Canada policy rate holds at 2.25% in September 2026

Canada's central bank policy rate was 2.25% in September 2026, according to the Bank of Canada. The figure was the same as in August 2026, so the change on the previous month was 0 percentage points, based on Housing Market Group calculations from Bank of Canada data.

The rate has been stable for several months. Bank of Canada figures show the policy rate at 2.25% in May 2026, June 2026, July 2026 and August 2026, as well as in September 2026. A year earlier the picture was different. In September 2025 the rate stood at 2.5%, according to the Bank of Canada. HMG calculations from Bank of Canada figures show that the September 2026 rate was 0.25 percentage points lower than in September 2025.

Set against other countries, Canada's rate in September 2026 sat below the levels reported elsewhere in this comparison. Germany's policy rate was 2.5% in September 2026, according to the Deutsche Bundesbank, and Spain's was also 2.5%, according to the Banco de España. The Bank of England's rate for the United Kingdom was 3.75%, the Reserve Bank of Australia's was 4.6%, and Bank Indonesia's was 5.75%. Brazil's rate was 13.75% in September 2026, according to the Bank for International Settlements.

The direction of travel over the year also varied. Australia's rate rose by 1 percentage points between September 2025 and September 2026, and both Germany and Spain saw increases of 0.5 percentage points over the same period, according to HMG calculations from the respective central bank figures. The United Kingdom recorded a fall of 0.25 percentage points, matching Canada's change. Brazil's rate fell by 1.25 percentage points between September 2025 and September 2026, based on HMG calculations from Bank for International Settlements figures.

Ranked by the change on a year earlier, Canada placed 5 of 6 among the countries in this comparison in September 2026, where 1 represents the largest increase and falls count as negative changes. That position reflects a modest reduction over the year at a time when several other central banks in the comparison had moved their rates higher.

Taken together, the Bank of Canada figures show a policy rate that was lower in September 2026 than in September 2025 but that has not moved since at least May 2026. For people following borrowing conditions in the Canadian housing market, the latest data point to a period of steadiness in the central bank rate rather than further change.