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Oil Swings, Records Fall, and Bank Earnings Roll In: Markets Update — May 28, 2026

  Thursday is shaping up to be an eventful one for markets. A sharp rebound in oil prices — triggered by fresh U.S. military strikes in Iran overnight — is rattling futures this morning, even as Wall Street closed at fresh records on Wednesday. Here in Canada, the TSX pulled back sharply, weighed down by energy-sector volatility and mixed signals from the big banks. Traders are also keeping a close eye on two major U.S. data releases due today: April PCE inflation and the Q1 GDP second estimate. Canada The TSX had a rough Wednesday. The S&P/TSX Composite shed 241.82 points — roughly 0.70% — to close at 34,412.05, as energy stocks were dragged lower by falling crude prices. The loonie dipped slightly as well, with the Canadian dollar trading at 72.29 cents U.S., compared with 72.40 cents the day before. It's a big week for Canadian bank earnings, and results so far have been mixed but largely solid. Bank of Nova Scotia and BMO Financial Group both reported stronger second-quar...
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Navigating Your Mortgage Renewal in 2024: Tips for Securing the Best Rate


As 2024 unfolds, many Canadians find themselves facing mortgage renewals amid a backdrop of rising interest rates. If you’re among them, fear not! Here’s a concise guide on how to navigate your mortgage renewal and secure the best rate:

  • Renewal Statement: If your mortgage is with a federally regulated financial institution (such as a bank), they are legally required to provide you with a renewal statement at least 21 days before your maturity date (the last day of your existing mortgage term). Most lenders reach out even earlier, typically between four and six months in advance.
  • Interest Rate Offer: As part of this communication, your lender will present you with a new interest rate. Be prepared—the landscape has changed. While sub-3% rates were common in 2019, the average interest rate for a five-year fixed mortgage now stands at 5.29%. Brace yourself for potential payment increases.
  • The Reality: Two years of aggressive interest rate hikes have left their mark. By the end of 2024, the Bank of Canada predicts that 65% of Canadians will experience an increase in their mortgage payments.
  • Average Increases: A Bank of Canada analysis from last year revealed that those renewing in 2024 with a variable-rate mortgage and fixed payments could face an average increase of 24.5%. Meanwhile, those with a fixed-rate mortgage (term less than five years) might see an increase of 23.1%.
  • Existing Lender Advantage: If you’re renewing with your current lender, you won’t need to re-qualify or prove affordability at these higher rates. However, switching lenders requires going through the qualification process.
  • Shop Around: Don’t settle for the first offer. Explore other lenders and compare rates. Negotiate with your current lender—they might offer a discounted interest rate below what’s quoted in your renewal letter.
  • Be Prepared: Gather proof of offers from other financial institutions or mortgage brokers. Having this information on hand will empower you during negotiations.

Mortgage renewals can be daunting, but with the right approach, you can secure a favorable rate. Remember, knowledge is power—so stay informed, compare options, and make the most of your mortgage renewal in 2024.

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