As of December 2024, the average 30-year fixed mortgage rate in Canada is approximately 6.69%. The Bank of Canada recently cut its benchmark interest rate by 50 basis points to 3.25%, marking the fifth consecutive cut aimed at stimulating the economy amid sluggish growth
New mortgage rules effective December 15 will allow for lower down payments on homes valued up to $1.5 million, potentially increasing access for buyers
Variable mortgage rates are expected to decrease in response to this rate cut