{"series":{"id":"cre-mortgage-spread-5y","label":"Non-residential mortgage rate spread over the 5-year Government of Canada yield","description":"Sphera estimate: the chartered bank rate on non-residential mortgage funds advanced to businesses minus the monthly average 5-year Government of Canada benchmark yield. The loans' terms vary, so treat it as a broad pricing indicator.","unit":"percentage points","frequency":"monthly","category":"mortgage","citation":"Sphera estimate derived from Bank of Canada data (Source: Bank of Canada)","derived":true,"formula":"cre-mortgage-rate-new(month) - mean(goc-5y over the same month)","first_date":"2013-01-01","latest":{"date":"2026-07-01","value":1.767},"csv_url":"https://data.spheracredit.com/api/v1/series/cre-mortgage-spread-5y.csv","methodology":{"source":"Calcul de Sphera Credit à partir de deux séries de la Banque du Canada : cre-mortgage-rate-new (série Valet V122667820) et goc-5y (série Valet BD.CDN.5YR.DQ.YLD).","definition":"L'écart, en points de pourcentage, entre le taux que les banques à charte ont appliqué aux avances de fonds hypothécaires non résidentielles consenties aux entreprises au cours d'un mois et le rendement moyen de l'obligation de référence du gouvernement du Canada à 5 ans ce mois-là.","calculation":"Pour chaque mois m qui a une valeur cre-mortgage-rate-new : cre-mortgage-rate-new(m) moins la moyenne simple de toutes les valeurs quotidiennes de goc-5y du mois civil m. L'écart est arrondi à trois décimales.","timing":"Mensuelle, datée du premier jour du mois, une fois cre-mortgage-rate-new publiée pour ce mois.","caveats":["Le taux couvre tous les termes, les renouvellements et les refinancements, alors que la référence est une seule obligation à 5 ans : l'écart est donc un indicateur général qui ne correspond au terme d'aucun prêt en particulier.","Au cours d'un mois où la Banque du Canada a changé l'obligation de référence à 5 ans, la moyenne mélange l'ancienne et la nouvelle obligation."],"references":[{"title":"Tableau 10-10-0006-01 : Avances de fonds, encours des prêts, et taux d'intérêt pour prêts nouveaux et existants, Banque du Canada (Statistique Canada)","url":"https://www150.statcan.gc.ca/t1/tbl1/fr/tv.action?pid=1010000601"},{"title":"Rendements des obligations (Banque du Canada)","url":"https://www.banqueducanada.ca/taux/taux-dinteret/obligations-canadiennes/"}]}},"observations":[["2013-01-01",2.055],["2013-02-01",2.204],["2013-03-01",2.246],["2013-04-01",2.339],["2013-05-01",2.24],["2013-06-01",1.866],["2013-07-01",1.818],["2013-08-01",1.616],["2013-09-01",1.568],["2013-10-01",1.83],["2013-11-01",1.637],["2013-12-01",1.907],["2014-01-01",1.685],["2014-02-01",1.699],["2014-03-01",1.865],["2014-04-01",1.69],["2014-05-01",1.763],["2014-06-01",1.881],["2014-07-01",1.89],["2014-08-01",1.879],["2014-09-01",1.781],["2014-10-01",1.847],["2014-11-01",1.729],["2014-12-01",1.96],["2015-01-01",2.082],["2015-02-01",2.495],["2015-03-01",2.204],["2015-04-01",2.127],["2015-05-01",2.089],["2015-06-01",2.246],["2015-07-01",2.52],["2015-08-01",2.282],["2015-09-01",2.27],["2015-10-01",2.41],["2015-11-01",2.243],["2015-12-01",2.279],["2016-01-01",2.501],["2016-02-01",2.525],["2016-03-01",2.476],["2016-04-01",2.401],["2016-05-01",2.368],["2016-06-01",2.528],["2016-07-01",2.773],["2016-08-01",2.679],["2016-09-01",2.681],["2016-10-01",2.505],["2016-11-01",2.309],["2016-12-01",2.167],["2017-01-01",2.176],["2017-02-01",2.187],["2017-03-01",2.052],["2017-04-01",2.242],["2017-05-01",2.338],["2017-06-01",2.182],["2017-07-01",2.039],["2017-08-01",2.197],["2017-09-01",1.97],["2017-10-01",1.961],["2017-11-01",2.14],["2017-12-01",2.097],["2018-01-01",1.832],["2018-02-01",1.955],["2018-03-01",2.124],["2018-04-01",2.069],["2018-05-01",1.81],["2018-06-01",2.09],["2018-07-01",2.124],["2018-08-01",2.153],["2018-09-01",2.185],["2018-10-01",2.158],["2018-11-01",2.131],["2018-12-01",2.495],["2019-01-01",2.3],["2019-02-01",2.338],["2019-03-01",2.772],["2019-04-01",2.592],["2019-05-01",2.347],["2019-06-01",2.81],["2019-07-01",2.635],["2019-08-01",2.766],["2019-09-01",2.452],["2019-10-01",2.257],["2019-11-01",2.484],["2019-12-01",2.461],["2020-01-01",2.235],["2020-02-01",2.489],["2020-03-01",2.571],["2020-04-01",2.527],["2020-05-01",2.55],["2020-06-01",2.692],["2020-07-01",2.622],["2020-08-01",2.562],["2020-09-01",2.553],["2020-10-01",2.555],["2020-11-01",2.267],["2020-12-01",2.393],["2021-01-01",2.253],["2021-02-01",2.153],["2021-03-01",1.883],["2021-04-01",1.967],["2021-05-01",1.962],["2021-06-01",2.005],["2021-07-01",2.039],["2021-08-01",2.063],["2021-09-01",2.036],["2021-10-01",1.741],["2021-11-01",1.655],["2021-12-01",1.809],["2022-01-01",1.703],["2022-02-01",1.688],["2022-03-01",1.562],["2022-04-01",1.355],["2022-05-01",1.647],["2022-06-01",1.514],["2022-07-01",2.225],["2022-08-01",2.294],["2022-09-01",2.273],["2022-10-01",2.373],["2022-11-01",2.858],["2022-12-01",3.107],["2023-01-01",2.851],["2023-02-01",3.012],["2023-03-01",3.079],["2023-04-01",3.125],["2023-05-01",2.82],["2023-06-01",2.719],["2023-07-01",2.457],["2023-08-01",2.885],["2023-09-01",2.86],["2023-10-01",2.811],["2023-11-01",3.042],["2023-12-01",3.291],["2024-01-01",3.272],["2024-02-01",3.057],["2024-03-01",2.881],["2024-04-01",2.914],["2024-05-01",2.935],["2024-06-01",2.867],["2024-07-01",2.833],["2024-08-01",2.746],["2024-09-01",2.835],["2024-10-01",2.778],["2024-11-01",2.366],["2024-12-01",2.238],["2025-01-01",2.579],["2025-02-01",2.714],["2025-03-01",2.705],["2025-04-01",2.575],["2025-05-01",2.41],["2025-06-01",2.59],["2025-07-01",2.325],["2025-08-01",2.651],["2025-09-01",2.237],["2025-10-01",2.299],["2025-11-01",1.927],["2025-12-01",1.964],["2026-01-01",2.087],["2026-02-01",2.195],["2026-03-01",1.79],["2026-04-01",2.1],["2026-05-01",2.086],["2026-06-01",1.995],["2026-07-01",1.767]]}