bank of canada interest rate 2025

Here is when to expect Bank of Canada rate updates in 2025

Last month, the Bank of Canada lowered its key interest rate from 3.75 per cent to 3.25 per cent in its fifth and final major announcement of the year.

Experts had predicted a 0.25 per cent interest rate cut, but that changed after Canada's unemployment rate rose to 6.8 per cent — a nearly eight-year high if you exclude the peak pandemic years of 2020 and 2021.

"Consumer spending and housing activity both picked up, suggesting lower interest rates are beginning to boost household spending," stated the BoC.

"With inflation around 2 per cent, the economy in excess supply, and recent indicators tilted towards softer growth than projected, Governing Council decided to reduce the policy rate by a further 50 basis points to support growth and keep inflation close to the middle of the 1-3 per cent target range," it added.

The Bank also made a jumbo-sized cut in October, reducing its key interest rate by half a point to 3.75 per cent. It has been lowering the policy rate substantially since June when it dropped the interest rate from a longstanding 5 per cent to 4.75 per cent. That move was the first in more than four years, following six rate holds.

The next policy rate update is set for January 29, 2025.

Keep up with rate updates in 2025

The BoC's announcements alternate between pure interest rate updates and rate updates in conjunction with monetary policy reports and commentary.

The Bank is expected to release a rate-and-report combo on January 29.

Those keen on staying on the pulse of the market should follow the BoC's X account and look at morning updates on the following dates:

  • Wednesday, January 29, 2025 (rate update, monetary policy report, and commentary)
  • Wednesday, March 12, 2025 (rate update only)
  • Wednesday, April 16, 2025 (rate update, monetary policy report, and commentary)
  • Wednesday, June 4, 2025 (rate update only)
  • Wednesday, July 30, 2025 (rate update, monetary policy report, and commentary)
  • Wednesday, September 17, 2025 (rate update only)
  • Wednesday, October 29, 2025 (rate update, monetary policy report, and commentary)
  • Wednesday, December 10, 2025 (rate update only)


All announcements typically drop at 9:45 a.m. You can also subscribe for email updates.

Lead photo by

Iryna Tolmachova / Shutterstock.com


Latest Videos



Latest Videos


Join the conversation Load comments

Latest in City

Embattled Eglinton Crosstown LRT is already being repaired before even opening

Half of Canadians say they're $200 or less away from going broke

Toronto is in peak construction mode with over $1B in capital projects underway

Misspelled ads somehow made it onto Toronto's most prominent billboards

Costco Canada offering membership deal but you don't have much time

Canada Post hikes stamp prices and here's how much more you'll have to pay

The TTC is hiring for a bunch of well-paying jobs and here are some open roles

The first child tax payment of 2025 is coming to Canadians next week