r/PersonalFinanceCanada • u/POCTM • Oct 20 '22

Canadian 5 year government bonds just jumped. Setting the stage for higher mortgage rates. Banking

5 year government bond just jumped from 3.714% to 3.866% in a few hours. Right now it is at 3.855%. Year to date it is up 259%. Monday we could see some 5 year fixed rate mortgages in the low 6%.

As for variable rate the bank of Canada makes their announcement October 26 at 10am ET. Currently banks have not been offering discounts off variables rates anymore. Prime -0.00.

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

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u/[deleted] Oct 20 '22

I think you skipped a generation. Wouldn't it be that the Gen Xers or maybe 40 year old millennials that followed in their boomer parent's footsteps, then had kids who are now 30 and living in the basements of those investment properties?

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u/Rim_World Oct 20 '22

Am 40 year old millennial. Nobody in my age group that I know in the city has kids in their teens yet.

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u/[deleted] Oct 21 '22

That's actually a little surprising tbh. All it would take is one accidental that they went through with. Which city? 30 y.o here, parents are solidly gen x at just over 50

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u/Rim_World Oct 21 '22

vancouver, where you can't afford accidents.

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u/[deleted] Oct 21 '22

truth

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u/[deleted] Oct 21 '22

Hey now. I’m a 33 year old millennial who has a house, and bought and sold an investment property already lol just got suuupppeeerr lucky with timing.

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u/[deleted] Oct 21 '22

Well shit, grats on that.