CORRA (Canadian Overnight Repo Rate Average), Canada
CORRA in Canada was 2.29% in , up 0.02 pp from and down 0.41 pp from a year earlier. Over the latest 12 readings it moved between 2.26% and 2.51%. The next reading is for October 2026. Source: Bank of Canada, Valet AVG.INTWO; history from .
Key takeaways
- CORRA at 2.29% in beats 70% of readings since (Bank of Canada).
- Against a ten-year average of 2.02%, CORRA is above that norm by 0.27 pp (Bank of Canada).
What this indicator is and why it matters
CORRA, the Canadian Overnight Repo Rate Average, measures the cost of borrowing cash overnight when Government of Canada securities are pledged as collateral. It is calculated from actual repo trades and has been administered by the Bank of Canada since 2020. The series here is the monthly average of the daily rate, from the Bank's Valet data service.
CORRA has become Canada's main benchmark interest rate. After the Canadian Dollar Offered Rate (CDOR) was discontinued in June 2024, loans, swaps and floating-rate notes that used to reference CDOR moved to CORRA-based rates, so it now sits underneath a large share of Canadian lending and derivatives. Because the collateral removes most credit risk, CORRA tracks the Bank of Canada's policy rate closely and shows how well the Bank's operating framework is holding market rates near the target.
When reading it, compare it with the policy rate page but mind the basis: this series is the average of the daily rates in each month, while the policy rate series is the target on the last business day of the month, so in a month with a rate change the two differ by construction. Brief gaps between CORRA and the target can also appear around quarter ends, when banks manage their balance sheets and demand for collateral shifts.
Where it sits in history
CORRA is at its highest since , when it stood at 2.30%. Within ten years, CORRA beats 67% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 70% of readings | 1.82% | 5.05% | 0.10% |
| Last ten years | 67% of readings | 2.02% | 5.05% | 0.10% |
| Last five years | 33% of readings | 3.09% | 5.05% | 0.10% |
- CORRA (Canadian Overnight Repo Rate Average) 2.3%
Recent readings
Last five years
- CORRA (Canadian Overnight Repo Rate Average) 2.3%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 2.29% | +0.02 pp | |
| 2.27% | -0.03 pp | |
| 2.30% | +0.01 pp | |
| 2.29% | +0.02 pp | |
| 2.26% | -0.03 pp | |
| 2.29% | +0.01 pp | |
| 2.28% | +0.01 pp | |
| 2.27% | +0.01 pp | |
| 2.26% | 0.00 pp | |
| 2.27% | +0.00 pp | |
| 2.26% | -0.25 pp | |
| 2.51% | -0.19 pp | |
| 2.70% | -0.06 pp |
Annual averages
By calendar-year average, CORRA peaked in (4.75%) and bottomed in (0.17%). 2026 to date: 2.28%, after 2.72% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 2.28% | 2.26% | 2.30% | 9 |
| 2025 | 2.72% | 2.26% | 3.27% | 12 |
| 2024 | 4.58% | 3.50% | 5.05% | 12 |
| 2023 | 4.75% | 4.30% | 5.03% | 12 |
| 2022 | 1.90% | 0.16% | 4.14% | 12 |
| 2021 | 0.17% | 0.10% | 0.20% | 12 |
| 2020 | 0.54% | 0.18% | 1.75% | 12 |
| 2019 | 1.75% | 1.72% | 1.75% | 12 |
| 2018 | 1.40% | 1.11% | 1.78% | 12 |
| 2017 | 0.70% | 0.49% | 1.00% | 12 |
| 2016 | 0.51% | 0.49% | 0.54% | 12 |
| 2015 | 0.65% | 0.50% | 0.91% | 12 |
| 2014 | 1.00% | 0.99% | 1.02% | 12 |
| 2013 | 1.01% | 0.99% | 1.02% | 12 |
| 2012 | 1.01% | 1.00% | 1.02% | 12 |
| 2011 | 1.00% | 0.99% | 1.01% | 12 |
| 2010 | 0.58% | 0.24% | 1.00% | 12 |
| 2009 | 0.43% | 0.23% | 1.29% | 12 |
| 2008 | 3.04% | 1.71% | 4.16% | 12 |
| 2007 | 4.34% | 4.23% | 4.51% | 12 |
| 2006 | 3.99% | 3.29% | 4.26% | 12 |
How is it measured?
Monthly average of the daily CORRA. Formula: average of daily AVG.INTWO values in the month.
Bank of Canada publishes CORRA monthly in Valet AVG.INTWO, in percent. Code: AVG.INTWO. Monthly basis: each month shows the average of the daily values in that month. Method for CORRA.
Questions
How high is CORRA in Canada now?
2.29% in (Bank of Canada), down 0.41 pp on a year earlier.
Is CORRA high by historical standards?
CORRA beats 70% of readings since ; its peak was 5.05% (), its low 0.10% ().
When is CORRA updated?
Monthly, in Valet AVG.INTWO. Next reading: October 2026.
Where can I check CORRA at the source?
Bank of Canada data, code AVG.INTWO.