Government of Canada 10-year benchmark bond yield, Canada
The Government of Canada 10-year benchmark bond yield in Canada was 3.88% in , up 0.21 pp from and up 0.66 pp from a year earlier. Over the latest 12 readings it moved between 3.13% and 3.88%. The next reading is for October 2026. Source: Bank of Canada, Valet BD.CDN.10YR.DQ.YLD; history from .
Key takeaways
- The Government of Canada 10-year benchmark bond yield at 3.88% in beats 90% of readings since (Bank of Canada).
- Against a ten-year average of 2.34%, the Government of Canada 10-year benchmark bond yield is above that norm by 1.55 pp (Bank of Canada).
- On the Government of Canada 10-year benchmark bond yield, Canada ranks 4th highest of 4 countries (national publishers).
What this indicator is and why it matters
The Government of Canada 10-year benchmark bond yield is the yield on the federal bond the Bank of Canada designates as the ten-year benchmark. The series here is the monthly average of the daily yield, from the Bank's Valet data service.
It anchors long-term borrowing in Canada. Five-year fixed mortgage rates, the most common choice for Canadian homebuyers, are priced off the five-year yield, which moves closely with this one, and provincial and corporate bonds trade as a spread over federal yields. For banks and life insurers, which hold large portfolios of government bonds, a rise in this yield lowers the market value of those holdings.
Read it in a global context. Long-term Canadian yields follow US Treasury yields closely because investors move freely between the two markets; on many days the Canadian 10-year moves more with US news than with Canadian data. The gap between the two countries' 10-year yields is often more informative than the level. As with the 2-year benchmark, the specific bond used changes from time to time, and the monthly average smooths daily swings.
Where it sits in history
The Government of Canada 10-year benchmark bond yield is at its highest since , when it stood at 4.06%. Within ten years, the Government of Canada 10-year benchmark bond yield beats 99% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 90% of readings | 2.58% | 4.61% | 0.52% |
| Last ten years | 99% of readings | 2.34% | 4.06% | 0.52% |
| Last five years | 98% of readings | 3.12% | 4.06% | 1.26% |
- Government of Canada 10-year benchmark bond yield 3.9%
Recent readings
Last five years
- Government of Canada 10-year benchmark bond yield 3.9%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 3.88% | +0.21 pp | |
| 3.67% | +0.13 pp | |
| 3.55% | +0.13 pp | |
| 3.42% | -0.12 pp | |
| 3.54% | +0.06 pp | |
| 3.48% | +0.04 pp | |
| 3.44% | +0.15 pp | |
| 3.29% | -0.11 pp | |
| 3.40% | +0.01 pp | |
| 3.39% | +0.21 pp | |
| 3.17% | +0.05 pp | |
| 3.13% | -0.10 pp | |
| 3.22% | -0.20 pp |
Annual averages
By calendar-year average, the Government of Canada 10-year benchmark bond yield peaked in (4.27%) and bottomed in (0.75%). 2026 to date: 3.52%, after 3.23% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 3.52% | 3.29% | 3.88% | 9 |
| 2025 | 3.23% | 3.01% | 3.48% | 12 |
| 2024 | 3.34% | 2.94% | 3.70% | 12 |
| 2023 | 3.36% | 2.91% | 4.06% | 12 |
| 2022 | 2.77% | 1.76% | 3.38% | 12 |
| 2021 | 1.36% | 0.81% | 1.69% | 12 |
| 2020 | 0.75% | 0.52% | 1.49% | 12 |
| 2019 | 1.59% | 1.21% | 1.95% | 12 |
| 2018 | 2.28% | 2.06% | 2.49% | 12 |
| 2017 | 1.78% | 1.50% | 2.05% | 12 |
| 2016 | 1.25% | 1.04% | 1.73% | 12 |
| 2015 | 1.52% | 1.38% | 1.78% | 12 |
| 2014 | 2.23% | 1.85% | 2.53% | 12 |
| 2013 | 2.26% | 1.75% | 2.70% | 12 |
| 2012 | 1.87% | 1.66% | 2.11% | 12 |
| 2011 | 2.78% | 1.99% | 3.42% | 12 |
| 2010 | 3.24% | 2.77% | 3.67% | 12 |
| 2009 | 3.23% | 2.81% | 3.46% | 12 |
| 2008 | 3.61% | 2.95% | 3.85% | 12 |
| 2007 | 4.27% | 4.02% | 4.61% | 12 |
| 2006 | 4.21% | 3.97% | 4.44% | 12 |
Same measure in other countries
The Government of Canada 10-year benchmark bond yield in Canada is above 0 of the other 3 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| Canada | Government of Canada 10-year benchmark bond yield | 3.88% | +0.66 pp | |
| United States | 10-year Treasury yield (constant maturity) | 4.99% | September 2026 | +0.87 pp |
| Australia | Australian Government 10-year bond yield | 5.28% | September 2026 | +0.99 pp |
| United Kingdom | 10-year gilt yield (nominal par) | 5.37% | September 2026 | +0.68 pp |
Compared with the Government of Canada 2-year benchmark bond yield
The gap between the Government of Canada 10-year benchmark bond yield and the Government of Canada 2-year benchmark bond yield was 0.62 pp in , an upward-sloping curve. A year earlier, in , the figure was 0.72 pp. Five-year range: -1.23 pp () to 0.84 pp ().
- Government of Canada 10-year benchmark bond yield 3.9%
- Government of Canada 2-year benchmark bond yield 3.3%
How is it measured?
Monthly average of the daily 10-year benchmark bond yield. Formula: average of daily BD.CDN.10YR.DQ.YLD values in the month.
Bank of Canada publishes the Government of Canada 10-year benchmark bond yield monthly in Valet BD.CDN.10YR.DQ.YLD, in percent. Code: BD.CDN.10YR.DQ.YLD. Monthly basis: each month shows the average of the daily values in that month. Method for the Government of Canada 10-year benchmark bond yield.
Questions
How high is the Government of Canada 10-year benchmark bond yield in Canada now?
3.88% in (Bank of Canada), up 0.66 pp on a year earlier.
Is the Government of Canada 10-year benchmark bond yield high by historical standards?
The Government of Canada 10-year benchmark bond yield beats 90% of readings since ; its peak was 4.61% (), its low 0.52% ().
When is the Government of Canada 10-year benchmark bond yield updated?
Monthly, in Valet BD.CDN.10YR.DQ.YLD. Next reading: October 2026.
Where can I check the Government of Canada 10-year benchmark bond yield at the source?
Bank of Canada data, code BD.CDN.10YR.DQ.YLD.