don’t confuse them
Policy rate. The Bank of Canada’s rate, above. It is the reference point, not a rate you pay directly.
Prime rate. Commercial banks’ base rate for their best clients. It tracks the policy rate almost one-for-one, generally about 2.2 points above it. Prime drives variable-rate loans and lines of credit: your variable rate is often quoted as “prime minus X”.
Mortgage rates. What you actually pay. Variable rates move with prime (so with the policy rate). Fixed rates instead track the bond market (Government of Canada bond yields) and can therefore move before a Bank decision, in anticipation. The barometer figures above are financial-system averages published by the Bank of Canada — a benchmark, not any lender’s offer.
Rate hike: what it changes for your mortgage
A policy rate hike pushes up the prime rate, and with it the cost of a variable-rate mortgage or line of credit; a fixed-rate mortgage does not move until renewal. A cut does the reverse.
When the policy rate falls, prime falls with it: if you hold a variable-rate loan, your interest cost drops (or more of your payment goes to principal, depending on your contract). When it rises, the reverse. A fixed-rate loan does not move during the term — but the rate you get at renewal will reflect the environment then.
That is why the fixed-or-variable choice depends as much on your risk tolerance as on the path of rates — and why comparing contracts, not just posted rates, makes a real difference over time.
Frequently asked questions
What is the Bank of Canada interest rate today?
As of November 3, 2026, the Bank of Canada policy (target overnight) rate is 2.50%: on October 28, 2026, the Bank raised it by 25 basis points, from 2.25% to 2.50%. Banks’ prime rate was 4.45%, before the October 28, 2026 decision; the Bank of Canada has not yet published the adjusted rate. Next Bank of Canada announcement: December 9, 2026. Source: Bank of Canada.
What did the Bank of Canada decide in October 2026?
On October 28, 2026, the Bank of Canada raised its policy rate by 25 basis points, from 2.25% to 2.50%, alongside its Monetary Policy Report. It is the first hike since July 13, 2023. Banks usually adjust their prime rate the same day: variable-rate loans and lines of credit follow; a fixed rate only changes at renewal. For scale: on a $400,000 variable-rate mortgage amortized over 25 years, at the average variable rate of 3.90% (Bank of Canada, August 2026), this 25-basis-point hike moves the monthly payment from about $2,082 to $2,137, or $55 more a month if your payment follows the rate. Your own rate and contract set the real figure.
When is the next Bank of Canada rate announcement?
The next Bank of Canada policy rate announcement is scheduled for Wednesday, December 9, 2026, at 9:45 a.m. Eastern. The Bank of Canada announces its policy rate on eight fixed dates a year, published in advance, roughly every six weeks; between announcements the rate does not move (barring exceptional circumstances). Banks adjust their prime rate the same day, and variable rates follow.
What will the Wednesday, December 9, 2026 announcement change for my mortgage?
On Wednesday, December 9, 2026, the Bank of Canada may cut, hold or raise its policy rate, now 2.50%. If it moves by 25 basis points, banks’ prime rate usually moves by the same amount that day: on a $400,000 variable-rate mortgage amortized over 25 years, the payment changes by about $54 a month; on $50,000 drawn on a line of credit, interest changes by about $10 a month. A fixed-rate mortgage does not move until renewal.
What is the history of the Bank of Canada policy rate?
Since January 4, 2022 (0.25%), the Bank of Canada has raised its policy rate 11 times and cut it 9 times; it peaked at 5.00% on July 13, 2023 and stands at 2.50% as of November 3, 2026. Every decision is listed, dated, in this page's history.
What does a rate hike change for my mortgage?
A policy rate hike pushes up the prime rate, and with it the cost of a variable-rate mortgage or line of credit; a fixed-rate mortgage does not move until renewal. A cut does the reverse. At renewal, the rate offered reflects the environment then: that is when a fixed-rate loan feels the hike.
What is the prime rate in Canada?
Banks’ prime rate was 4.45%, before the October 28, 2026 decision; the Bank of Canada has not yet published the adjusted rate. It tracks the policy rate almost point for point, about 2.2 points above it, and is the base for variable-rate mortgages and lines of credit: a variable rate is quoted as "prime minus X". Average mortgage rates are on our Mortgage rates in Canada page.
Is the policy rate the same as my mortgage rate?
No. The policy rate is the central bank’s reference rate. Your variable mortgage rate follows the prime rate (tied to the policy rate); your fixed rate instead follows the bond market. The mortgage rates shown here are system averages, not an offer: your rate depends on your file and lender.
Where do these figures come from?
Directly from the Bank of Canada (Valet API), at the observation date shown for each rate. Payotte compiles and formats; the data remains the Bank of Canada’s.
Figures refreshed with each Bank of Canada release; every rate carries its own observation date.
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