Bank of Canada Holds Key Rate Steady

The Bank of Canada has maintained its target for the overnight rate for the sixth consecutive time, offering stability for Canadian borrowers.

By Fairlot Editorial

Updated Week of July 13 · researched across 33 sources

Bank of Canada Holds Key Rate Steady — Fairlot illustration

Bank of Canada Maintains Overnight Rate

On July 15, 2026, the Bank of Canada (BoC) announced its decision to maintain the target for the overnight rate at 2.25 percent. This marks the sixth consecutive time the central bank has held the rate steady. The Bank Rate remains at 2.5 percent, and the deposit rate at 2.20 percent, with the next announcement scheduled for September 2, 2026.

Stable Rates Offer Predictability for Car Loans

The Bank of Canada's decision to hold its key interest rate steady means that borrowing costs, including those for car loans, are less likely to increase in the immediate future. This provides a more predictable environment for consumers planning to finance a new or used vehicle.

Why it matters: For Canadian car shoppers, stable interest rates translate into more predictable and potentially more affordable financing options. This consistency can help in budgeting for vehicle purchases, as the cost of borrowing is less likely to fluctuate upwards in the short term, making financial planning easier.

Shop on Fairlot

Browse all listings →

How we choose: picks and reporting are researched from current Canadian pricing and market data. Rankings are editorial — never paid placements. Prices approximate, in CAD, as of Week of July 13.