We present a measurement of the distant Type Ia supernova rate derived from the first two years of the Canada -France -Hawaii Telescope Supernova Legacy Survey. We observed four one-square degree fields with a typical temporal frequency of ∆t ∼ 4 observer-frame days over time spans of from 158 to 211 days per season for each field, with breaks during full moon. We used 8-10 meter-class -2 -telescopes for spectroscopic followup to confirm our candidates and determine their redshifts. Our starting sample consists of 73 spectroscopically verified Type Ia supernovae in the redshift range 0.2 < z < 0.6. We derive a volumetric SN Ia rate of r V ( z = 0.47) = 0.42 +0.13 −0.09 (systematic) ±0.06 (statistical) ×10 −4 yr −1 Mpc 3 , assuming h = 0.7, Ω m = 0.3 and a flat cosmology. Using recently published galaxy luminosity functions derived in our redshift range, we derive a SN Ia rate per unit luminosity of r L ( z = 0.47) = 0.154 +0.048 −0.033 (systematic) +0.039 −0.031 (statistical) SNu. Using our rate alone, we place an upper limit on the component of SN Ia production that tracks the cosmic star formation history of 1 SN Ia per 10 3 M ⊙ of stars formed. Our rate and other rates from surveys using spectroscopic sample confirmation display only a modest evolution out to z = 0.55.