Non-residential mortgage spread over the 5-year yield

Non-residential mortgagesMonthlySphera Credit estimate

Also shown on Government of Canada bond yields

Series id

cre-mortgage-spread-5y

Latest value

1.77 percentage points

As of July 1, 2026History since January 1, 2013

Source: Bank of Canada. Values marked as a Sphera Credit estimate are computed from Bank of Canada data.

Maintained by Sphera Credit

History

Source: Bank of Canada.

How this series is built

Definition

The gap, in percentage points, between the rate chartered banks charged on non-residential mortgage funds advanced to businesses in a month and the average 5-year Government of Canada benchmark yield that month.

Source

Sphera Credit calculation from two Bank of Canada series: cre-mortgage-rate-new (Valet series V122667820) and goc-5y (Valet series BD.CDN.5YR.DQ.YLD).

Calculation

For each month m with a cre-mortgage-rate-new value: cre-mortgage-rate-new(m) minus the simple average of every daily goc-5y value in calendar month m. Rounded to three decimal places.

Formula

cre-mortgage-rate-new(month) - mean(goc-5y over the same month)

Publication and dating

Monthly, dated the first day of the month, once cre-mortgage-rate-new is published for that month.

Caveats

  • The rate covers all loan terms, renewals and refinancing, while the benchmark is a single 5-year bond, so the spread is a broad indicator that matches no particular loan term.
  • In a month when the Bank of Canada switched the 5-year benchmark bond, the average mixes the old and new bonds.

Use this data

Use with your AI assistant

Connect Sphera Credit Data to your assistant once. It can then chart and analyze these series, and every value it quotes carries its source and date. The catalogue is open. Pulling a history asks you to sign in with your work email, and access is free.

Copy the prompt below and paste it into your AI assistant. The assistant adds the Sphera Credit Data connector for you, or walks you through the steps when it cannot.

Prompt for your AI assistant

Add the Sphera Credit Data MCP server to this assistant, so you can answer my questions with Canadian rate data from the Bank of Canada.

Server name: Sphera Credit Data
Server URL: https://data.spheracredit.com/mcp
Type: remote MCP server over HTTP with OAuth sign-in. It needs no API key.

More information about the tools, the data series and Sphera Credit is on this page:
https://www.spheracredit.com/en/resources/data/mcp
Browse it first, so you understand what Sphera Credit is and how this server helps me. If you cannot browse the web, continue without it.

I came from the page of the series Non-residential mortgage spread over the 5-year yield (series id: cre-mortgage-spread-5y). Once you are connected, start with this series.

Then follow these steps:
1. If you can add MCP servers yourself, add this one now. Tell me what you change.
   - Claude Code: claude mcp add --transport http sphera-data https://data.spheracredit.com/mcp
   - Codex: codex mcp add sphera-data --url https://data.spheracredit.com/mcp
   - Any other tool: use your own way to add a remote HTTP MCP server with the URL above.
2. If you cannot add it yourself, tell me how to add it in this app, one numbered step at a time, with the exact URL above. If you are not sure of the steps for this app, use the steps on the page above. Do not guess a different URL.
3. The first time you pull a rate history, a sign-in page opens. I sign in myself on that page. Do not enter my details or the emailed code for me.
4. When it is connected, call list_series to check that it works. Then tell me in two or three sentences what you can now do for me. Always give the source and the date of each value you quote.

Then ask: “Chart cre-mortgage-spread-5y since 2024 and explain how it is calculated.”

MCP server documentation

Download or connect in Excel

Each series is a CSV file with a date column and a value column. In Excel, choose Data, then From Web, and paste the link. Refresh updates it to the latest values.

For information only. These are market reference rates. Each lender sets its own loan rates.