Bank of Canada Interest Rate History
The Bank of Canada's overnight rate target is 2.50% after the decision of Oct 28, 2026. The calendar lists 154 BoC decisions since Jan 22, 2008: 19 hikes, 23 cuts and 112 holds; the last change was +25 bp on Oct 28, 2026.
Rate now2.50%overnight rate target
Last change+25 bpOct 28, 2026
Since 200819▲ 23▼hikes and cuts in 154 decisions
Range0.25% to 5.00%lowest to highest
The chart
Bank of Canada Interest Rate since 2008
Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.
Cycles
BoC hiking and cutting cycles since 2008
A cycle is a run of moves in one direction, with holds between them; a move the other way starts the next.
| Cycle | From | To | Moves | In all | Rate |
|---|---|---|---|---|---|
| ▲ Hiking latest | Oct 28, 2026 | one move | 1 | +25 bp | 2.25% → 2.50% |
| ▼ Cutting | Jun 5, 2024 | Oct 29, 2025 | 9 | −275 bp | 5.00% → 2.25% |
| ▲ Hiking | Mar 2, 2022 | Jul 12, 2023 | 10 | +475 bp | 0.25% → 5.00% |
| ▼ Cutting | Mar 4, 2020 | Mar 27, 2020 | 3 | −150 bp | 1.75% → 0.25% |
| ▲ Hiking | Jul 12, 2017 | Oct 24, 2018 | 5 | +125 bp | 0.50% → 1.75% |
| ▼ Cutting | Jan 21, 2015 | Jul 15, 2015 | 2 | −50 bp | 1.00% → 0.50% |
| ▲ Hiking | Jun 1, 2010 | Sep 8, 2010 | 3 | +75 bp | 0.25% → 1.00% |
| ▼ Cutting | Jan 22, 2008 | Apr 21, 2009 | 9 | −400 bp | 4.25% → 0.25% |
By year
Bank of Canada Interest Rate by year
How many times the BoC met in each year, what it did, and where the rate ended the year.
| Year | Decisions | Hikes | Cuts | Holds | Net change | Year end |
|---|---|---|---|---|---|---|
| 2026 so far | 7 | 1 | — | 6 | +25 bp | 2.50% |
| 2025 | 8 | — | 4 | 4 | −100 bp | 2.25% |
| 2024 | 8 | — | 5 | 3 | −175 bp | 3.25% |
| 2023 | 8 | 3 | — | 5 | +75 bp | 5.00% |
| 2022 | 8 | 7 | — | 1 | +400 bp | 4.25% |
| 2021 | 8 | — | — | 8 | 0 bp | 0.25% |
| 2020 | 10 | — | 3 | 7 | −150 bp | 0.25% |
| 2019 | 8 | — | — | 8 | 0 bp | 1.75% |
| 2018 | 8 | 3 | — | 5 | +75 bp | 1.75% |
| 2017 | 8 | 2 | — | 6 | +50 bp | 1.00% |
| 2016 | 8 | — | — | 8 | 0 bp | 0.50% |
| 2015 | 8 | — | 2 | 6 | −50 bp | 0.50% |
| 2014 | 8 | — | — | 8 | 0 bp | 1.00% |
| 2013 | 8 | — | — | 8 | 0 bp | 1.00% |
| 2012 | 8 | — | — | 8 | 0 bp | 1.00% |
| 2011 | 8 | — | — | 8 | 0 bp | 1.00% |
| 2010 | 8 | 3 | — | 5 | +75 bp | 1.00% |
| 2009 | 8 | — | 3 | 5 | −125 bp | 0.25% |
| 2008 | 9 | — | 6 | 3 | −275 bp | 1.50% |
Records
The BoC's records since 2008
Highest5.00%first set Jul 12, 2023
Lowest0.25%first set Apr 21, 2009
Biggest move+100 bpJul 13, 2022, to 2.50%
Longest hold34decisions in a row with no change, Oct 19, 2010 to Dec 3, 2014
Against the consensus139/151matched it; 5 came out above (hawkish), 7 below (dovish)
Every decision
Every BoC interest rate decision since 2008
Newest first. The decisions since 2025 open on their own page, with the minutes of price around them.
| Date | Decision | Rate | Change | Expected |
|---|---|---|---|---|
| Oct 28, 2026 | ▲ hike | 2.50% | +25 bp | 2.50% |
| Sep 2, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Jul 15, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Jun 10, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Apr 29, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Mar 18, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Jan 28, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Dec 10, 2025 | ■ hold | 2.25% | 0 bp | 2.25% |
| Oct 29, 2025 | ▼ cut | 2.25% | −25 bp | 2.25% |
| Sep 17, 2025 | ▼ cut | 2.50% | −25 bp | 2.50% |
| Jul 30, 2025 | ■ hold | 2.75% | 0 bp | 2.75% |
| Jun 4, 2025 | ■ hold | 2.75% | 0 bp | 2.75% |
| Apr 16, 2025 | ■ hold | 2.75% | 0 bp | 2.75% |
| Mar 12, 2025 | ▼ cut | 2.75% | −25 bp | 2.75% |
| Jan 29, 2025 | ▼ cut | 3.00% | −25 bp | 3.00% |
| Dec 11, 2024 | ▼ cut | 3.25% | −50 bp | 3.25% |
| Oct 23, 2024 | ▼ cut | 3.75% | −50 bp | 3.75% |
| Sep 4, 2024 | ▼ cut | 4.25% | −25 bp | 4.25% |
| Jul 24, 2024 | ▼ cut | 4.50% | −25 bp | 4.50% |
| Jun 5, 2024 | ▼ cut | 4.75% | −25 bp | 4.75% |
| Apr 10, 2024 | ■ hold | 5.00% | 0 bp | 5.00% |
| Mar 6, 2024 | ■ hold | 5.00% | 0 bp | 5.00% |
| Jan 24, 2024 | ■ hold | 5.00% | 0 bp | 5.00% |
| Dec 6, 2023 | ■ hold | 5.00% | 0 bp | 5.00% |
| Oct 25, 2023 | ■ hold | 5.00% | 0 bp | 5.00% |
| Sep 6, 2023 | ■ hold | 5.00% | 0 bp | 5.00% |
| Jul 12, 2023 | ▲ hike | 5.00% | +25 bp | 5.00% |
| Jun 7, 2023 | ▲ hike | 4.75% | +25 bp | 4.50% |
| Apr 12, 2023 | ■ hold | 4.50% | 0 bp | 4.50% |
| Mar 8, 2023 | ■ hold | 4.50% | 0 bp | 4.50% |
| Jan 25, 2023 | ▲ hike | 4.50% | +25 bp | 4.50% |
| Dec 7, 2022 | ▲ hike | 4.25% | +50 bp | 4.25% |
| Oct 26, 2022 | ▲ hike | 3.75% | +50 bp | 4.00% |
| Sep 7, 2022 | ▲ hike | 3.25% | +75 bp | 3.25% |
| Jul 13, 2022 | ▲ hike | 2.50% | +100 bp | 2.25% |
| Jun 1, 2022 | ▲ hike | 1.50% | +50 bp | 1.50% |
| Apr 13, 2022 | ▲ hike | 1.00% | +50 bp | 1.00% |
| Mar 2, 2022 | ▲ hike | 0.50% | +25 bp | 0.50% |
| Jan 26, 2022 | ■ hold | 0.25% | 0 bp | 0.25% |
| Dec 8, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Oct 27, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Sep 8, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jul 14, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jun 9, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Apr 21, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Mar 10, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jan 20, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Dec 9, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Oct 28, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Sep 9, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jul 15, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jun 3, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Apr 15, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Mar 27, 2020 | ▼ cut | 0.25% | −50 bp | — |
| Mar 13, 2020 | ▼ cut | 0.75% | −50 bp | — |
| Mar 4, 2020 | ▼ cut | 1.25% | −50 bp | 1.50% |
| Jan 22, 2020 | ■ hold | 1.75% | 0 bp | 1.75% |
| Dec 4, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Oct 30, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Sep 4, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Jul 10, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| May 29, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Apr 24, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Mar 6, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Jan 9, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Dec 5, 2018 | ■ hold | 1.75% | 0 bp | 1.75% |
| Oct 24, 2018 | ▲ hike | 1.75% | +25 bp | 1.75% |
| Sep 5, 2018 | ■ hold | 1.50% | 0 bp | 1.50% |
| Jul 11, 2018 | ▲ hike | 1.50% | +25 bp | 1.50% |
| May 30, 2018 | ■ hold | 1.25% | 0 bp | 1.25% |
| Apr 18, 2018 | ■ hold | 1.25% | 0 bp | 1.25% |
| Mar 7, 2018 | ■ hold | 1.25% | 0 bp | 1.25% |
| Jan 17, 2018 | ▲ hike | 1.25% | +25 bp | 1.25% |
| Dec 6, 2017 | ■ hold | 1.00% | 0 bp | 1.00% |
| Oct 25, 2017 | ■ hold | 1.00% | 0 bp | 1.00% |
| Sep 6, 2017 | ▲ hike | 1.00% | +25 bp | 0.75% |
| Jul 12, 2017 | ▲ hike | 0.75% | +25 bp | 0.75% |
| May 24, 2017 | ■ hold | 0.50% | 0 bp | 0.50% |
| Apr 12, 2017 | ■ hold | 0.50% | 0 bp | 0.50% |
| Mar 1, 2017 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jan 18, 2017 | ■ hold | 0.50% | 0 bp | 0.50% |
| Dec 7, 2016 | ■ hold | 0.50% | 0 bp | 0.50% |
| Oct 19, 2016 | ■ hold | 0.50% | 0 bp | 0.50% |
| Sep 7, 2016 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jul 13, 2016 | ■ hold | 0.50% | 0 bp | 0.50% |
| May 25, 2016 | ■ hold | 0.50% | 0 bp | 0.50% |
| Apr 13, 2016 | ■ hold | 0.50% | 0 bp | 0.50% |
| Mar 9, 2016 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jan 20, 2016 | ■ hold | 0.50% | 0 bp | 0.50% |
| Dec 2, 2015 | ■ hold | 0.50% | 0 bp | 0.50% |
| Oct 21, 2015 | ■ hold | 0.50% | 0 bp | 0.50% |
| Sep 9, 2015 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jul 15, 2015 | ▼ cut | 0.50% | −25 bp | 0.75% |
| May 27, 2015 | ■ hold | 0.75% | 0 bp | 0.75% |
| Apr 15, 2015 | ■ hold | 0.75% | 0 bp | 0.75% |
| Mar 4, 2015 | ■ hold | 0.75% | 0 bp | 0.75% |
| Jan 21, 2015 | ▼ cut | 0.75% | −25 bp | 1.00% |
| Dec 3, 2014 | ■ hold | 1.00% | 0 bp | 1.00% |
| Oct 22, 2014 | ■ hold | 1.00% | 0 bp | 1.00% |
| Sep 3, 2014 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jul 16, 2014 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jun 4, 2014 | ■ hold | 1.00% | 0 bp | 1.00% |
| Apr 16, 2014 | ■ hold | 1.00% | 0 bp | 1.00% |
| Mar 5, 2014 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jan 22, 2014 | ■ hold | 1.00% | 0 bp | 1.00% |
| Dec 4, 2013 | ■ hold | 1.00% | 0 bp | 1.00% |
| Oct 23, 2013 | ■ hold | 1.00% | 0 bp | 1.00% |
| Sep 4, 2013 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jul 17, 2013 | ■ hold | 1.00% | 0 bp | 1.00% |
| May 29, 2013 | ■ hold | 1.00% | 0 bp | 1.00% |
| Apr 17, 2013 | ■ hold | 1.00% | 0 bp | 1.00% |
| Mar 6, 2013 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jan 23, 2013 | ■ hold | 1.00% | 0 bp | 1.00% |
| Dec 4, 2012 | ■ hold | 1.00% | 0 bp | 1.00% |
| Oct 23, 2012 | ■ hold | 1.00% | 0 bp | 1.00% |
| Sep 5, 2012 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jul 17, 2012 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jun 5, 2012 | ■ hold | 1.00% | 0 bp | 1.00% |
| Apr 17, 2012 | ■ hold | 1.00% | 0 bp | 1.00% |
| Mar 8, 2012 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jan 17, 2012 | ■ hold | 1.00% | 0 bp | 1.00% |
| Dec 6, 2011 | ■ hold | 1.00% | 0 bp | 1.00% |
| Oct 25, 2011 | ■ hold | 1.00% | 0 bp | 1.00% |
| Sep 7, 2011 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jul 19, 2011 | ■ hold | 1.00% | 0 bp | 1.00% |
| May 31, 2011 | ■ hold | 1.00% | 0 bp | 1.00% |
| Apr 12, 2011 | ■ hold | 1.00% | 0 bp | 1.00% |
| Mar 1, 2011 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jan 18, 2011 | ■ hold | 1.00% | 0 bp | 1.00% |
| Dec 7, 2010 | ■ hold | 1.00% | 0 bp | 1.00% |
| Oct 19, 2010 | ■ hold | 1.00% | 0 bp | 1.00% |
| Sep 8, 2010 | ▲ hike | 1.00% | +25 bp | 1.00% |
| Jul 20, 2010 | ▲ hike | 0.75% | +25 bp | 0.75% |
| Jun 1, 2010 | ▲ hike | 0.50% | +25 bp | 0.50% |
| Apr 20, 2010 | ■ hold | 0.25% | 0 bp | 0.25% |
| Mar 2, 2010 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jan 19, 2010 | ■ hold | 0.25% | 0 bp | 0.25% |
| Dec 8, 2009 | ■ hold | 0.25% | 0 bp | 0.25% |
| Oct 20, 2009 | ■ hold | 0.25% | 0 bp | 0.25% |
| Sep 10, 2009 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jul 21, 2009 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jun 4, 2009 | ■ hold | 0.25% | 0 bp | 0.25% |
| Apr 21, 2009 | ▼ cut | 0.25% | −25 bp | 0.50% |
| Mar 3, 2009 | ▼ cut | 0.50% | −50 bp | 0.50% |
| Jan 20, 2009 | ▼ cut | 1.00% | −50 bp | 1.00% |
| Dec 9, 2008 | ▼ cut | 1.50% | −75 bp | 1.75% |
| Oct 21, 2008 | ▼ cut | 2.25% | −25 bp | 2.00% |
| Oct 8, 2008 | ▼ cut | 2.50% | −50 bp | — |
| Sep 3, 2008 | ■ hold | 3.00% | 0 bp | 3.00% |
| Jul 15, 2008 | ■ hold | 3.00% | 0 bp | 3.00% |
| Jun 10, 2008 | ■ hold | 3.00% | 0 bp | 2.75% |
| Apr 22, 2008 | ▼ cut | 3.00% | −50 bp | 3.00% |
| Mar 4, 2008 | ▼ cut | 3.50% | −50 bp | 3.75% |
| Jan 22, 2008 | ▼ cut | 4.00% | −25 bp | 4.00% |
Source: FXStreet's economic calendar, read automatically. Expected is the economists' consensus where one was published. Check a figure against the BoC's own site before relying on it.
Questions
Bank of Canada Interest Rate history: questions
What is the BoC interest rate now?
2.50%, set on Wednesday, October 28, 2026. The next decision is on Wednesday, December 9, 2026 at 9:45 AM EST.
When did the BoC last change interest rates?
On Oct 28, 2026, a hike of 25 bp to 2.50%.
What is the highest the overnight rate target has been since 2008?
5.00%, first set on Jul 12, 2023. The lowest was 0.25%, first set on Apr 21, 2009.
How many times did the BoC raise rates in its latest cycle?
1 time, +25 bp in all, from Oct 28, 2026 to Oct 28, 2026. The cutting cycle before it made 9 moves, −275 bp, from Jun 5, 2024 to Oct 29, 2025.
How often does the BoC surprise the market?
Of the 151 BoC decisions with a published consensus since Jan 22, 2008, 139 matched it, 5 came out above it (more hawkish than expected) and 7 below it (more dovish).
Where does this data come from?
FXStreet's economic calendar, read automatically and never typed by hand, and refreshed after every decision. The calendar misses a few meetings. Download it all as CSV.
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