The Canadian interest rate is set to decrease gradually over the next five years, with forecasts predicting a drop to 2.90% in 2024 and 2% by 2026. This change, influenced by factors such as inflation, economic growth, and global conditions, will also affect mortgage interest rates. Canadians are encouraged to consider fixed vs. variable rates, manage their debt, establish emergency funds, and adapt their investment strategies. Global economy, housing market trends, and technological advancements will shape future interest rate trends.