The Bank of Canada left its overnight target rate steady at 2.25% in its April 2026 meeting, aligned with market expectations and its earlier guidance, and refrained from giving a clear direction on future rates due to the uncertain geopolitical backdrop. Inflation surged in March due to the increase in energy prices caused by the outbreak of war in the Middle East. Still, the BoC noted that higher energy prices have so far refrained from feeding through more broad sectors of the economy. Additionally, inflation expectations were impacted on the upside but remain anchored, warranting the hold in interest rates. The central bank's updated forecasts see GDP growth at 1.2% this year and 1.7% the next year, reflecting a robustness to the energy shocks being absorbed by the excess supply in the economy. source: Bank of Canada

The benchmark interest rate in Canada was last recorded at 2.25 percent. Interest Rate in Canada averaged 5.75 percent from 1990 until 2026, reaching an all time high of 16.00 percent in February of 1991 and a record low of 0.25 percent in April of 2009. This page provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2026.

The benchmark interest rate in Canada was last recorded at 2.25 percent. Interest Rate in Canada is expected to be 2.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Interest Rate is projected to trend around 2.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-28 02:45 PM BoC Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-03-18 01:45 PM BoC Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-04-29 01:45 PM BoC Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-05-11 02:30 PM BoC Market Participants Survey
2026-05-13 05:30 PM BoC Summary of Deliberations
2026-05-28 02:00 PM BoC Financial Stability Report


Related Last Previous Unit Reference
Banks Balance Sheet 5158766.00 5402686.00 CAD Million Feb 2026
Central Bank Balance Sheet 228541.00 236043.00 CAD Million Mar 2026
BoC Interest Rate 2.25 2.25 percent Apr 2026
Money Supply M1 1760418.00 1748664.00 CAD Million Feb 2026


Canada Interest Rate
In Canada, benchmark interest rate is set by the Bank of Canada's (BoC) Governing Council. The official interest rate is the Overnight Rate. Since 1996 the Bank Rate is set at the upper limit of an operating band for the money market overnight rate. Previously, from March 1980 until February 1996 the Bank Rate was set at 25 basis points above the weekly average tender rate for 3-month Treasury bills.
Actual Previous Highest Lowest Dates Unit Frequency
2.25 2.25 16.00 0.25 1990 - 2026 percent Daily

News Stream
Bank of Canada Holds Rates as Expected
The Bank of Canada left its overnight target rate steady at 2.25% in its April 2026 meeting, aligned with market expectations and its earlier guidance, and refrained from giving a clear direction on future rates due to the uncertain geopolitical backdrop. Inflation surged in March due to the increase in energy prices caused by the outbreak of war in the Middle East. Still, the BoC noted that higher energy prices have so far refrained from feeding through more broad sectors of the economy. Additionally, inflation expectations were impacted on the upside but remain anchored, warranting the hold in interest rates. The central bank's updated forecasts see GDP growth at 1.2% this year and 1.7% the next year, reflecting a robustness to the energy shocks being absorbed by the excess supply in the economy.
2026-04-29
Canada Leaves Interest Rate Steady
The Bank of Canada left its overnight target rate steady at 2.25% in its March 2026 meeting, aligned with market expectations and its earlier guidance, and noted that the current policy remains appropriate given the Bank's baseline economic outlook. Still, the war in the Middle East has increased volatility in global energy prices and heightened risks to the global economy to drive the Governing Council to warn of uncertainty, potentially warranting an adjustment in monetary policy in either direction. The central bank acknowledged that near term economic growth will be weaker than anticipated in January, with the Canadian GDP having contracted 0.6% in the fourth quarter of last year. Additionally, CPI inflation is expected to rise in the coming months as trade related cost pressures and a sharp increase in global energy prices are offset by eased inflation of 1.8% in February.
2026-03-18
Bank of Canada Holds Rate as Expected
The Bank of Canada held its overnight target rate unchanged at 2.25% in its January 2026 meeting, aligned with market expectations and its earlier guidance, and noted that the current policy remains appropriate given the Bank's baseline economic outlook. Still, recent tariff threats from US President Trump reignited concerns of trade disruptions and drove the Governing Council to warn of uncertainty, potentially warranting a an adjustment in monetary policy in either direction. The central bank loosely maintained their economic projections from October's Monetary Policy Report, with the Canadian GDP expected to rise over 1% this year and 1.5% next year. Additionally, CPI inflation is expected to remain close to the 2% target as trade-related cost pressures are offset by excess supply in the aggregate.
2026-01-28