Yes, but the experiment you're describing is a little bit artificial because it's a global bond market. If it did happen the way you described it, it would normally be because inflation in country A went up and therefore all of its bond yields went up, and that would for sure pass right through to mortgages. But if it's just a risk premium or just a more general move in rates, it would be rare for Canada's rates to go up all by themselves in the way you described, for those reasons.
On October 30th, 2018. See this statement in context.