what are interest rates in canada

As of September 17, 2025, the Bank of Canada lowered its benchmark interest rate by 25 basis points to 2.50%. This is the current target overnight rate set by the Bank of Canada, which influences many interest rates in the Canadian economy including those for mortgages, loans, and lines of credit. The Bank of Canada has indicated it may cut rates further if economic risks increase. The rate cut to 2.50% is the first in six months, marking a resumption of the rate cutting cycle after previous months of stable rates at 2.75%.