Historical mortgage rates: Averages and trends from the 1970s to 2024
family in the background entering a home that has recently been sold
From ultra-high rates in the early 1980s to the record lows Canada saw during the pandemic, interest rates are always in flux. Here's a closer look at how five-year fixed conventional mortgage rates have changed over the last 50 years.
April 9, 2024
9-minute read
This article is updated from a previous version.
From ultra-high rates in the early 1980s to the record lows Canada saw in 2021, mortgage interest rates are always changing.
The Bank of Canada sets the country’s overnight lending rate, which is used as a benchmark by banks and other lenders when setting the prime rates they offer customers on variable-rate products, like a variable mortgage, for instance.
About the author
Jane Switzer is a writer, editor and native Torontonian. She got her start working in daily journalism, and was formerly a content manager for LowestRates.ca. She has written about personal finance and investing for websites like Wealthsimple, Tangerine Bank and Ratehub.ca. You can find her on Twitter: @janeswitzer.
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