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!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.