If you have a variable-rate mortgage, are renewing next year, or just keeping an eye on where interest rates are headed, the Bank of Canada has officially released its 2027 interest rate announcement schedule.
While these dates won’t tell us whether rates will go up, down, or stay the same, they do let us know when the Bank will make its next policy decisions.
2027 Bank of Canada Rate Announcement Dates
The Bank of Canada is scheduled to announce its overnight interest rate on the following dates:
- January 27, 2027
- March 3, 2027
- April 28, 2027
- June 2, 2027
- July 21, 2027
- September 8, 2027
- October 27, 2027
- December 8, 2027
The announcements are typically released at 9:45 a.m. Eastern Time, with the Bank’s Monetary Policy Report published alongside the January, April, July, and October decisions.
Why Do These Dates Matter?
If you have a variable rate mortgage, these are the dates that you’ll want to watch closely. Changes to the Bank of Canada’s overnight rate usually lead lenders to adjust their prime lending rate, which can affect:
- Variable-rate mortgages
- Home Equity Lines of Credit (HELOC)
If you’re in a fixed rate, these announcements don’t change your interest rate. Fixed mortgage rates are influenced much more by the Government of Canada bond market. Although the Bank’s outlook can still impact market expectations over time, they are often priced in when fixed rates begin to move. As of August 5th, 2026, bond yields are hovering in the 3.177% range, still much higher than levels seen in March 2026 where fixed rates were around 3.49% for 3 year fixed. Now, you will be lucky to get something below 4%.
What About Mortgage Renewals?
With a large number of Canadians renewing their mortgages over the next couple of years, it’s worth keeping these dates in mind if your renewal is approaching.
Many borrowers wait until a Bank of Canada announcement before making a decision, but that’s not always the best strategy. Depending on your situation, it can make sense to lock in both a variable and fixed rate before your renewal, and then wait to see what happens leading up to your renewal date. You can pick which option you want to go with 3 weeks out from your renewal date, depending on where the market trajectory is headed.
Current Rate Environment
Forecasts from the country’s Big Six banks now largely align on the Bank of Canada holding its policy rate at 2.25% through 2026, but diverge sharply in 2027.
RBC, Scotia, and National Bank all see the rates rising once the Bank’s easing cycle ends, though on different timelines. National Bank expects the first move, with an increase to 2.75% by late 2026. Scotiabank projects a similar path but sees the rate reaching 3.00% by the end of 2027, while RBC forecasts an even higher endpoint of 3.25% in Q4 2027.
TD, CIBC, and BMO all expect the policy rate to hold steady at 2.25% through the end of 2027, implying a prolonged period of stability once cuts are complete.
