Mortgage rates are the interest rates that you pay on your home loan. In Canada, the current mortgage rates are relatively low compared to historical rates. As of May 2023, the average 5-year fixed mortgage rate in Canada is around 4.7%, which is considered low compared to the rates in the past.

Historically, mortgage rates in Canada have varied widely. For example, in the early 1980s, mortgage rates reached record highs of around 20%. Since then, however, mortgage rates have generally trended downwards, with some fluctuations along the way.

One reason for the current low mortgage rates in Canada is the country’s economic conditions. In recent years, the Bank of Canada has kept interest rates low to stimulate economic growth, which has had the effect of keeping mortgage rates low as well.

Overall, if you are considering buying a home in Canada, it’s a good time to take advantage of the relatively low mortgage rates. However, it’s important to keep in mind that rates can fluctuate over time, so it’s important to do your research and choose a mortgage that is right for you and your financial goals.