News

Negotiating a mortgage renewal is tricky. Mortgage rates increased significantly over the last few years. Now, many Canadians face much higher monthly payments as the countdown toward a mortgage renewal deadline approaches. Whether this is your first or last time renewing your home loan, the good news is that renewing your mortgage involves the same process: compare rates and read the fine print. To help, here are four tips for any real estate investor or homeowner facing a mortgage renewal in 2024 — plus a few key details to help you get it right. BIG NUMBER: How many Canadian mortgages are up for renewal in 2024? According to the Bank of Canada, 80% of all mortgages are up for renewal in 2024. This represents $251 billion in outstanding mortgages. By 2026, all current mortgages will be up for renewal.

By Romana King | 02.23.24

What would you do if you had a dollar to spare? For Boston Properties, one of America's largest publicly traded real estate developers, that $1 investment was used to buy a stake in a Manhattan office building — specifically, the Canada Pension Plan Investment Board’s (CPPIB) 29% share of 360 Park Ave. S in New York City. CPPIB selling its holding in one of North America’s most expensive cities — likely at a loss — has sent ripples through the commercial real estate (CRE) industry, which was already struggling with hybrid and remote work, high interest rates and record levels of office vacancies in Canada and the United States. CPPIB’s decision to unload the property could have lasting impacts on CRE, Canadians with pensions and investors.

By Laura Stricker | 03.05.24

It’s not everyday you see a major bank in Canada call it quits. But that’s precisely what HSBC, the seventh largest bank by market cap, announced they were doing in December. Well maybe “quit” isn’t the right word – they were in fact sold to RBC, which means, as of March 28, 2024, everyone who was an HSBC customer in Canada will now be an RBC customer. But who the heck banks with HSBC though? Well, me for one. As is my wont, I snagged a no-FX fee card with some travel perks, mere months before the news broke. Also, with their massive presence elsewhere in the world — they have about USD$3 trillion assets under management…that’s trillion with a “T” — a lot of newcomers and foreign workers continue to bank with HSBC once they arrive in Canada. Or did, anyway. If you’re like me and want to know exactly what happens to HSBC customers who’re getting shuffled over to RBC, I’m gonna dive into the details of the sale, product transfers, points, and everything else you’re going to need to know once the dust settles and your new bank card arrives in the mail.

By Cameron Smonk | 03.01.24