Helio · MarketsLive · Bank of Canada · as of Sep 21, 2026
The cost of capital for Halifax development.
The rates that price a development — the policy rate, the Government of Canada yield curve, the mortgage-over-government spread — read against the Halifax pipeline. Six years of Bank of Canada history, not a broker quote. We track the benchmarks the capital stack is actually built on.
As of Sep 21, 2026 · rates: Bank of Canada published series · 38 series
Development still pencils — but the margin is thin.
build spread · Δ +8 bp WoW · as of Sep 21, 2026 · yield-on-cost − indicative MLI take-out
Government of Canada yield curve
Halifax development
| Benchmark | Latest | Δ1d | 1mo | 1yr | 52-wk |
|---|---|---|---|---|---|
| Money & policy | |||||
| Overnight policy rate | 2.25% | • 0 | • 0 | ▼ 25 | |
| Prime rate | 4.45% | • 0 | • 0 | ▼ 50 | |
| CORRA | 2.29% | • 0 | ▲ 4 | ▼ 27 | |
| Government of Canada yield curve | |||||
| GoC 2-year | 3.29% | ▼ 3 | ▲ 26 | ▲ 83 | |
| GoC 3-year | 3.37% | ▼ 4 | ▲ 24 | ▲ 90 | |
| GoC 5-year | 3.57% | ▼ 2 | ▲ 21 | ▲ 83 | |
| GoC 7-year | 3.64% | ▼ 4 | ▲ 14 | ▲ 75 | |
| GoC 10-year | 3.84% | ▼ 3 | ▲ 8 | ▲ 64 | |
| GoC long (30-year) | 4.16% | ▼ 3 | ▼ 1 | ▲ 52 | |
| GoC real return (long) | 1.84% | ▼ 4 | ▼ 21 | ▲ 16 | |
| Financing benchmarksposted · BoC · not a quote | |||||
| Conventional mortgage 1-yr | 5.49% | • 0 | • 0 | ▼ 60 | |
| Conventional mortgage 3-yr | 6.05% | • 0 | • 0 | • 0 | |
| Conventional mortgage 5-yr | 6.09% | • 0 | • 0 | • 0 | |
| Spreads & signalscomputed by Helio | |||||
| Mortgage 5yr − GoC 5yr spreadmtg_5y − goc_5y | 2.52% | ▲ 2 | ▼ 21 | ▼ 83 | |
| Curve slope (10yr − 2yr)goc_10y − goc_2y | 0.55% | • 0 | ▼ 18 | ▼ 19 | |
| FX | |||||
| USD / CAD | 1.4064 | • 0 | ▲ 3 | ▲ 2 | |
Scroll the table sideways for Δ1d & the 52-week range →
Rate history & spreads
Interactive history chart — enable JavaScript. The current values and changes are in the board above.
Rate shock on the Halifax pipeline
illustrative · the moat+$61M / yr
A +100 bp move in the cost of capital adds that much in annual interest across Halifax's 29,283-unit pipeline. No one else can compute this — it needs both the rate feed and the parcel feed.
Illustrative: tracked pipeline units × a $300K/door cost assumption × ~70% leverage, at the live insured rate — not project-level underwriting. We do it parcel by parcel →
The 5-year Government of Canada yield (3.57%) is the spine of construction take-out financing; mortgage funding sits 2.52 points above it. With the policy rate at 2.25% and the curve upward-sloping, this is the cost-of-capital backdrop every Halifax pro-forma — across 16,307 units now under construction — is solved against.
Run these rates through the calculators → — the deal-impact engine, DSCR sizing, CMHC MLI Select & more, all fed by today's rate.
These are the benchmarks. What they mean for a specific project is worked through in the calculators.
Talk to Helio →Helio Urban Development is a technology-led real estate company in Halifax that reads these benchmarks against its own development pipeline.
SOURCES · Rates, yields, spreads & FX: Bank of Canada published series (policy, prime, CORRA, the GoC benchmark curve, conventional-mortgage benchmark, USD/CAD), six years of daily history, latest Sep 21, 2026. Spreads & the curve slope are computed by Helio from those series. Halifax pipeline: the Helio Developments Map. Starts, vacancy & rent: CMHC + Statistics Canada (2026-06-23). Benchmark and policy rates only — not personalized or brokered rate quotes. Updated automatically each business day.