What is it?
The Monetary Policy Report (MPR) is a report from the Bank of Canada’s Governing Council, published four times a year (every quarter). It sets out the Bank’s main outlook for inflation and growth in Canada, and the risks that could change that outlook.
It comes out on the same day as a policy rate decision, so it is the most detailed explanation of why the Bank set the rate where it did.
Reports published in 2026
| Date | The Bank’s summary (in plain words) |
|---|---|
| January 28, 2026 | Growth modest as Canada adjusts to US tariffs; inflation expected near the 2% target |
| April 29, 2026 | Inflation up because of higher oil prices linked to the war in the Middle East; expected back to 2% in 2027 |
| July 15, 2026 | The economy was weak but showing signs of improvement; inflation expected to ease to around 2% |
| October 28, 2026 | Inflation higher than expected, around 3% through much of 2027, then close to 2% by the middle of 2028 |
The outlook changes with every report. Check the latest one on the Bank of Canada website.
What does it have to do with housing?
- When the report’s inflation outlook goes up, the Bank may talk about raising its policy rate; when it goes down, the opposite. Variable-rate mortgages follow the policy rate.
- When the Governor explains the Bank’s views to Parliament, he works from this report. His November 3, 2026 statement to the House of Commons finance committee is an example.
- The report is a projection, not a promise. The Bank lists the uncertainties too.
What the law and official sources say
Quotes are copied word for word. The "In plain words" lines are our explanation, not an official translation.
A quarterly report of the Bank of Canada’s Governing Council, presenting the Bank’s base-case projection for inflation and growth in the Canadian economy, and its assessment of risks.In plain wordsA report from the Governing Council every quarter, with the main outlook for inflation and growth and a look at the risks.
Source: bankofcanada.ca/publications/mpr/ · checked Nov 4, 2026
Inflation in Canada has been higher than anticipated and is projected to remain around 3% through much of 2027. It then returns close to 2% by the middle of 2028.In plain wordsInflation was higher than expected and should stay around 3% through much of 2027, then get close to 2% by the middle of 2028.
Source: bankofcanada.ca/publications/mpr/ · checked Nov 4, 2026
Common questions
How often does the report come out?
Four times a year (every quarter). In 2026 it came out on January 28, April 29, July 15 and October 28.
Does the rate follow the report’s outlook?
The outlook is only a starting point. The Bank updates it as new data comes in, and sets the rate again at each decision.
Guides that use this term
Sources checked
- Bank of Canada, Monetary Policy Report · checked Nov 4, 2026
- Bank of Canada, opening statement to the House of Commons Standing Committee on Finance (November 3, 2026) · checked Nov 4, 2026