Every BoC rate move, decoded for Canadian mortgage holders in plain English.
The overnight rate is what the Bank of Canada charges major banks for one-day loans. It sets prime, which sets your variable mortgage rate. When BoC cuts 25 bps, prime drops 25 bps, and your variable payment (or amortization) adjusts.
BoC announces rate decisions eight times a year. Our tracker lists every remaining 2026 date with the market's implied move probability the morning of the announcement.
Variable: instant. Fixed: indirect — 5-year fixed follows the 5-year Government of Canada bond, which prices in future BoC moves months ahead. A cut already priced in won't drop fixed rates further.
Threads searching bank of canada rate reddit often confuse the overnight rate with prime and with your mortgage rate — three related but distinct numbers. Redditors also over-index on individual BoC speech quotes; the market pricing (via BAX futures) is a better forecaster than any single Governor comment.
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BoC announces every ~6 weeks. Subscribe to our rate alerts to get the decision and the mortgage-market impact in your inbox within an hour.
Not directly. Fixed rates track the 5-year GoC bond yield, which tends to move ahead of BoC. Sometimes fixed rates rise on a cut if the bond market interprets the decision as inflationary.
Roughly $70–$75/month on a 25-year amortization at current rate levels.
Retail forecasts on Reddit run 50/50 either way — use BAX-implied probabilities instead, which we publish live.
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