Rate watch
Bank of Canada rate decisions
Every announcement since March 2022 — the hikes, the peak, and the cuts back down — with what each one actually meant for a mortgage in Fort McMurray.
Quick answer
The Bank of Canada's policy rate is 2.25% as of August 2026, which puts prime at 4.45%. Inflation is running at about 3% (July 2026). The most recent decision was on July 15, 2026, when the Bank held the rate at 2.25%.
The rate cycle
The policy rate from the start of the hiking cycle to today.
Inflation over the same period
Total CPI, year over year. The Bank targets 2%.
Every decision since March 2022
2026
Rates hold again at 2.25%
On July 15, 2026 the Bank of Canada held its policy rate at 2.25%, keeping prime at 4.45%. The Bank held once more.
Holding through the spring market
On June 10, 2026 the Bank of Canada held its policy rate at 2.25%, keeping prime at 4.45%. No change through the busiest stretch of the year.
A fourth straight hold
On April 29, 2026 the Bank of Canada held its policy rate at 2.25%, keeping prime at 4.45%. Rates unchanged again.
Still holding at 2.25%
On March 18, 2026 the Bank of Canada held its policy rate at 2.25%, keeping prime at 4.45%. Another hold.
The first decision of 2026 — no change
On January 28, 2026 the Bank of Canada held its policy rate at 2.25%, keeping prime at 4.45%. A hold to open the year.
2025
Holding at 2.25% to end the year
On December 10, 2025 the Bank of Canada held its policy rate at 2.25%, keeping prime at 4.45%. The Bank stayed put.
Down to 2.25% — the lowest since 2022
On October 29, 2025 the Bank of Canada cut its policy rate by 25 basis points to 2.25%, moving prime to 4.45%. Prime fell to 4.
Cutting again — down to 2.50%
On September 17, 2025 the Bank of Canada cut its policy rate by 25 basis points to 2.5%, moving prime to 4.7%. The Bank resumed cutting after three holds.
A third consecutive hold
On July 30, 2025 the Bank of Canada held its policy rate at 2.75%, keeping prime at 4.95%. Rates steady through the summer.
Holding again as the Bank waits
On June 4, 2025 the Bank of Canada held its policy rate at 2.75%, keeping prime at 4.95%. A second hold.
The cuts pause — holding at 2.75%
On April 16, 2025 the Bank of Canada held its policy rate at 2.75%, keeping prime at 4.95%. The first hold after seven consecutive reductions.
Down to 2.75%
On March 12, 2025 the Bank of Canada cut its policy rate by 25 basis points to 2.75%, moving prime to 4.95%. Seven cuts in nine months.
Cutting into 2025
On January 29, 2025 the Bank of Canada cut its policy rate by 25 basis points to 3.0%, moving prime to 5.2%. The sixth consecutive reduction.
2024
Another half point to close the year
On December 11, 2024 the Bank of Canada cut its policy rate by 50 basis points to 3.25%, moving prime to 5.45%. A second consecutive oversized cut.
A half-point cut — the pace accelerates
On October 23, 2024 the Bank of Canada cut its policy rate by 50 basis points to 3.75%, moving prime to 5.95%. The Bank moved 50 basis points at once.
A third cut in a row
On September 4, 2024 the Bank of Canada cut its policy rate by 25 basis points to 4.25%, moving prime to 6.45%. Three consecutive cuts.
A second straight cut
On July 24, 2024 the Bank of Canada cut its policy rate by 25 basis points to 4.5%, moving prime to 6.7%. Back-to-back reductions confirmed a direction rather than a one-off.
The first cut — the cycle finally turns
On June 5, 2024 the Bank of Canada cut its policy rate by 25 basis points to 4.75%, moving prime to 6.95%. The first reduction since the hiking cycle began.
Holding again, with June in view
On April 10, 2024 the Bank of Canada held its policy rate at 5.0%, keeping prime at 7.2%. Markets had settled on June for the first cut.
Another hold, and the first cut moves closer
On March 6, 2024 the Bank of Canada held its policy rate at 5.0%, keeping prime at 7.2%. No change, but the language softened.
The first decision of 2024 — still on hold
On January 24, 2024 the Bank of Canada held its policy rate at 5.0%, keeping prime at 7.2%. The conversation had fully turned from how high to when the cuts start.
2023
Holding into year end
On December 6, 2023 the Bank of Canada held its policy rate at 5.0%, keeping prime at 7.2%. The last decision of 2023.
Another hold, and the renewal question gets real
On October 25, 2023 the Bank of Canada held its policy rate at 5.0%, keeping prime at 7.2%. Borrowers who took a five-year fixed in 2018 or 2019 were now renewing into roughly double their old rate.
Holding at the top
On September 6, 2023 the Bank of Canada held its policy rate at 5.0%, keeping prime at 7.2%. The first hold at 5.
Rates reach 5.00% — the peak of the cycle
On July 12, 2023 the Bank of Canada raised its policy rate by 25 basis points to 5.0%, moving prime to 7.2%. The top, though nobody knew it yet.
The surprise hike — the pause ends
On June 7, 2023 the Bank of Canada raised its policy rate by 25 basis points to 4.75%, moving prime to 6.95%. The Bank restarted after two holds, and that surprise is the whole argument for a rate hold on a pre-approval: it protects you from exactly this.
Holding again, and the market starts to guess
On April 12, 2023 the Bank of Canada held its policy rate at 4.5%, keeping prime at 6.7%. A second consecutive hold.
The pause arrives — rates hold at 4.50%
On March 8, 2023 the Bank of Canada held its policy rate at 4.5%, keeping prime at 6.7%. The first hold in a year.
The Bank signals a pause
On January 25, 2023 the Bank of Canada raised its policy rate by 25 basis points to 4.5%, moving prime to 6.7%. A final quarter point, with the Bank flagging it intended to hold.
2022
The last hike of 2022
On December 7, 2022 the Bank of Canada raised its policy rate by 50 basis points to 4.25%, moving prime to 6.45%. Seven increases in ten months.
Half a point more, and the squeeze on qualifying
On October 26, 2022 the Bank of Canada raised its policy rate by 50 basis points to 3.75%, moving prime to 5.95%. Every hike tightened the stress test as well as the payment.
Another three-quarters of a point
On September 7, 2022 the Bank of Canada raised its policy rate by 75 basis points to 3.25%, moving prime to 5.45%. Prime moved above 5.
A full point in one move — the biggest hike in decades
On July 13, 2022 the Bank of Canada raised its policy rate by 100 basis points to 2.5%, moving prime to 4.7%. A hundred basis points at once.
Another half point, and no sign of stopping
On June 1, 2022 the Bank of Canada raised its policy rate by 50 basis points to 1.5%, moving prime to 3.7%. Three hikes in three months.
A half-point hike — the pace picks up
On April 13, 2022 the Bank of Canada raised its policy rate by 50 basis points to 1.0%, moving prime to 3.2%. A double move, and the signal that the Bank was not going to walk this up slowly.
The first hike: rates start climbing
On March 2, 2022 the Bank of Canada raised its policy rate by 25 basis points to 0.5%, moving prime to 2.7%. This was the turn.
What the Bank's rate actually changes for you
The overnight rate moves prime, and prime is what variable-rate mortgages and home equity lines of credit are priced against. When the Bank moves, a variable-rate holder feels it within days — either as a payment change, or, on a fixed-payment variable, as a shift in how much of the same payment goes to interest instead of principal.
Fixed rates work differently. They follow Government of Canada bond yields, which move on what markets expect the Bank to do next. That is why fixed rates often move before an announcement, and sometimes barely move on the day itself.
For most Fort McMurray files, though, the rate is not the variable that decides the outcome. How a lender treats overtime, shift premium, bonus and rotational income changes the approval amount far more than a quarter point does — which is what this guide is about. See today's Fort McMurray mortgage rates for what's actually available right now.
Bank of Canada questions
What is the Bank of Canada policy rate right now?+
The Bank of Canada's policy rate — the target for the overnight rate — is 2.25% as of August 2026. That puts prime at 4.45%, which is the rate variable mortgages and lines of credit are priced against.
Does the Bank of Canada set my mortgage rate?+
Not directly. The Bank sets the overnight rate, which moves prime — so variable-rate mortgages and HELOCs follow it closely, usually within days. Fixed mortgage rates are priced off Government of Canada bond yields instead, which is why a fixed rate can move in a week when the Bank has done nothing at all.
How often does the Bank of Canada announce rate decisions?+
Eight times a year, on dates fixed and published well in advance. Every decision back to March 2022 is listed below — 36 in total, covering the full hiking cycle, the peak at 5.00%, and the cuts back down to 2.25%.
Should I take a fixed or variable rate in Fort McMurray?+
There is no universally right answer — it depends on whether your budget can absorb a payment that moves, and on how long you expect to hold the mortgage. A variable follows prime, so it benefits immediately when the Bank cuts and costs more when it hikes. A fixed rate buys certainty for the term. What matters more for most Fort McMurray borrowers is which lender will treat your overtime, shift premium and bonus income properly — that usually moves the number further than the fixed-versus-variable choice does.
Want to know what today's rates mean for you?
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