Real Estate

Manulife shares rise on earnings beat, but real estate pain lingers

By Nivedita Balu

TORONTO (Reuters) – Shares of Manulife Financial rose on Thursday after a rebound in insurance sales and profitable investment returns in their wealth unit powered an earnings beat, but Canada’s top insurer flagged risks from its office real estate exposures.

Manulife late Wednesday said core earnings for the second quarter were driven by gains from its investments, benefiting from the higher rate environment and very low credit loss.

Earlier this week, rival Sun Life Financial Inc also reported better-than-expected earnings.

Manulife benefited from strong insurance sales in Asia, their biggest growth market, as mainland Chinese customers returned to Hong Kong to buy policies after the borders reopened for the first time since the pandemic.

Manulife shares were up 2.4% on Thursday and Sun Life fell 0.6%, while the benchmark Toronto share index gained 0.5%.

But both Manulife and Sun Life warned of more pressure in their commercial

Read more
Real Estate

Global commercial real-estate stock Life Science REIT could rise by 60%: Jefferies

Read more
Real Estate

How renting impacts retirement, and March home prices on the rise: Canadian real estate news for April 22

Home of the Week: 33 Lombard St., No. 4304, Toronto.Michael Peart Photography

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

Does owning a home give you a retirement advantage over lifetime renters?

If you’re a millennial or member of Gen Z, the biggest financial non-event of the decade is the housing market correction. In his weekly column, Rob Carrick writes about what happens when young adults in this country cannot afford to buy and own homes.

In an expensive housing market, both owners and renters are going to have a hard time saving for retirement. Owners do have a retirement saving advantage in being able to access their equity by downsizing to a cheaper home, but many owners don’t want to. And while

Read more