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Front-End GoC Yields Sit Just Off Cycle Highs

CANADA
  • GoCs are largely consolidating yesterday’s second half sell-off, with 2Y yields 1bp higher at 2.717% as they struggle to clear the cycle high of 2.7206% from two weeks ago, and with the rest of the curve unchanged.
  • Earlier, Toronto house prices declined sharply in April, with the average selling price down a seasonally adjusted -6.5% M/M (but not composition adjusted) for the largest decline since Apr’20. The composite measure is still up 30.6% Y/Y however.
  • Higher rates are starting to bite with conventional 1Y and 3Y fixed rates rising early in the month but the typically more popular 5Y fixed only rising later on for the first increase since last being cut in Aug’20, up 20bps to 4.99%.
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