Helio · MarketsLive · Bank of Canada · as of Oct 23, 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 Oct 23, 2026 · rates: Bank of Canada published series · 38 series
Development still pencils — but the margin is thin.
build spread · Δ -2 bp WoW · as of Oct 23, 2026 · yield-on-cost − indicative MLI take-out
Government of Canada yield curve
The 5-year Government of Canada yield (3.56%) is the spine of construction take-out financing; mortgage funding sits 2.63 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 17,595 units now under construction — is solved against.
Rate history & spreads
| Benchmark | Latest | Δ1d | 1mo | 1yr | 52-wk |
|---|---|---|---|---|---|
| Money & policy | |||||
| Overnight policy rate | 2.25% | • 0 | • 0 | ▼ 25 | |
| Prime rate | 4.45% | • 0 | • 0 | ▼ 25 | |
| CORRA | 2.24% | ▼ 1 | ▼ 5 | ▼ 28 | |
| Government of Canada yield curve | |||||
| GoC 2-year | 3.33% | ▲ 11 | ▼ 7 | ▲ 94 | |
| GoC 3-year | 3.44% | ▲ 12 | ▼ 5 | ▲ 104 | |
| GoC 5-year | 3.56% | ▲ 6 | ▼ 13 | ▲ 90 | |
| GoC 7-year | 3.66% | ▲ 8 | ▼ 10 | ▲ 85 | |
| GoC 10-year | 3.83% | ▲ 5 | ▼ 13 | ▲ 74 | |
| GoC long (30-year) | 4.12% | ▲ 2 | ▼ 13 | ▲ 54 | |
| GoC real return (long) | 1.87% | ▲ 2 | ▼ 6 | ▲ 24 | |
| 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 | 6.19% | • 0 | ▲ 10 | ▲ 10 | |
| Spreads & signalscomputed by Helio | |||||
| Mortgage 5yr − GoC 5yr spreadmtg_5y − goc_5y | 2.63% | ▼ 6 | ▲ 23 | ▼ 80 | |
| Curve slope (10yr − 2yr)goc_10y − goc_2y | 0.50% | ▼ 6 | ▼ 6 | ▼ 20 | |
| FX | |||||
| USD / CAD | 1.4025 | • 0 | ▼ 1 | • 0 | |
Scroll the table sideways for Δ1d & the 52-week range
Interactive history chart — enable JavaScript. The current values and changes are in the board above.
Rate shock on the Halifax pipeline
illustrative · the moat
+$64M / yr
A +100 bp move in the cost of capital adds that much in annual interest across Halifax's 30,666-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
Halifax development
These are the benchmarks. What they mean for a specific project is worked through in the calculators.
Run these rates through the calculators — the deal-impact engine, DSCR sizing, CMHC MLI Select & more, all fed by today's rate.
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 Oct 23, 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.