a look at current canadian interest rates

Are interest rates at an all time high or an all time low? Let’s take a look. In the last 4 years, we experienced some record breaking low interest rates. Some lenders even going as low as %1.99. Now that we are back around %7.2, are we experiencing record highs? Not exactly. While this is a large increase in the last couple of years, historically, this is relatively average interest rate. From the 90’s to about 2010 we see interest rates hovering around the 7 percentile. (see graph below). Prior to that, interest rates were even seen in the double digits. So while these aren’t the low numbers we saw during COVID, they aren’t record breaking. As inflation increases and Canada faces a housing crisis, we will be keeping a close eye on how future interest rates unfold.

Graph source: https://wowa.ca/canada-mortgage-rates-history