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Schedule of Policy Rate changes for 2023

Mark your calendars!

The Bank of Canada has released its schedule for 2023’s interest rate policy announcements.

The Bank carries out monetary policy by influencing short-term interest rates. It does this by adjusting the target for the overnight rate on eight fixed dates each year.
Rates will be annouced as follows:
January 25th- Interest rate announcement & Monetary Policy Report
March 8th – Interest rate announcement
April 12th- Interest rate announcement & Monetary Policy Report
June 7th – Interest rate announcement
July 12th- Interest rate announcement & Monetary Policy Report
September 6th – Interest rate announcement
October 25th- Interest rate announcement & Monetary Policy Report
December 6th – Interest rate announcement
In 2022 we saw most of these dates in the third and fourth quarter result in increases in the prime rate. This helped soothe the red-hot sellers’ market by reducing demand and inflation. It also has made it more difficult for first-time homebuyers to receive lending.  Take a look at the most recent data below:

Do you want to know more about how this will impact your real estate goals?

Get in touch!

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