We analyse the canonical Bogoliubov free energy functional at low temperatures in the dilute limit. We prove existence of a first order phase transition and, in the limit $a_0\to a$, we determine the critical temperature to be $T_{\rm{c}}=T_{\rm{fc}}(1+1.49(\rho^{1/3}a))$ to leading order. Here, $T_{\rm{fc}}$ is the critical temperature of the free Bose gas, $\rho$ is the density of the gas, $a$ is the scattering length of the pair-interaction potential $V$, and $a_0=(8\pi)^{-1}\widehat{V}(0)$ its first order approximation. We also prove asymptotic expansions for the free energy. In particular, we recover the Lee-Huang-Yang formula in the limit $a_0\to a$.