The date of the next decision, the current policy rate, and what the announcement changes for your mortgage, your credit line and your savings.
The Bank of Canada raised its policy rate by a quarter point on Wednesday, October 28, 2026, to 2.50% — the first change since October 29, 2025, after seven consecutive holds. The Bank cited inflation that is higher and more persistent than expected: CPI inflation has been around 3% since April and is expected to rise to about 3.5% by the end of the year, and it wants to reduce the risk that high energy prices spread to other prices. The next announcement is Wednesday, December 9, 2026 at 9:45 a.m. (Eastern Time). On a variable-rate mortgage, the hike adds roughly $14 a month for every $100,000 borrowed, once lenders raise their prime rate.
The Bank holds eight fixed announcement dates a year. The rate has just moved for the first time in a year: the October 28, 2026 hike brought it to 2.50%, after seven consecutive holds at 2.25% since the October 29, 2025 cut.
| Date | Decision | Policy rate |
|---|---|---|
| October 28, 2026 | Hike of 0.25 points | 2.50% |
| September 2, 2026 | Hold | 2.25% |
| July 15, 2026 | Hold | 2.25% |
| June 10, 2026 | Hold | 2.25% |
| April 29, 2026 | Hold | 2.25% |
| March 18, 2026 | Hold | 2.25% |
| January 28, 2026 | Hold | 2.25% |
| December 10, 2025 | Hold | 2.25% |
| October 29, 2025 | Cut of 0.25 points | 2.25% |
| September 17, 2025 | Cut of 0.25 points | 2.50% |
All 2026 announcement dates: January 28, March 18, April 29, June 10, July 15, September 2, October 28 and December 9. The first announcement of 2027 is set for January 27, with the Monetary Policy Report.
Your rate follows your lender's prime rate, which usually moves the same day or the day after a Bank of Canada change. The math of a quarter point: a $100,000 variable mortgage at 4.00% over 25 years costs $526 a month; at 4.25% it rises to $540 — about $14 a month per $100,000, or roughly $55 a month on a $400,000 mortgage. With a fixed-payment variable mortgage, the payment stays the same and the split between interest and principal shifts instead, bringing the trigger rate closer.
No direct effect during your term: neither your rate nor your payment changes on announcement day. New fixed rates mostly track the yield on 5-year Government of Canada bonds, which moves with rate expectations — so the announcement matters when you sign or renew, not in the middle of a term.
Home equity lines of credit are priced off the prime rate (4.45% before the October 28 announcement; the major banks generally raise it to 4.70% the same day or the next business day after a quarter-point hike). On $50,000 drawn at 4.70%, interest runs about $2,350 a year — about $125 a year more than at 4.45%. Credit cards, by contrast, almost never follow the policy rate.
High-interest savings account rates follow the policy rate with a lag: a hike can gradually raise what your savings earn, a hold keeps today's yields in place. GIC rates, like fixed mortgage rates, lean on bond yields more than on the announcement itself.
Enter your balance, your rate and a quarter-point change in the mortgage calculator to see your exact payment at the new rate.
On Wednesday, December 9, 2026 at 9:45 a.m. Eastern Time, released as a statement only. The following announcement is Wednesday, January 27, 2027, with the Monetary Policy Report.
It raised its policy rate by a quarter point, to 2.50% — the first change since the October 29, 2025 cut. The reason given: inflation is higher and more persistent than expected (CPI around 3% since April, expected near 3.5% by year-end) and high energy prices risk spreading to other prices. The Bank adds that a further increase could be needed, but that it will proceed cautiously.
At 9:45 a.m. Eastern Time on the Bank of Canada's website (bankofcanada.ca). Lenders generally adjust their prime rate the same day or the next business day.
About $14 a month for every $100,000 borrowed: at 4.00% over 25 years the payment is $526 a month, versus $540 at 4.25%. On a $400,000 mortgage, the same quarter point is worth roughly $55 a month.
Not during your term: your rate and payment are locked. Fixed rates for new mortgages follow the 5-year Government of Canada bond yield, so the announcement's effect shows up when you sign or renew.
It depends on the product. With an adjustable payment, the payment follows the rate. With a fixed-payment variable mortgage, the payment stays the same and a smaller share goes to principal — your amortization stretches. If rates rise enough that the payment no longer covers the interest, you reach the trigger rate.
Eight, on fixed dates published in advance. In 2026: January 28, March 18, April 29, June 10, July 15, September 2, October 28 and December 9.
Source: Bank of Canada — October 28, 2026 announcement (quarter-point hike, to 2.50%), policy interest rate history and announcement schedule (bankofcanada.ca), checked October 28, 2026. Mortgage examples: standard Canadian calculation (semi-annual compounding, 25-year amortization), computed with the same method as our mortgage calculator. This page is updated on the day of each announcement.