CMB rates today — lock a 5-year multifamily spread
Live Canada Mortgage Bond yields — lock a spread and book a free strategy call
Today's CMB yields.
Canada Mortgage Bond yields set baseline debt pricing for CMHC MLI Select multi-family, conventional apartment loans, and commercial takeout mortgages.
Drives 5-year fixed mortgage rates. Best balance of rate certainty and flexibility.
Influences 7- and 10-year fixed rates. Maximum rate certainty for long-term holds.
Get the Lowest Spread Above CMB for Multi-Family Properties
Book a call with our team for live, up-to-date multi-family rates and access to Canada's top CMHC-insured lenders — we'll help you secure the tightest spread above the bond yield.
- CMHC MLI Select Spread
- +30 to +150 bps
- Conventional Multi-Family
- +180 to +250 bps
- Maximum Amortization
- Up to 50 Years
- Maximum Loan-to-Value
- Up to 95% LTV
Historical Bond Yields
Data from Bank of Canada Valet API · GoC benchmark bond yields updated daily on business days
CMB Rate Alerts
Get notified when 5-year and 10-year CMB yields move — so you can time your next fixed-rate commercial mortgage.
CMHC MLI Select Approved Lenders
How CMB Rates Affect Your Mortgage
Canada Mortgage Bonds are the backbone of fixed-rate mortgage funding in Canada. Understanding how they work gives you a strategic advantage when timing your rate lock.
What Are Canada Mortgage Bonds?
Canada Mortgage Bonds (CMBs) are issued by the Canada Housing Trust and guaranteed by CMHC. They are the primary vehicle through which Canadian lenders fund fixed-rate mortgages.
When you take out a fixed-rate mortgage, your lender typically sells that mortgage into a pool that gets securitized as a CMB. The yield investors demand on these bonds directly determines what rate lenders can offer you.
Because CMBs carry a government guarantee, their yields trade very close to Government of Canada benchmark bond yields — which is why we track GoC bonds as the most accurate proxy for CMB pricing.
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№ 01
Lender originates your mortgage
You take out a 5-year fixed rate mortgage
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№ 02
Mortgage gets pooled and insured
CMHC insures the mortgage pool
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№ 03
Canada Housing Trust issues CMBs
Bonds sold to investors fund the mortgages
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№ 04
CMB yield sets your rate
Your rate = bond yield + lender spread
The Mortgage Rate Spread
Your fixed mortgage rate is the sum of two components: the bond yield and the lender's spread. The spread covers the lender's operating costs, credit risk, and profit margin.
Bond yields are one input — see our commercial mortgage rates Canada hub for CMHC, conventional, and private rate ranges by property type.
Tightest spread (MLI Select) — prime energy & affordability scoring
Typical spread — standard market conditions
Wide spread — tighter credit, higher risk profile
- Market Role
- Drives 5-year fixed mortgage rates
- Influences 7- and 10-year fixed rates
- Liquidity
- Most liquid CMB maturity
- Typically higher yield than 5-year
- Strategy Fit
- Best balance of rate certainty and flexibility
- Maximum rate certainty for long-term holds
- Today's Yield
- 3.67% · 5-Yr Benchmark
- 4.14% · 10-Yr Benchmark
Drives 5-year fixed mortgage rates
Influences 7- and 10-year fixed rates
Most liquid CMB maturity
Typically higher yield than 5-year
Best balance of rate certainty and flexibility
Maximum rate certainty for long-term holds
3.67% · 5-Yr Benchmark
4.14% · 10-Yr Benchmark
Why Tracking CMB Rates Matters
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Time Your Rate Lock
See the direction bond yields are trending before committing to a fixed rate.
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Negotiate Better Rates
Know the benchmark so you can evaluate if your lender's spread is competitive.
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Forecast Rate Changes
Bond yields move before posted mortgage rates change — get ahead of the curve.
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Fixed vs Variable Decision
Compare bond yield trends against the Bank of Canada rate to inform your term choice.
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Portfolio Planning
Plan refinances and new acquisitions around yield cycles for optimal financing costs.
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Investor Education
Understand the mechanics behind mortgage pricing to make informed investment decisions.
Related resources
what funds
- Current commercial mortgage rates · Rates
CMHC, conventional & private rate ranges
- CMHC MLI Select · CMHC
Up to 95% LTV multifamily — book a call
- CMHC MLI max loan calculator · Tool
Size your insured loan amount
- DSCR loan Canada · DSCR
Qualify on property cash flow
- Multi-Family Financing · Multifamily
Apartment building loans in Canada
- Commercial Mortgages · Commercial
Commercial financing across Canada
- Investor Resources · Guide
Free tools and guides for investors
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Understanding CMB Rates
Everything you need to know about Canada Mortgage Bond yields and how they impact your financing.