Bank of Canada interest rate today
Policy rate and prime rate straight from the Bank of Canada's data service, as of .
Quick Answer
The Bank of Canada's policy interest rate is 2.25%, and the prime rate Canadian lenders use for variable-rate borrowing is 4.45% (September 24, 2026). The next scheduled announcement is October 28, 2026. A 0.25 point move changes the payment on a $500,000 variable mortgage by roughly $67 a month.
Policy interest rate
2.25%
Target for the overnight rate
Prime rate
4.45%
What variable mortgages and HELOCs are priced from
Next announcement: October 28, 2026 at 9:45 a.m. Eastern. The Bank sets the rate on eight scheduled dates a year.
What this rate means for your mortgage
Prime follows the policy rate, usually within a few days of a decision, and variable-rate mortgages and HELOCs are priced as prime plus or minus a spread. At a typical discount of prime minus 0.9 (3.55%), a $500,000 mortgage over 25 years costs about $2,510 a month:
- If the Bank cuts 0.25: about $2,444 a month, roughly $66 less
- If the Bank raises 0.25: about $2,576 a month, roughly $67 more
On a variable mortgage with a fixed payment, a move changes how much of each payment goes to principal instead — the payment holds and the amortization stretches. Model your own balance and rate with the mortgage calculator, or see what a rate shock does to a line of credit in the HELOC calculator.
Fixed rates don't follow this rate. They track Government of Canada bond yields, which move on inflation and growth expectations, often before the Bank acts. That's why fixed mortgage rates can fall in the weeks before a cut, or rise despite one — the trade-off is covered in our fixed vs variable guide.
Recent policy rate changes
| Effective | Change | New policy rate |
|---|---|---|
| October 30, 2025 | -0.25 | 2.25% |
| September 18, 2025 | -0.25 | 2.50% |
| March 13, 2025 | -0.25 | 2.75% |
| January 30, 2025 | -0.25 | 3.00% |
| December 12, 2024 | -0.50 | 3.25% |
| October 24, 2024 | -0.50 | 3.75% |
| September 5, 2024 | -0.25 | 4.25% |
| July 25, 2024 | -0.25 | 4.50% |
What it means for savings and GICs
Savings and short-term GIC rates track the policy rate, but banks cut them faster than they raise them. With the policy rate at 2.25%, competitive high-interest savings accounts pay roughly 2% to 3% on an ongoing basis and short promotional rates run higher — see how high-interest savings accounts work and current GIC options.
Where these numbers come from
Both figures come from the Bank of Canada's Valet data service: the target for the overnight rate (V39079) and the prime rate (V80691311). The page loads the latest values from that service when you open it, so the rate above is current even between our updates. Official source: Bank of Canada interest rates.