Canadians with variable-rate debt, savings or an upcoming mortgage renewal have a new date to mark: the Bank of Canada will make its next interest-rate announcement on September 2.
The decision could affect short-term borrowing costs and broader financial conditions. No change has been announced for September; the Bank’s latest listed decision kept its target for the overnight rate at 2.25% on July 15.
The policy rate has held since October
The Bank lowered its target by 0.25 percentage points to 2.25% on October 29, 2025. It then left the rate unchanged at six consecutive announcements: December 10, January 28, March 18, April 29, June 10 and July 15.
That makes September 2 the next opportunity for the central bank to raise, lower or maintain the target.
The Bank says it conducts monetary policy by adjusting the overnight-rate target, influencing short-term interest rates. Its rate path is therefore relevant to products including variable-rate mortgages, lines of credit and savings deposits, although the rates offered to individual customers can vary by financial institution and product.
What borrowers and savers should watch
The announcement’s central detail will be whether the 2.25% target changes. The Bank notes that, since 2021, a rate change takes effect the day after it is announced.
September 2 is one of eight fixed policy-announcement dates in 2026. Unlike the July 15 and October 28 decisions, the September announcement is not scheduled to include a Monetary Policy Report.
After September, the Bank’s remaining 2026 interest-rate announcements are scheduled for October 28 and December 9.