Bank of Canada Holds at 2.25%: What Has Happened Since the October 2025 Cut

The Bank of Canada lowered its policy rate to 2.25% in October 2025 (from 2.50%) and has not moved it since. It held at 2.25% at each of its 2026 decisions so far.

Rates todaySource: Bank of Canada

Overnight rate target2.25%Oct 15, 2026 · unchanged

Prime rate4.45%Oct 14, 2026 · unchanged

5-year conventional mortgage rate6.19%Oct 14, 2026 · unchanged

Next Bank of Canada rate announcement: October 28, 2026. The mortgage rate is a posted rate published by the Bank of Canada; the rate a lender offers you may be lower and changes often.

2026 decisions

• January 28, March 18, April 29, June 10, July 15, September 2: rate held at 2.25%.
• September 2: in its statement the Bank said the policy rate remained appropriate given the balance of risks. It pointed to high energy prices linked to the conflict in the Middle East and to new US tariffs and Canadian counter-measures after trade talks broke down.

What is next

The next announcements are October 28 and December 9, 2026. Analysts disagree about the direction: some see risks of a hike if inflation picks up, while the Bank itself said in June that new US trade restrictions could call for a cut to support growth.

What it means for a mortgage

Prime rate and variable-rate mortgages follow the overnight rate, so they have been steady. Fixed rates follow bond yields and can still move between announcements. If you are shopping, ask your lender or broker for a pre-approval with a rate hold.

Use the mortgage calculator to compare payments at different rates.

This is general information, not financial advice. Rates change; confirm with your lender.

Sources: Bank of Canada, April 29, 2026 decision · BNN Bloomberg: text of the September 2 decision · Bank of Canada 2026 schedule