It's the same in Australia, New Zealand, UK and probably other places too. 30 year fixed rate mortgages are probably the exception rather than the rule in most places.

> There is absolutely no practical way in Canada to lock in a mortgage for long term fixed interest rates

The UK is exactly the same. 5 years is actually pretty long in the UK at the moment, 2-3 years fixed then variable is common. It doesn't seem to harm house prices.

I’d love to lock in 30 years at a low rate, would free up lots of money for investment, but since that’s not an option I have to opt for clearing the mortgage in ~6 years, and living like I work at McDonalds until that day arrives.

Probably better for my long term financial health and peace of mind, but the opportunity cost sucks.