2.84% for a 5 year fixed rate

Right now you can get that rate if you have decent credit and a possession date that is not too far out.

It seems like the experts have been saying for years now that rates are going up, but all that seems to happen is they stay the same or go down. I think that rates will be low for the next few years because it will be a disaster if they go up dramatically with the prices we have right now. For example a starter house costs over $400,000 in Calgary, Toronto, Edmonton, and way more in Vancouver, so if a young couple can barely qualify at 2.84% what is going to happen to them if rates were to go up to 4% or 5%? They would have to come up with nearly double the mortgage payment every month.That would cause a lot of foreclosures and pain. If anything, rates will have to rise very slowly to avoid that scenario.

Fixed rates are tied to the bond market, and variable rates are tied to the Bank of Canada prime rate. So when you hear on the news that the prime rate is going up ( we have not heard that for years) it will only immediately impact variable rates.

My advice if you are planning on buying in the near future is secure that rate right now – that will protect you from any rate increases for next 90 to 120 days and if rates go even lower, you will get that rate.