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Target for the overnight rate

The Bank of Canada's policy rate. It is the anchor for short-term borrowing costs in Canada; changes feed through to variable-rate credit over the following weeks.

Current value 2.25%
As of 2026-09-16
Series code V39079
Publisher Bank of Canada

This is a published benchmark, not an offer. No lender is obliged to lend at it, and the rate you are offered for a particular loan depends on the lender's assessment of your file, the security pledged and the term. A benchmark is useful because it shows which way the underlying cost of funds is moving and how far a quoted rate sits from it.

The lowest rates are only available to the most qualified applicants.

Source: Bank of Canada, series V39079, as of 2026-09-16. Retrieved 2026-09-17T23:57:00Z.

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Other series

Prime rate Canadian Overnight Repo Rate Average (CORRA) Conventional mortgage: 1-year Conventional mortgage: 3-year Conventional mortgage: 5-year Government of Canada benchmark bond yield: 2 year Government of Canada benchmark bond yield: 5 year Government of Canada benchmark bond yield: 10 year

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