Market Commentary: CMHC Outlines CMB Issuance Plans
- Capital Markets update
- Jan 22, 2026
- Paul Uffelmann, Vice President, Capital Markets
Earlier this week, CMHC announced Q1 CMB issuance targets of $12.5bn (up from $8.5bn) and $7bn (up from $6bn), for 5yr and 10 yr respectively. This is in line with expectations and is a good outcome for the market with most of the increase going to the 5yr, consistent with current borrower preferences. We anticipate the rest of the year will follow a similar issuance pattern.
CMHC appears to be committed to maintaining large, regular 10yr issuance, which is important to maintain the investor base and will be invaluable when the curve inevitably flattens, and borrower preferences shift back to longer terms. The near-term challenge will likely be finding sufficient 10yr collateral.
We are still hoping to hear that the $9bn annual NHA MBS guarantee pricing threshold is increased (or abolished), but this is a good outcome in and of itself.
Your First National representative is ready to discuss these changes and help you discuss your options, including 5yr vs. 10yr. Enjoy the rest of your week!
Sign up for Market updates
Looking for advice and insights on commercial real estate? Sign up today for the Market Update email.
Related Articles
- On the Radar: A Peace Deal Sent Oil Prices Tumbling but the Fed Still Signaled Higher Rates. What Does It Mean for Canadian Mortgage Rates?
- On the Radar: The Bank of Canada Held, U.S. Inflation Hit a Three-Year High, and Trump Threatened the Trade Deal. What Does It All Mean for Mortgage Rates?
- What’s up with Canada’s commercial real estate and financing markets?
- On the Radar: The Canadian Yield Curve Normalized After a Two-Year Inversion. What Does That Mean for Choosing Between a Five-Year and Ten-Year Fixed?
- On the Radar: The Bank of Canada Held Rates, but the Real Story Was What It Said About Housing. What Does It Mean for Mortgage Rates?
- The Bank of Canada maintains its interest rate policy to close out April