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Market Commentary

Commercial Mortgage and Bond Rates
February 20, 2012 @ 4:45 PM by:
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Commercial Bond Yields


Canada Mortgage Bond

Canada Housing 06/15/17*: 1.82%

Canada Housing 03/15/22: 2.55%

* denotes interpolated rate


Select Government of Canada Bonds

CAN 4.00 06/01/17: 1.50%

CAN 3.25 06/01/22: 2.16%

GOC Bonds are for reference purposes only


First National Floating

Insured Cost of Funds



Bank Prime Rate



Posted Rate

1 Year: 3.50%

2 Year: 3.55%

3 Year: 3.95%

4 Year: 4.64%

5 Year: 5.14%

Market Commentary 

Yields are up and so is Canada’s inflation rate.  The CPI was pushed higher in January by food and energy prices.  Last month’s consumer prices climbed 2.5% Y/Y, a slight increase from the 2.3% Y/Y posted in December.  Core inflation – excluding food and energy – came in at 1.6% Y/Y in January, again, a slight increase from 1.3% Y/Y in December.  Increased car prices are cited for the increase.


Inflation in the U.S. increased a seasonally adjusted 0.2% in January, for a 12 month, unadjusted rate of 2.9%.   Core inflation for 12 months stands at 2.3%.


Initial jobless claims in the U.S. dropped to a new cyclical low of 348K in the second week of February, nearly 20K below expectations. 


And Canada’s international securities transactions report indicates an on-going appetite for Canadian assets.  In December foreigners acquired $4.7B worth of securities, including $2.1B in bonds.  Foreigners purchased a total of $95.6B worth of Canadian securities in 2011, down from $117.4B in 2010.


Next week, look forward to Canadian Retail and wholesale trade numbers, U.S. existing home sales , Canadian Q4 corporate profits and American consumer sentiment.


Source - First National Commercial Financing

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