In the 2023 Fall Economic Statement, the Canadian government announced its intention to purchase Canada Mortgage Bonds (CMBs), beginning in 2024, up to an annual maximum of $30 billion while ensuring that the pace and volume of these purchases are appropriate for market conditions.

In the 2025 calendar year, the Government of Canada purchased a total of $29 billion of fixed-rate CMB primary issuances, in line with the 50% target announced on January 15, 2025.

The government will participate in all fixed-rate CMB syndications proposed for 2026. All purchases will be for fixed-rate 5-year and 10-year CMBs and will be conducted in the primary market at syndication pursuant to orders placed with the lead underwriters. These orders will be completely filled.

  • The government will not purchase floating-rate CMBs.
  • The Bank of Canada (the Bank), in its role as the Government of Canada’s fiscal agent, will make these purchases on the government’s behalf and be responsible for managing the government’s CMB portfolio.

For the 2026 calendar year, the Government of Canada will target a total purchase amount of up to $30 billion of fixed-rate CMB primary issuances, across both the five and ten-year tenors. The aim is to maintain stability in purchases, though purchase shares may vary modestly by CMB tenor depending on issuance outcomes and market conditions. Further details on the government’s participation at CMB issuances will be made as a part of the regular communication process for CMB syndications.

  • The Department of Finance, with the support of the Bank and CMHC, will monitor market conditions and address concerns where possible. Market participants are encouraged to communicate with the Department of Finance, the Bank of Canada and CMHC via regular channels regarding any concerns.

This webpage provides market participants with information on upcoming government purchases of CMBs, the results of CMB purchases on behalf of the Government of Canada, and information on the government’s holdings of CMBs. Any unexpected deviations from previously announced purchase plans would be communicated in a market notice.

In February 2025, in support of well functioning markets, the government made its full holdings of CMBs available to borrow via CIBC Mellon/BNY’s pre-existing securities lending services.

For further information, please contact:


Director
Financial Markets Department
Bank of Canada
613‑782‑7260


Director 
Funds Management Division 
Department of Finance Canada
343‑549‑3651

Content Type(s): Press, Market notices