Here is a link that I use to regularly check the Bank of Canada's rates: http://epe.lac-bac.gc.ca/003/008/099/003008-disclaimer.html?orig=/100/201/301/weekly_fin_stats/2008 . If you follow the link to the nearest current week and go to page eight, you will see a column for the Prime Business Rate and 1 year and 5 year Conventional Mortgage Rates. Major banks in Canada do not have to follow suit with these rates, but usually do with the Prime Rate.
The Bank of Canada Prime Rate, as shown at the link above, is now 4.75% and you should be able to find some types of mortgages (open and close variable) with significant discounts from this rate, so borrowing money right now is cheap.
With there being more listings, less purchases happening and low interests rates, now is a great time to buy real estate!