The Bank of Canada held its target for the overnight rate at 2.25% on July 15, 2026. The Bank Rate remained 2.5% and the deposit rate remained 2.20%. The decision left all three rates unchanged.
The Bank judged the 2.25% policy rate appropriate to support the economic recovery while returning inflation to its 2% target. Its target overnight rate influences short-term funding conditions, but financial institutions set their own mortgage, loan, line-of-credit and savings rates; those consumer rates do not have to move automatically or immediately after a Bank decision.