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Bar chart of the Canadian rate ladder showing the five-year Government of Canada bond yield at 3.18 percent.

Canada added 75,100 jobs in July, more than four times the consensus forecast, pushing the unemployment rate to a two-year low of 6.4%. Yet the five-year Government of Canada bond yield, the number that actually prices a five-year fixed mortgage, rose just one basis point on the news. The Canada Revenue Agency's prescribed rate held at 3% for a fifth straight quarter. Clients renewing five-year mortgages originated around 2021, when that yield sat near 1%, still face a materially higher rate this week's data did not create.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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