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Weekly Market Snapshot: Yields at Multi-Decade Highs, Oil Eases on Hormuz Hopes — Week of Sept. 22–26, 2026

Week of September 22–26, 2026 It was a week of two forces tugging in opposite directions. Bond yields surged to levels not seen since 2004–2007, driven by resilient US economic data, hawkish Fed signals, and oil-driven inflation fears — putting pressure on equities and the Canadian dollar. Then, late in the week, reports emerged that US and Iranian negotiators were exploring a phased deal to reopen the Strait of Hormuz. Oil pulled back sharply Friday, yields stabilized, and markets found enough relief to post a partial recovery. The TSX finished the week slightly lower but well off its worst levels, while US indices managed a weekly gain. 🍁 Canada — TSX & the Loonie The S&P/TSX Composite entered the week near 35,800 and, after a volatile ride, closed Friday around the same level — giving up roughly 0.3% on the week. Mid-week selling was driven by the same forces pressuring global markets: surging US Treasury yields, a rising oil-inflation premium, and investor nervousness ahea...
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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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