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Market Data

Interest rate
tracker.
What it means for you.

The Bank of Canada's policy rate drives variable mortgage rates and influences fixed rates too. Click any point on the chart to see what happened at that announcement.

Source: Bank of Canada official policy interest rate history, current as of June 2026
Current overnight rate
2.25%
Held since October 29, 2025 — 5 consecutive holds
Peak rate (2023)
5.00%
Held from July 2023 to June 2024
Total cuts since peak
−2.75%
275 basis points cut across 9 meetings, June 2024–Oct 2025
Approx. prime rate
4.45%
Overnight rate + 2.20% · Varies slightly by lender
Rate History

Bank of Canada overnight rate.

What This Means For You

Reading the rate.

Variable rate mortgages
Move immediately
Variable mortgage rates are tied directly to lender prime rates, which move in lockstep with the Bank of Canada's overnight rate. A rate hold means your variable payment stays the same; a cut or hike changes it right away.
Fixed rate mortgages
Driven by bond yields
Fixed rates follow Government of Canada bond yields, not the overnight rate directly — though the two are closely related. Fixed rates often move in anticipation of Bank of Canada decisions, sometimes before the announcement itself.
The stress test
Always above your rate
Regardless of where the overnight rate sits, Canadian buyers must qualify at their contract rate + 2%, or 5.25%, whichever is higher. Lower policy rates help affordability, but the stress test buffer never fully disappears.
Next scheduled announcement: July 15, 2026. The Bank of Canada meets eight fixed times per year. As of the most recent announcement, markets and most economists expect rates to hold steady through much of 2026, though the Bank has signalled it remains data-dependent given ongoing global trade and energy price uncertainty.

Data reflects the Bank of Canada's official target for the overnight rate, sourced directly from bankofcanada.ca and current as of June 2026. This is not a forecast or financial advice — future rate decisions depend on inflation, economic growth, and global conditions that can change between scheduled announcements. Mortgage rates offered by individual lenders vary and may not move in perfect lockstep with the overnight rate. Connect with Shanna or a mortgage broker for guidance specific to your situation.

Wondering how rates affect your buying power?

Shanna can connect you with a trusted Calgary mortgage broker to talk through your options.

Talk to a broker
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Sotheby's International Realty Canada

Your multilingual Calgary REALTOR® — serving buyers and sellers across SW and NW Calgary with Sotheby's global platform and personal, trilingual service.

Phone (587) 585-8333
Email shanna.lin@sothebysrealty.ca
Office 5111 Elbow Dr SW
Calgary, AB T2V 1H2
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Sotheby's International Realty Canada

This website is not the official website of Sotheby's International Realty, Inc. Sotheby's International Realty, Inc. does not make any representation or warranty regarding any information, including without limitation its accuracy or completeness, contained on this website. Shanna Lin is a licensed REALTOR® with Sotheby's International Realty Canada. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.