If you carry a variable-rate mortgage, a home equity line of credit, or any investment sensitive to Canadian interest rates, there’s a small calendar you check more than your email. The Bank of Canada publishes its eight announcement dates before the year even starts — and for 2025, that schedule landed on August 27, 2024. Here’s every date, what gets published alongside it, and what the current hold at 2.25% signals for borrowers watching the horizon.

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Current Rate: 2.25% ·
Next Announcement: January 29, 2025 ·
Announcements Per Year: 8 ·
Announcement Time: 09:45 ET

Quick snapshot

1Confirmed facts
2What’s unclear
  • Exact rate changes for each 2025 date (projections vary by source)
  • Whether the cutting cycle resumes or rate stays flat through year-end
3Timeline signal
  • October 2025 cut by 25 bps brought rate to 2.25% (TD Stories)
  • December 2025 hold followed (TD Stories)
  • 2026 schedule confirms same eight-date cadence (TD Stories)
4What’s next
  • January 29, 2025 announcement with full Monetary Policy Report
  • 2026 schedule (Jan 28, Mar 18, Apr 29…) already published

The key parameters for tracking BoC decisions are summarized in the table below.

Detail Value
Overnight Rate 2.25%
Next Decision January 29, 2025
Announcement Time 09:45 ET
2025 Dates Published August 27, 2024
Annual Announcements 8

What are the BoC rate announcement dates for 2025?

The Bank of Canada locked in its full 2025 schedule on August 27, 2024, releasing eight fixed dates when the Governing Council will announce whether the overnight rate target moves, holds, or gets cut. All eight announcements run at 09:45 ET — timed so markets and journalists can react during Canadian business hours.

January 29 announcement and Monetary Policy Report

The year opens with the most information-packed date: January 29 brings both the rate decision and the quarterly Monetary Policy Report. The MPR lays out the bank’s inflation forecast, growth projections, and risk assessment — the document mortgage professionals, economists, and journalists read most carefully. The January edition sets the tone for how aggressively the bank expects to cut through the year. Alongside the MPR, the Business Outlook Survey and Canadian Survey of Consumer Expectations both land January 20, giving the bank fresh data before the decision.

March 12 interest rate announcement

The March 12 date is a standalone rate announcement — no accompanying report. That means no new inflation projections, just the Governing Council’s judgment on whether economic data since January warrants a move. In recent cutting cycles, these standalone dates tend to be holds unless something breaks strongly in the inflation or jobs numbers.

Full official schedule

The complete 2025 calendar runs: January 29, March 12, April 16, June 4, July 30, September 17, October 29, and December 10. April and October also carry MPR releases alongside the rate decision, matching the January and July pattern (Bank of Canada, official schedule). The remaining dates — June, September, and December — are standalone, though the December decision carries outsized weight as the final data point before the calendar year closes.

Bottom line: Eight fixed dates, all at 09:45 ET, with four tied to the quarterly Monetary Policy Report. For mortgage holders, the schedule itself never varies — what stays uncertain is whether the rate moves, and that uncertainty is exactly why you track each date.

What is the Bank of Canada rate forecast for 2025?

The current policy rate sits at 2.25% as of the October 2025 cut and the subsequent December hold (TD Stories, December 2025 outcome). Market consensus as of late 2025 priced in a prolonged pause — no further cuts expected through 2026, according to rate forecasters tracking the overnight rate corridor (Equals Money, economic calendar).

Recent holds at 2.25%

The Bank of Canada cut the overnight rate by 25 basis points at its October 29, 2025 announcement, bringing it to 2.25%. The December 10 decision then held at that level, with the Governing Council citing alignment with the 2% inflation target (TD Stories, December 2025 report). That statement — “the current policy rate at about the right level” — is central bank language for pause mode.

Predictions from Trading Economics

Third-party forecasters show a rate path that had tentatively penciled in additional cuts through early 2025 — dropping to 3.00% in January, then 2.75% by March 12 — before the cutting cycle apparently exhausted itself around the 2.25% floor. These projections carry medium confidence since the Bank of Canada never pre-announces its rate path; the Governing Council responds to incoming data, not analyst expectations.

What to watch

The Bank of Canada’s own language is the most reliable forecast: when the MPR language shifts from “inflation close to 2%” to warnings about softness or stubborn prices, that’s the signal the next move is a cut or a hold. Watch the MPR forward guidance, not the headline rate decision alone.

The pattern suggests the BoC has reached a floor where further cuts depend on unexpected economic weakness rather than any pre-announced trajectory.

What day is the next interest rate decision?

The next scheduled announcement falls on Wednesday, January 29, 2025. It is the first decision of the calendar year and the first with a full Monetary Policy Report — the combination that makes January 29 the highest-signal date on the 2025 calendar.

Upcoming January 29, 2025

January 29 is the one to put on your calendar if you’re tracking the BoC’s next move. The timing — 09:45 ET — is consistent across all eight dates. The Bank of Canada publishes the rate decision and a press statement simultaneously, then Governing Council officials field questions from journalists in a media lockup. By 10:00 ET, the rate is public.

Time and format

Every announcement follows the same cadence: decision at 09:45 ET, press lockup for journalists at 09:30 ET, media questions at 10:00 ET, and the Governor’s press conference typically within an hour. The Monetary Policy Report drops at the same time as the decision on the four MPR dates — January, April, July, and October.

If your renewal date falls within 60 days of any scheduled announcement, the timing is worth tracking closely.

What is the next interest rate prediction for the Bank of Canada?

With the rate at 2.25% and the Governing Council signaling that this level sits “about the right level” for the current economic environment, the baseline expectation heading into 2025 is a hold through the first quarter at minimum. Any forecast beyond that depends on whether inflation rebounds, the job market softens, or external shocks — trade disruptions, energy price spikes — force the bank’s hand.

Short-term outlook

The October 2025 cut to 2.25% followed by a December hold suggests the bank reached what it considers a neutral rate — neither stimulating nor restrictive — with further cuts unlikely unless conditions deteriorate. Analysts tracking the BoC’s rate corridor broadly expect the bank to remain on hold through 2026 (Equals Money, economic calendar). The risk to that call is an unexpected inflation spike forcing the bank back into tightening, or a sharper-than-expected economic slowdown requiring more cuts.

Links to 2026 dates

The Bank of Canada has already published its 2026 schedule — eight dates shifted roughly one week later than 2025’s calendar: January 28, March 18, April 29, June 10, July 15, September 2, October 28, and December 9 (Bank of Canada, key interest rate page). The schedule shift is a recurring pattern, not a signal. The 2026 dates also include MPR releases in January, April, July, and October, maintaining the same quarterly rhythm.

The catch

A published schedule tells you when decisions happen — not what the decisions will be. Canada’s rate path through 2025 and 2026 will be shaped by inflation prints, housing market data, and US Federal Reserve moves, none of which the BoC calendar can predict.

Should I lock my mortgage rate now or wait?

This is the question that turns eight abstract calendar dates into something personal. If you hold a variable rate, the BoC’s overnight target moves your payment every time the bank cuts or holds. If you’re coming up for renewal, the gap between a 2-year and 5-year fixed rate hinges on whether the market expects cuts or hikes from here.

Pros and cons of locking now

Upsides

  • Certainty: a fixed rate ends the announcement-date anxiety for the full term
  • The 2.25% level is historically low; locking in a 3-5 year term now protects against a future hike
  • BoC has signaled the rate is “about the right level” — the downside if it holds is modest

Downsides

  • If cuts resume, a variable-rate holder would have benefited from additional drops
  • Fixed rates typically carry a premium over variable; the spread costs money upfront
  • Locking now on a 5-year term means missing any future cuts below the current 2.25%

Timing around announcements

If your renewal falls within 60 days of a scheduled announcement date, the timing matters. A January 29 announcement, for instance, gives you one week’s notice before the decision hits markets — enough to check your lender’s posted rate and call your broker. If your renewal date sits between two announcements, the middle ground typically offers the most stable window.

The upshot

Variable-rate holders who already moved through the worst of the cutting cycle (from 5% down to 2.25%) are sitting on historically favorable terms. Whether to lock depends on your personal risk tolerance and how much future cuts would actually change your payment. For most borrowers at this rate level, certainty has genuine value.

Rate announcement timeline

Key milestones on the 2025 BoC calendar show how rate decisions, reports, and releases interconnect across the year.

Date Event
August 27, 2024 Bank of Canada publishes 2025 schedule
January 20, 2025 Business Outlook Survey and Consumer Expectations Survey releases
January 29, 2025 Interest rate announcement + Monetary Policy Report
March 12, 2025 Interest rate announcement
April 16, 2025 Interest rate announcement + Monetary Policy Report
May 8, 2025 Financial Stability Report
June 4, 2025 Interest rate announcement
July 30, 2025 Interest rate announcement + Monetary Policy Report
October 29, 2025 Interest rate announcement + Monetary Policy Report
December 10, 2025 Interest rate announcement (held at 2.25%)

What the Bank says

If inflation and economic activity evolve broadly in line with the October projection, Governing Council sees the current policy rate at about the right level to keep inflation close to 2% while helping the economy through this period of structural adjustment.

— Bank of Canada Governing Council (TD Stories, reporting on December 2025)

The Bank of Canada today published its 2025 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report.

— Bank of Canada official announcement (Bank of Canada schedule release, August 2024)

Summary

The 2025 BoC announcement schedule gives borrowers and investors eight fixed dates to plan around — January 29, March 12, April 16, June 4, July 30, September 17, October 29, and December 10, all at 09:45 ET. The rate landed at 2.25% after October’s cut, and the December hold confirmed the bank sees that level as appropriate for now. The cutting cycle hasn’t ended entirely, but the urgency is gone — the base case is a prolonged pause through 2026. For Canadian mortgage holders, the decision to lock in a fixed rate or ride the variable wave comes down to this: at 2.25%, you’re already inside historically favorable territory. The BoC has signaled that further cuts are unlikely without a meaningful shift in economic conditions, meaning borrowers who lock now trade the possibility of additional drops for the certainty of predictable payments.

Related reading: Canada Workers Benefit 2025

Additional sources

islandsocialtrends.ca, equalsmoney.com, frbservices.org, bankofcanada.ca, tradingeconomics.com, myperch.io, ohcd.ca

Mortgage holders planning around these dates will find the Bank of Canada 2025 schedule corroborated across multiple financial outlets for added confidence.

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Frequently asked questions

Will mortgage rates drop to 3% again?

The overnight rate at 2.25% means prime rates sit in the 4.5–5.25% range, which translates to variable mortgage rates roughly in the 3.5–4.5% band depending on your lender’s spread. Whether variable rates dip back to the 3% range depends on whether the BoC resumes cutting — the market consensus heading into 2025 is a hold, not further cuts. Fixed rates are typically priced above current variable rates, so the “3%” threshold is more relevant for variable-rate borrowers than those renewing into fixed.

Is the 4.75 interest rate high?

The 4.75% figure refers to where the BoC rate stood during the tightening cycle (peaked June 2024 before the first cut). Compared to the pre-pandemic era of 0.25%, 4.75% was historically high. At the current 2.25%, it’s a third of that peak — and for Canadian borrowers, the steepest part of the rate climb is already reversed.

Should I fix for 3 or 5 years?

The 3-year term typically carries a lower rate than the 5-year term but expires sooner, forcing you back to the market sooner. At current rates, the 5-year fixed premium over the 3-year is modest. Borrowers who value payment certainty and don’t want to renegotiate in 2027 often prefer the 5-year. Those who believe further cuts are coming might take the shorter term and bet on lower rates at renewal. The BoC’s January 29 announcement and its accompanying MPR will be the clearest signal for that 3 vs. 5 decision.

How long should I fix my mortgage for? 2, 3, 5 or 10 years?

The 10-year term exists but carries a significantly higher rate than shorter terms and most Canadian borrowers never take it — the lock-in cost is too high relative to the marginal certainty gained. The practical choice in 2025 is between 2, 3, and 5 years. At 2.25% overnight rate with a hold expected through 2026, a 2-year fixed rates you into the next potential cut cycle. A 5-year fixed gives you protection if rates rise. Most mortgage professionals advise against overthinking the term — the difference in total interest between a 3 and 5-year rarely moves the needle compared to amortization and principal payments.

What are the dates for Bank of Canada interest rate announcement 2026?

The 2026 BoC schedule runs January 28, March 18, April 29, June 10, July 15, September 2, October 28, and December 9 — shifted roughly one week later than 2025’s dates on average (Bank of Canada, key interest rate page). The pattern repeats through the year: eight announcements, every 6–7 weeks, with MPR releases on the January, April, July, and October dates.

Is there a Bank of Canada announcement today?

BoC announcements happen eight times per year, not daily. To check if today is an announcement date, cross-reference against the schedule above (January 29, March 12, April 16, June 4, July 30, September 17, October 29, December 10 for 2025). The Bank of Canada’s own events calendar at bankofcanada.ca lists all upcoming events. Today is only an announcement day if it falls on one of those eight dates.

What is the current Bank of Canada policy rate?

The current overnight rate target is 2.25%, held at the December 10, 2025 decision (Bank of Canada, key interest rate page). This follows a 25 basis point cut at the October 29, 2025 announcement. The bank has signaled this level is appropriate for the current inflation environment, and market pricing suggests no further cuts are expected through 2026.