Bank of Canada rate decisions

Every cut, hike and hold since 2000 · Bank of Canada Valet API (series V122514)

The overnight rate is one of the most closely watched numbers in Canadian economic news — it sets the base cost of borrowing that ripples into mortgages, lines of credit and the loonie, and it moves (or holds) on eight fixed, pre-announced dates a year, so a rate story can always be checked against the decision it describes.

Overnight rate target 2.28%as of September 1, 2026

Decisions on record 2431996–2026

Since Jan 2024 peak −275 bpspeaked at 5.03%

Consecutive holds 10no move ≥10bps since Dec 2025

Decisions a year 8fixed, pre-announced dates

Historical background · the overnight rate, 1996–2026

Range over the full series: 0.13%–5.80% · Bank of Canada Valet API, series V122514, monthly average

Six eras

2001–2002 Dot-com bust & post-9/11 easing. Rates were cut sharply after the dot-com crash and the September 11 attacks. (1.99%–5.49% observed in this series.)

2004–2007 Mid-2000s tightening. A multi-year hiking cycle as the economy expanded, ending just before the 2008 crisis. (2.00%–4.51% observed in this series.)

2008–2009 Global financial crisis. Rates were cut aggressively toward zero as the global financial system seized up. (0.24%–4.01% observed in this series.)

2015–2018 Oil shock & normalization. The 2014-15 oil price collapse hit the Canadian economy; the Bank cut in 2015, then raised rates gradually through 2018. (0.49%–1.75% observed in this series.)

2020–2023 Pandemic & inflation surge. Rates were slashed toward zero during COVID-19, then raised at the fastest pace in decades to fight the inflation that followed. (0.13%–5.02% observed in this series.)

2024– Easing cycle. The Bank has been lowering its policy rate as inflation cooled. (2.23%–5.03% observed in this series.)

The path above is public background; the decision-by-decision record with basis-point changes is the Starter+ layer below.

Rate decision history — Starter+

Every Bank of Canada rate cut and hike from 1996–2026 with basis-point changes. Follow the money behind Canadian economic policy.

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About the overnight rate

The Bank of Canada sets the target for the overnight rate — the interest rate at which major financial institutions borrow and lend one-day funds. Changes ripple through prime rates, mortgages and the Canadian dollar. The BoC announces rate decisions 8 times per year at fixed dates.

BoC key interest rate ↗ Officers of Parliament → Economy & Markets →