Projected Mortgage Rates 2024 Canada. These forecasts change frequently as market prices. The bank of canada has paused rate hikes for the time being, with the next announcement scheduled for march 6th.

As of may 4, 2024, the rate sits at 5.00%, with the prime rate at 7.20%. On wednesday, june 5, 2024, the bank of canada announced that it will be cutting its rate, bringing the policy rate to 4.50%.