More and more, the last few months appear to be a turning point for the mortgage market in Canada, according to one economist. The mortgage industry appears to be resilient in the face of Bank of Canada interest rate hikes. But what are the current mortgage market conditions in Canada? Here is everything you need to know about the mortgage market in Canada. The mortgage market in some of Canada’s largest centres increased in May, indicating the mortgage industry’s resilience after the Bank of Canada announced another interest rate hike.