Bank of Canada Overnight Rate
The benchmark rate set by Canada's central bank, plus a complete history of every rate decision.
The Bank of Canada's target for the overnight rate — the single most important interest rate in the Canadian economy.
What is the boc overnight rate?
The Bank of Canada overnight rate, technically called the "target for the overnight rate," is the interest rate at which the Bank of Canada wants major financial institutions to lend each other money for one day at a time. It's the central bank's primary tool for managing inflation and economic growth.
BoC announces its decision on the overnight rate eight times a year on pre-scheduled dates. At each announcement, the rate is held steady, raised, or cut — usually in increments of 25 basis points (0.25%), occasionally 50 or 75 basis points in unusual conditions. The decision is made by the Bank's six-member Governing Council based on inflation outlook, employment, GDP, and external risks.
Although consumers don't borrow at the overnight rate directly, almost every other Canadian interest rate is anchored to it. Bank prime rates move with it. Variable mortgages and HELOCs follow prime. Even fixed mortgage rates, which are technically driven by 5-year Government of Canada bond yields, correlate strongly with where the BoC is steering policy.
What it means for your mortgage
For variable-rate mortgages: Direct, immediate impact. A BoC cut of 25 basis points means your variable rate drops by the same 25 basis points within a day or two, as your bank cuts prime to match.
For fixed-rate mortgages: Indirect impact via bond markets. Markets price in expected future BoC moves, so bond yields (and thus fixed rates) often shift before BoC actually announces. By the time the announcement happens, fixed-rate moves have usually already occurred.
For renewal timing: If your mortgage is up for renewal in the next 12 months and BoC is expected to cut, waiting may benefit you. If they're expected to hike, locking in early benefits you. Talk to a broker before deciding — the math depends on whether the move is already priced into available rates.
For first-time buyers: The BoC's posture (hiking, holding, cutting) telegraphs where rates are headed for the next 6-12 months. If rates are clearly trending down, a shorter term (1-3 year) may make sense to renew at lower rates later. If trending up, a longer 5-year fixed may be safer.
Recent observations
Each row below represents a Bank of Canada rate decision. The Governing Council meets eight times a year on pre-announced dates; rates change only at these meetings (with rare emergency exceptions during crisis periods).
| Date | BoC Overnight Rate | Change |
|---|---|---|
| May 21, 2026 | 2.25% | No change |
| May 22, 2026 | 2.25% | No change |
| May 25, 2026 | 2.25% | No change |
| May 26, 2026 | 2.25% | No change |
| May 27, 2026 | 2.25% | No change |
| May 28, 2026 | 2.25% | No change |
| May 29, 2026 | 2.25% | No change |
| June 1, 2026 | 2.25% | No change |
| June 2, 2026 | 2.25% | No change |
| June 3, 2026 | 2.25% | No change |
| June 4, 2026 | 2.25% | No change |
| June 5, 2026 | 2.25% | No change |
| June 8, 2026 | 2.25% | No change |
| June 9, 2026 | 2.25% | No change |
| June 10, 2026 | 2.25% | No change |
| June 11, 2026 | 2.25% | No change |
| June 12, 2026 | 2.25% | No change |
| June 15, 2026 | 2.25% | No change |
| June 16, 2026 | 2.25% | No change |
| June 17, 2026 | 2.25% | No change |
| June 18, 2026 | 2.25% | No change |
| June 19, 2026 | 2.25% | No change |
| June 22, 2026 | 2.25% | No change |
| June 23, 2026 | 2.25% | — |