Bank of Canada Rate Announcement Dates for 2027

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 9 min read — All eight Bank of Canada rate decision dates for 2027, the report dates, and what each announcement means for prime and your mortgage.

This page is for GTA homeowners, buyers and anyone with a variable mortgage, line of credit or 2027 renewal who wants the Bank of Canada’s 2027 decision dates in one place. You will get the eight official dates, the other Bank releases worth watching, what happens to prime and your payment on each date, and how to plan a purchase or renewal around them.

What are the Bank of Canada rate announcement dates for 2027?

The Bank of Canada will announce its policy interest rate on eight fixed dates in 2027, all Wednesdays at 9:45 a.m. Eastern time. The Bank published the schedule on 27 July 2026. Four of the dates come with a full Monetary Policy Report, which is when the Bank updates its forecasts for inflation and growth.

Source: Bank of Canada, 2027 schedule for policy interest rate announcements (27 July 2026). All announcements at 9:45 a.m. ET.

Before 2027 starts there is one more decision: Wednesday, 9 December 2026. That is the next date to watch after the 28 October 2026 increase.

What time does the Bank of Canada announce rates?

Every announcement is at 9:45 a.m. Eastern, which is Toronto time. On the four Monetary Policy Report dates, the Governor and Senior Deputy Governor also hold a press conference, which in October 2026 was listed for about 10:30 a.m. Eastern. The press release is short. The press conference and the report are where you learn why the Bank acted and what might come next.

The Bank says a change to the policy rate takes effect the day after it is announced, a practice in place since 2021. The big banks follow quickly with their prime rates. After the 28 October 2026 decision, for example, big-bank prime moved from 4.45% to 4.70% effective 29 October.

What other Bank of Canada dates matter in 2027?

Rate decisions get the headlines, but the Bank publishes several reports that shape what it does next. These are the 2027 dates the Bank has set:

• Business Outlook Survey and Canadian Survey of Consumer Expectations: Monday 18 January, 19 April, 12 July and 18 October, at 11:30 a.m. Eastern. These show what businesses and households expect for prices and wages. Each one lands nine days before a Monetary Policy Report decision.
• Financial Stability Report: Tuesday 18 May, at 10:00 a.m. Eastern. This is where the Bank looks at household debt and mortgage renewal risks.
• Summary of Governing Council deliberations: in 2026, the Bank published each summary two weeks after the decision (for example, 2 September’s summary came out on 16 September). If it keeps that pattern, expect each 2027 summary about two weeks after each date above. These tell you how close the decision was.
• Market Participants Survey: a quarterly survey of about 25 financial market participants. The third-quarter 2026 results came out on 9 November 2026.

The Bank is also working under a renewed framework. On 5 November 2026, the federal government and the Bank renewed the 2% inflation target, the midpoint of a 1% to 3% range, for another five years ending 31 December 2031. That target is the yardstick for every 2027 decision.

How did the Bank of Canada decide in 2025 and 2026?

Looking back helps set expectations. After cuts in 2025, the Bank held for most of a year, then raised rates in October 2026:

Source: Bank of Canada, policy interest rate history. Next decision 9 December 2026.

In October the Bank said inflation had been around 3% since April, was expected to reach about 3.5% by the end of 2026 and to average 3% in 2027, before returning to 2% by the middle of 2028. It said a further increase could be needed but that it would proceed carefully. That is the backdrop for the January 2027 report.

What happens to my mortgage on a Bank of Canada announcement day?

It depends on what kind of borrowing you have:

• Variable-rate mortgage or HELOC: your rate is usually prime plus or minus a margin. If the Bank moves and the banks change prime, your rate moves the next day. On a $600,000 variable mortgage at prime minus 0.30% over 25 years, each 0.25-point move changes the payment by about $83 a month, by my arithmetic (semi-annual compounding). If you have a fixed-payment variable, more or less of each payment goes to interest instead.
• Fixed-rate mortgage: nothing changes until renewal. Fixed rates follow Government of Canada bond yields, which can move on any day, not just announcement days.
• Buyers with a pre-approval or rate hold: a held fixed rate is protected for the hold period. A variable pre-approval moves with prime.

For the full effect of the October hike on GTA buyers and owners, read what the October 2026 rate hike means, and for payment examples by balance, see variable mortgage payments after a hike.

What are economists expecting from the 2027 meetings?

Forecasts change often, so treat these as a snapshot from early November 2026:

• Bank of Canada Market Participants Survey (taken 23 September to 1 October, before the hike): the median respondent expected the policy rate at 2.50% in December 2026 and 2.75% by March 2027, then flat through 2028. Half the respondents saw risks tilted toward higher rates; none saw them tilted lower.
• CIBC (2 November 2026, as reported by Canadian Mortgage Trends): a December pause, then one more hike, probably in January, to a peak of 2.75%.

So the January 27 and March 3 decisions are the two that forecasters are watching most closely. For the longer outlook, see whether mortgage rates will go down in 2027.

How do the 2027 rate dates line up with the GTA housing market?

Rates feed straight into what buyers can afford, so the decision calendar and the housing calendar overlap. The first three decisions of 2027 (27 January, 3 March and 28 April) all land before or during the spring market.

The market heading into those dates is soft. TRREB reported 5,603 GTA sales in October 2026, down 7.9% from a year earlier, with an average price of $1,024,108, down 2.7%, and the MLS Home Price Index composite benchmark down 4.3%. TRREB said uncertainty about inflation, borrowing costs and the economy kept many buyers on the sidelines. In TRREB MLS data via REALM for January to October 2026, median detached prices were down 8.9% in Brampton and 5.8% in Mississauga against the same period of 2025.

That means a hold in early 2027 could help confidence, while another hike could keep buyers cautious into spring. Neither outcome is certain.

How should I plan a purchase or renewal around the 2027 dates?

You cannot time the Bank, but you can avoid being surprised by it:

• Renewing in 2027? Your lender will send a renewal offer before your term ends, but you do not have to take it. Shop early, and if a decision date falls between your offer and your renewal, ask whether you can hold the rate. My guide to 2027 renewal options after the rate hike covers switching and the stress test.
• Buying with a variable rate? Budget for at least one more 0.25-point increase, because that is what most forecasts above expect.
• Buying with a fixed rate? Lock a rate hold as soon as you are serious. Fixed rates react to bond markets and the Monetary Policy Report, sometimes before a decision.
• Selling? Buyers’ budgets move with rates. A hike in January or March can trim what buyers qualify for in the spring market, so price with current rates in mind.

What to do next

1. Add 9 December 2026 and the eight 2027 dates to your calendar, with the four report dates marked.
2. Find your mortgage type, margin and renewal date on your latest statement.
3. Work out what a 0.25-point and 0.50-point rise would do to your payment.
4. If you renew or buy in 2027, get a rate hold before the decision closest to your date.
5. Read the Bank’s press release and the summary of deliberations after each decision, not just the headline.

Frequently asked questions

Sources

• Bank of Canada — 2027 schedule for policy interest rate announcements and other major publications (27 July 2026)
• Bank of Canada — Policy interest rate: decision history and schedule
• Bank of Canada — Bank of Canada raises the policy rate by 25 basis points to 2½% (28 October 2026)
• Bank of Canada — Summary of Governing Council deliberations (publication list)
• Bank of Canada — Market Participants Survey, third quarter of 2026
• Bank of Canada — Joint statement on the renewal of the monetary policy framework (5 November 2026)
• Canadian Mortgage Trends — CIBC questions BoC’s inflation outlook, sees December pause (2 November 2026)
• TRREB — Market Watch, October 2026 (released 4 November 2026)

Related reading

• The Bank of Canada Raised Rates: What It Means for GTA Buyers, Sellers and Owners
• Variable-Rate Mortgage After the Hike: How Much Your Payment Changes
• Should I Lock In My Variable Mortgage Before 2027?
• Mortgage Renewal in 2027 After the Rate Hike: Your Options in Ontario