What are mortgage rates in Canada?
Canada's 5-year conventional mortgage rate held steady at 6.6% in December 2024.
What this measures
This indicator tracks the average interest rate for 5-year fixed-rate mortgages in Canada, a key benchmark for homebuyers and lenders. Mortgage rates directly impact housing affordability and monthly payments for millions of Canadian homeowners.
Recent trend in 5-year conventional mortgage rates
After peaking at 8.0% in 2022, mortgage rates have steadily declined, dropping to 6.6% in 2024. The rate fell sharply from 2022 to 2023 (7.6% to 6.6%) as the Bank of Canada paused interest rate hikes. The slight decrease from 6.64% in 2023 to 6.62% in 2024 reflects continued stabilization in borrowing costs.
5-year conventional mortgage rate trend
Source: Statistics Canada, Table 34,100,145
View data table (29 values)
| Period | Value | Change |
|---|---|---|
| 2024 | 66.2% | -0.2 |
| 2023 | 66.4% | -9.3 |
| 2022 | 75.7% | +5.4 |
| 2021 | 70.3% | -1.2 |
| 2020 | 71.5% | +1.5 |
| 2019 | 70% | -11.1 |
| 2018 | 81.1% | +9.4 |
| 2017 | 71.7% | -2.3 |
| 2016 | 74% | -1.6 |
| 2015 | 75.6% | -3.3 |
| 2014 | 78.9% | +1.1 |
| 2013 | 77.8% | -2.2 |
| 2012 | 80% | +8.6 |
| 2011 | 71.4% | -1.6 |
| 2010 | 73% | -1.1 |
| 2009 | 74.1% | +2 |
| 2008 | 72.1% | -5.1 |
| 2007 | 77.2% | +1.6 |
| 2006 | 75.6% | -0.4 |
| 2005 | 76% | +7.6 |
| 2004 | 68.4% | +2 |
| 2003 | 66.4% | +3.5 |
| 2002 | 62.9% | +5.9 |
| 2001 | 57% | -2.2 |
| 2000 | 59.2% | +3.5 |
| 1999 | 55.7% | +6.3 |
| 1998 | 49.4% | -0.7 |
| 1997 | 50.1% | +6 |
| 1996 | 44.1% |
Annual average mortgage rates (2020-2024)
Mortgage rates rose significantly from 2020 (7.15%) to 2022 (7.57%) due to pandemic-era demand and Bank of Canada rate hikes. Rates then dropped in 2023 (6.64%) as inflation pressures eased. The 2024 average (6.62%) shows minimal change, indicating a plateau in borrowing costs.
Annual average 5-year mortgage rates
Source: Statistics Canada, Table 34,100,145
View data table (29 values)
| Period | Value | Change |
|---|---|---|
| 2024 | 66.2% | -0.2 |
| 2023 | 66.4% | -9.3 |
| 2022 | 75.7% | +5.4 |
| 2021 | 70.3% | -1.2 |
| 2020 | 71.5% | +1.5 |
| 2019 | 70% | -11.1 |
| 2018 | 81.1% | +9.4 |
| 2017 | 71.7% | -2.3 |
| 2016 | 74% | -1.6 |
| 2015 | 75.6% | -3.3 |
| 2014 | 78.9% | +1.1 |
| 2013 | 77.8% | -2.2 |
| 2012 | 80% | +8.6 |
| 2011 | 71.4% | -1.6 |
| 2010 | 73% | -1.1 |
| 2009 | 74.1% | +2 |
| 2008 | 72.1% | -5.1 |
| 2007 | 77.2% | +1.6 |
| 2006 | 75.6% | -0.4 |
| 2005 | 76% | +7.6 |
| 2004 | 68.4% | +2 |
| 2003 | 66.4% | +3.5 |
| 2002 | 62.9% | +5.9 |
| 2001 | 57% | -2.2 |
| 2000 | 59.2% | +3.5 |
| 1999 | 55.7% | +6.3 |
| 1998 | 49.4% | -0.7 |
| 1997 | 50.1% | +6 |
| 1996 | 44.1% |
Data sources
Narratives are AI-generated from official Statistics Canada data. Verify at source.