Present in Quebec, Alberta and Ontario.

Present in Quebec, Alberta and Ontario.

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Perspectives Bond Market Real Estate Financing

Perspectives Bond Market

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The bond market is one of the most complex in the financial world. It encompasses government debt, corporate borrowing, and forms the foundation of most long-term mortgage financing. In Canada, government bonds (GOC / CMB) play a central role, as they directly influence the structure of mortgage rates.

For many years, this market evolved in a relatively stable manner, adjusting gradually to economic cycles and U.S. fiscal policies. However, since the first term of Donald J. Trump, bond yields have experienced sharper fluctuations, showing increased and sometimes unpredictable volatility. Yield charts now resemble an electrocardiogram more than a smooth curve.

This volatility largely stems from a climate of uncertainty marked by a constant flow of news, political statements, and conflicting signals. While this noise initially unsettled investors, recent months have seen a return to a more fact-based approach. Markets now appear to be waiting for concrete announcements before making significant adjustments to bond yields.

Several observers anticipate that 2026 could be marked by a few pronounced movements, with bond yields shifting abruptly, both upward and downward, over short periods of time. In such an environment, positioning across an entire portfolio becomes more important than ever.

For investors and real estate borrowers, the best protection against the unknown remains thoughtful debt structuring: a well-distributed maturity schedule, a holistic view of the portfolio, and a focus on balance rather than isolated optimization of a single transaction.

Understanding the bond market is no small task. Through this series of editorials, the Maoki team aims to provide clear reference points to help you better grasp the dynamics at play. Our goal is to help you make informed decisions and feel confident about the composition of your real estate portfolio and the debt associated with it.

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For certain complaints, we may follow a simplified process whereby we try to propose a means of resolving the situation. The simplified process is described below. If we are unable to resolve your complaint according to this process or if the nature or complexity of your complaint is such that the complaint does not lend itself to the simplified process, then the complaint is processed according to the following steps.

We acknowledge receipt of your written complaint
- We send you a written acknowledgement of receipt in writing within 10 days of receipt of your complaint.
We analyze the complaint
- We make sure we understand your complaint and what you expect from us. If necessary, we contact you to request additional information.
We provide a written final response
- We provide you with a final response in writing within 60 days. In our response, we explain how we analyzed your complaint and what led to our response and, if possible, the proposed solution to your complaint.
- Extension of the period for providing our final response. Your complaint may take longer to process or be more complex than anticipated, in which case we may determine that additional time is required for the analysis of your complaint. The additional time may not exceed 30 days. We notify you in writing, indicating the circumstances warranting the extension.
Assessment of the offer and resolution of the complaint
- Take time to review our response or assess our offer to resolve your complaint. If we present an offer, we give you time to assess and respond to it. The amount of time we give you should provide you with sufficient opportunity to seek the advice you need to make an informed decision. You can decide to accept or refuse the offer, or you can present a counteroffer. Once we reach an agreement with you to resolve your complaint, we have to give effect to the offer within 30 days unless we agree upon a different time period with you when it is in your interest to do so.
Examination of the complaint file by the AMF* or the FSRA**
- We create a file for each complaint. This file contains all relevant information or documents related to the handling of your complaint. You may contact us to request that your complaint file be reviewed by the Authority at any time if you are dissatisfied with the way we handled your complaint or the response we provided. We are required to transmit your complaint file to the Authority within 15 days of your request.

Simplified process for certain complaints

We may follow a simplified process for certain complaints. This process is for complaints that we can resolve to the client’s satisfaction within 20 days.

We consider a complaint to be resolved to your satisfaction when you accept our proposed solution to your complaint or when the explanations we provide to you are sufficient to resolve your complaint.

Under the simplified process, complaints may be referred to a member of our client service team and handled verbally (e.g., in a phone call).

If we cannot propose a satisfactory solution or provide explanations sufficient to resolve your complaint under this process, we will notify you in writing. Your complaint will continue to be processed, but in accordance with the steps in the complaint process described earlier.

The time that we take when trying to resolve your complaint under the simplified process does not have any effect on our obligation to provide you with our written final response within the required time period.

*AMF – Autorité des marchés financiers, Québec
**FSRA – Financial Services Regulatory Authority, Ontario

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514-507-3990 info@maoki.ca