Canadian mortgage rates have seen huge fluctuations since the COVID pandemic – but aside from that, they have been relatively stable.
Here’s a table from Statistics Canada charting the conventional 5-year mortgage lending rate:
There have been a few spikes in the mortgage rate since 1980, but rates have remained mostly steady, hovering between 3% and 8% since the mid-90s.
The average mortgage payment in 2023 was $3,694 on a 5-year fixed mortgage rate of 6.68% for a home costing $678,282.
The average mortgage payment in 2003 was $1,104 on a 5-year fixed mortgage rate of 6.42% for a home costing $207,510.
The average mortgage payment in 1983 was $602 on a 5-year fixed mortgage rate of 13.28% for a home costing $76,733.