On June 10th, The Bank of Canada held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.
This marks the fifth consecutive rate hold in a row, which started in December 2025.
The bank seeks to balance economic turbulence while keeping inflation from rising too much.
The news means no change for Canadian homeowners on variable mortgage rates and borrowers holding home equity lines of credit (HELOCs), while bond yields are unlikely to shift significantly – likely meaning a similar picture for fixed rates.
The next Bank of Canada interest rate announcement is July 15th, 2026.