When will the Bank of Canada's next rate hike be?

The bank predicts inflation will decline to about 3 per cent by the end of next year, and will hit its 2 per cent target by 2024. The Bank of Canada’s next rate announcement is scheduled to take place on December 7. The Bank of Canada is framed through fall foliage as colours peak in Ottawa, on Oct. 19, 2022.

What has been the impact of the Bank of Canada's interest rate hikes?

The effects of recent policy rate increases by the Bank are becoming evident in interest-sensitive areas of the economy: housing activity has retreated sharply, and spending by households and businesses is softening. Also, the slowdown in international demand is beginning to weigh on exports.

How often does the Bank of Canada raise rates?

Since March, the central bank has increased its policy rate six times, aimed at tackling inflation and bringing it back to its 2 per cent target. The bank predicts Canada could see a potential recession in the first half of 2023, according to its latest Monetary Policy Report.

What is the Bank of Canada's current policy rate?

The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is also continuing its policy of quantitative tightening. Inflation around the world remains high and broadly based.