Skip to main content
Placement EngineCRMPricingResources
Sign inBook a 15-min demoTry it free

Market data

Canada 5-year bond yield: 3.53%

The Government of Canada 5-year bond yield is 3.53% as of October 15, 2026. Fixed mortgage rates are priced off this number.

Last updated October 15, 2026. Source: Bank of Canada Valet API.

2-year yield
3.20%
5-year yield
3.53%
10-year yield
3.83%
5-year, last 30 days
-12 bps

The 5-year yield is up 84 basis points over the past year. The posted 5-year mortgage rate is 2.66 points above it. Rate decisions are on the Bank of Canada interest rate page.

Government of Canada bond yields

Daily benchmark yields for the last year, weekly before that.

Month-end yields

Last business day of each month, with the 5-year change measured from the first row.

Month-end Government of Canada bond yields, newest first
Date2-year5-year10-year5-year change10Y minus 2Y
October 15, 20263.20%3.53%3.83%+81 bps63 bps
September 29, 20263.37%3.69%3.99%+97 bps62 bps
August 31, 20263.01%3.33%3.73%+61 bps72 bps
July 31, 20262.91%3.27%3.65%+55 bps74 bps
June 30, 20262.74%3.01%3.38%+29 bps64 bps
May 29, 20262.77%3.05%3.41%+33 bps64 bps
April 30, 20262.96%3.20%3.56%+48 bps60 bps
March 31, 20262.82%3.09%3.46%+37 bps64 bps
February 27, 20262.39%2.67%3.13%-5 bps74 bps
January 30, 20262.56%2.93%3.42%+21 bps86 bps
December 31, 20252.58%2.96%3.42%+24 bps84 bps
November 28, 20252.41%2.72%3.14%0 bps73 bps

How bond yields set mortgage rates

Fixed rates: a lender prices a 5-year fixed mortgage off the 5-year Government of Canada yield, then adds its funding cost and margin. When the yield rises, fixed rates follow, often before the Bank of Canada does anything.

Variable rates: priced off prime, which follows the Bank of Canada policy rate. See the prime rate page.

Renewals: a client renewing into a higher yield environment faces a higher payment even if the Bank of Canada has not moved.

Frequently asked questions

What is the 5-year Government of Canada bond yield today?
The Government of Canada 5-year bond yield is 3.53% as of October 15, 2026. The 2-year is 3.20% and the 10-year is 3.83%.
Why do bond yields matter for mortgage rates?
Fixed mortgage rates are priced off Government of Canada bond yields of the same term. A lender funds a 5-year fixed mortgage at roughly the 5-year yield and adds a spread for its costs and margin, so when yields rise, fixed rates usually follow within days or weeks.
What is the spread between the 5-year bond and a 5-year fixed rate?
The posted 5-year conventional mortgage rate is 6.19%, which is 2.66 points above the 5-year yield. Discounted rates available to brokers are lower than the posted rate, so the real spread for a well-priced deal is smaller.
Do bond yields move with the Bank of Canada rate?
Short yields, like the 2-year, track where the market expects the Bank of Canada policy rate to go. Longer yields also reflect inflation expectations, global bond markets and oil. That is why fixed rates can move when the Bank of Canada holds.
What does the 10-year minus 2-year spread tell me?
It is 63 basis points today. A wider spread means the market expects higher rates or growth later on. A spread near zero or negative (an inverted curve) has often come before a slowdown.

Data: Bank of Canada Valet API (series BD.CDN.2YR.DQ.YLD, BD.CDN.5YR.DQ.YLD and BD.CDN.10YR.DQ.YLD). More indicators on the Canadian mortgage market data page.

Know who is renewing before the rate moves

The bips CRM tracks every client renewal and flags who to call. $29/mo after a 14-day trial, no card needed.

Start a 14-day trial