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How first-time homebuyers are sourcing their down payments Did you know that the primary sources for down payments among first-time homebuyers* are:
- Savings outside of a RRSP (59%)
- Gifts (38%)
- Savings within a RRSP (31%)
While 71% of potential first-time homebuyers in Canada are aware of the First Home Savings Account (FHSA), only 33% of them are taking advantage*.

Equitable wants to help first-time homebuyers take advantage of all the benefits a FHSA has to offer. Clients who contribute to an Equitable FHSA between May 1 and September 30, 2025 will be entered into our Close to Home contest, for a chance to win one of two $8,000 prizes. Whether opening a new Equitable FHSA or making an annual contribution, this is a fantastic opportunity to help clients get closer to owning a home.

Advisors, your efforts matter too! You have a chance to win a $1,000 prize if the client you are assisting, in alignment with their unique homeownership needs, is selected as a winner. At Equitable, we believe that when we grow together, success is mutual.

Don’t forget about Equitable’s user-friendly online application, EZcomplete^®, or online transaction platform, Equitable’s EZtransact^®. These tools are fast, simple, and could bring clients closer to achieving their goals.

Want to learn more? Speak to your Director, Investment Sales.

*Source: 2024 CMHC Mortgage Consumer Survey
Equitable’s Close to Home Contest: No purchase necessary. Contest period May 1, 2025 to September 30, 2025.  Clients enter by making a deposit to an Equitable FHSA during the contest period or by submitting a no-purchase entry. Two prizes of $8,000 CAD each to be drawn on October 15, 2025 will be awarded. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $8,000 prize, the client’s servicing advisor wins a $1,000 prize.  Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible entries received during the Contest Period.  For full contest rules, including no-purchase method of entry, see the full contest rules. 

Date posted: August 14, 2025
Retirement Income Options from Equitable Life
If you have clients who are reaching retirement age and have a Retirement Savings Plan or locked-in funds from a previous employer, the government requires them to convert these plans by December 31 of the year they turn 71.

If your client is converting a plan, ask them about other existing assets. This is a great opportunity for your client to consolidate assets from other providers; and for you to discuss a lower management fee through Equitable Life’s Pivotal Select Preferred Pricing Program.

For more information on the options available for clients who are reaching retirement age and the advantages of each, check out the following materials.
To learn more about Equitable’s Preferred Pricing Program, please click here.
Going digital with Pivotal Select Fund Facts
Did you know, with every new policy, your client should receive a copy of Equitable Life’s Pivotal Select™ Fund Facts (Form #1366)? Did you know you can send it electronically?

Over the last year, more and more advisors are opting out of traditional paper. Instead, advisors are going digital. Here are the top three reasons why.
1. Clients receive the information quickly and conveniently.
2. Advisors are confident clients are receiving the most current version available.
3. Advisors can easily adhere to regulations. When providing the client with a link to the electronic Contract and Information Folder (Form #1403), it is easy to also provide a link to the Pivotal Select Fund Facts.
Make it easy and convenient by getting in the habit of going digital.
Does your client prefer a PDF brochure with Fund Facts for all the available funds? Download your copy by logging on to EquiNet®. For more information contact your Regional Investment Sales Manager.

® and TM denote trademarks of The Equitable Life Insurance Company of Canada.
Critical Illness Path to Success Program
Text Notifications keep you informed in real time on your Equitable individual insurance business Our text notification program that we launched a year ago has been very successful. Thousands of tech-savvy advisors like yourself are currently taking advantage of text message updates on their Equitable new business application status.

Approximately 70% of new Equitable insurance applications submitted are choosing to receive real-time status updates via text notifications.

Not using Text Notifications yet?
To opt-in, next time you submit an online insurance application, simply check 'Yes' on the Advisor Report when asked “Would you like to receive text notifications (SMS) regarding this application?” You can opt-out at anytime by texting "Stop."

Questions? Contact your wholesaler for more information.

Market Commentary October 2025 Key Takeaways

• Market sentiment improved significantly in Q3 as economic uncertainties eased.
• Both U.S. and Canadian stock markets posted strong gains. The rally was supported by sector-specific earnings strength and structural growth drivers in AI and digital infrastructure. Equity valuations remain elevated, which could become a potential headwind for future performance.
• Canadian bond markets delivered positive returns in Q3. Returns were largely from underlying interest income, supported by modestly lower interest rates and continued strong performance from tighter credit spreads.
• Both the Bank of Canada and the U.S. Federal Reserve restarted easing in Q3. Each central bank cut rates by 25 basis points in September, responding to rising risks to labour markets.

Economic and Market Update

Economic Summary: In the U.S., economic activity has remained relatively steady through 2025. However, while business investment remained robust, the pace of hiring slowed. Inflation has increased in recent months, but overall price pressures appear contained. Trade uncertainty eased in the third quarter as the U.S. reached agreements on tariffs with several key trading partners. Countries such as Japan, South Korea, and Indonesia, as well as the European Union, negotiated compromise deals. These deals typically involved U.S. tariffs in the range of 15% to 20% in exchange for market access or investment commitments. However, other nations faced higher tariffs of 30-50% following failed negotiations. Mexico and China are currently in a 90-day pause on tariff hikes, which will expire on October 29 and November 10, respectively. At its September meeting, the U.S. Federal Reserve (the “Fed”) lowered its policy rate by 25 basis points to a range of 4.00%– 4.25%. The Fed also signaled that additional interest rate cuts will likely be required to support the economy. Chair Jerome Powell highlighted increasing risks to the labour market and decreasing risks to inflation. He emphasized that the Fed remains data dependent and that interest rate decisions will be made “meeting-by-meeting”. The October 1 shutdown of the U.S. government added further uncertainty to the economic outlook. Key data releases are expected to be delayed, and the White House has warned of mass layoffs of federal workers.

The Canadian economy experienced a modest rebound in July following weak growth in the second quarter. However, U.S. tariffs and ongoing trade policy uncertainty continue to present risks to the economy. The labour market continues to weaken while inflationary pressures have eased in recent months. On July 31, the U.S. increased tariffs on Canadian imports from 25% to 35% for those products not exempted under USMCA. In addition, the U.S. has expanded its list of sector-specific tariffs. This is expected to place further strain on Canadian exporters. In response to these developments, the Bank of Canada cut its policy rate by 25 basis points to 2.50% during its September meeting. Governor Tiff Macklem indicated that the Bank is prepared to take further action if the balance of risks shifts to weaker growth.

Bond Markets: During Q3, the FTSE Canada Universe Bond Index returned 1.5%. Yields on Canadian bonds with maturities of 10 years or less declined. That reflected increased expectations for interest rate cuts by the Bank of Canada. Yields on bonds with maturities of greater than 10 years increased moderately, as investors continued to demand a higher risk premium for long-term debt.

Overall, corporate bonds saw a positive return for the quarter and outperformed government bonds. This outperformance was due to the higher interest rate on corporate bonds relative to government bonds, with an assist from modestly tighter credit spreads. Corporate issuance was robust during the quarter with strong investor demand, as investors were willing to look past U.S. tariffs and their potential impact to global growth. There were 99 corporate bond issuances during Q3 that combined to raise $45 billion for issuers, a new record. Indeed, the new issuance market is tracking ahead of last year, the previous high-water mark for issuance.

Notwithstanding the continued strong performance from corporate bonds, we have maintained a bias towards shorter corporate bonds where the risk and reward are better balanced. We remain ready to invest in longer corporate bonds as valuations become attractive.

Stock Markets: Equity markets posted strong gains in Q3. The S&P 500 returned 8.1% for the quarter, led by Information Technology and Communication Services. Investors focused on the expansion of AI infrastructure and a more favourable regulatory environment for blockchain technology. These themes supported risk appetite despite valuations remaining high relative to historical averages. The Canadian market returned 12.5% in Q3, outperforming the U.S. by more than 4%. This was driven mainly by strong returns in the Materials sector. Meanwhile, the Europe, Australasia, and Far East Index (EAFE) returned 5.4%, as international investors re-evaluated the “Sell America” trade trend.

U.S. Equities: In Q3, U.S. equities rose on strong momentum in AI infrastructure investment and growing interest in blockchain innovation. Mega-cap tech stocks led the rally. Major announcements such as NVIDIA’s $100 billion investment in OpenAI and Oracle’s $300 billion multi-year cloud deal highlighted the rapid growth of hyperscale data centers and the deepening commitment to AI development. A more supportive regulatory environment for blockchain technology also boosted investor interest in digital assets. This was reflected in robust IPO activity from crypto-focused companies such as Figure Technology and Gemini. Both stocks saw sharp gains following their public market debuts. That said, the S&P 500 continues to trade at nearly 23 times its forward earnings, roughly 20% above its 10-year average.

Canadian Equities: Canadian equities rose on better-than-expected economic data and sector-driven earnings, outperforming the U.S. by more than 4% in Q3. The Materials sector drove the rally, contributing nearly half of the gain for the TSX in Q3, as the price of gold surged past US$3850/oz (+45% YTD). The Technology sector also posted solid results, highlighted by Shopify’s continued strong performance. Shopify’s AI-driven product expansion and scalable digital commerce growth pushed the stock to trade around 85 times its forward earnings over the next twelve months. Positive sentiment extended to the Financials sector, where better-than-expected provisions for credit losses helped support a revaluation of bank stocks.

Overall, Q3 marked a risk-on environment across North American equities, underpinned by sector-specific earnings strength and structural growth drivers. In the U.S., enthusiasm around AI and digital infrastructure continued to dominate. In Canada, the rally was driven by surging gold prices and better-than-expected bank earnings. These catalysts helped sustain broad-based market strength across both markets.

Bottom line: Overall market sentiment improved in the third quarter following the volatility earlier in the year caused by tariffs. Investors benefited from resilient performance in North American equities and positive performance in fixed income. In the U.S., the Federal Reserve resumed its rate-cutting cycle, while strong consumer demand and continued capex-spending acted as key drivers for the market strength. In Canada, gold prices continued to surge amid persistent safe-haven demand driven by geopolitical risks. Looking ahead, we will continue to closely monitor valuation levels and underlying economic data for signals of inflection as the cycle progresses.

Downloadable Copy

Mark Warywoda, CFA VP, Public Investments	Ian Whiteside, CFA, MBA AVP, Public Investments	Johanna Shaw, CFA Director, Public Investments	Jin Li Director, Equity Investments
Wanyi Chen, CFA, FRM Sr. Quantitative Analyst	Andrew Vermeer, CFA Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit	Edward Ng Cheng Hin Analyst, Credit	Kate (Huyen) Vinh Analyst, Equity	Francie Chen Analyst, Rates

ADVISOR USE ONLY
Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable^® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

Market Comments - October 2024

Key Takeaways for Q3

· Central banks eased monetary policy by reducing their target interest rates.
· Bond markets performed very well during the quarter as interest rates fell.
· Risk markets experienced some volatility, but stock markets had robust returns.
· Canadian stocks outperformed U.S. stocks in Q3, while the sources of returns in the U.S. market were more balanced and diversified than in the first half of the year.

Views From the Frontline

Bond Markets: During the third quarter, interest rates in both Canada and the U.S. moved significantly lower as markets anticipated that the Bank of Canada would continue – and the Federal Reserve would start – cutting rates. Additionally, the expectation became that the central banks would end up lowering rates more aggressively than previously assumed. That’s because inflation data has softened sufficiently to give the central banks the scope to ease policy, and other economic data, especially from the labour market, indicated the need for them to ease policy in order to prevent economic activity from cooling too much. For instance, in Canada, inflation slowed to the Bank of Canada’s 2% target, while the labour market showed warning signs with the unemployment rate rising to 6.6%. The Bank of Canada cut its target interest rate by 0.25% at each of its July and September meetings. Governor Macklem indicated that if growth does not materialize as expected, “it could be appropriate to move faster on interest rates”. In the U.S., the Federal Reserve kicked off its easing cycle by cutting its target rate by 0.50% in September. The growing signs of a cooling labour market amidst slowing inflation motivated the larger-than-typical move. That said, consumer spending in the U.S. continued to be strong, and GDP is still tracking a healthy growth rate.

While interest rates fell, bonds returns were also boosted by solid behaviour of corporate bonds. Credit spreads (i.e. the risk premium for corporate bonds versus government bonds) continued to grind lower over the quarter. Tightening credit spreads reflected the generally positive risk-on tone to the market, despite some volatility. Lower-rated BBB bonds performed better than higher-quality A-rated bonds. Credit spreads have now generally fallen back to levels that are largely consistent with the tight post-pandemic levels experienced in 2021. The on-going appetite of investors for the extra yield offered by corporate bonds over government bonds is indicated not just by falling credit spreads, but also by investors’ enthusiasm to support the primary issuance market. Corporate bond supply continues to be very robust, with $29B (billion) in new issuance during the quarter, resulting in an impressive $119B issued year-to-date, a new record. Nonetheless, on balance, we do not think the current risk premium adequately compensates for downside risk, particularly in longer-dated corporate bonds, and have a bias towards shorter-dated credit where we view the risk / reward trade-off as being more favourable.

Stock Markets: In the U.S., we continue to caution against heavily concentrated sources of market returns and emphasize a diversified portfolio. Last quarter, diversification proved essential as a multitude of factors heightened market volatility. These factors – which included the unwind of the yen carry trade, investor reactions to mixed mega-cap earnings, and concerns of a slowing labour market – drove investors away from mega-cap technology names and into defensive areas of the market. Following the Federal Reserve’s decision to reduce interest rates by 0.5%, sources of investment returns continued to broaden as investors rotated into economically-sensitive baskets. Underpinned by decelerating inflation and easing monetary policy, we believe the rotation away from the mega-cap tech names is likely to persist and we continue to emphasize portfolio diversification. In Canada, high-quality, high-yielding businesses – composed of the financial sector and non-financial dividend payers – outperformed over the quarter as investors rewarded companies that demonstrated a strong ability to sustain dividends, as well as greater efficiency generating profits. While we continue to favour these businesses, we have taken profit on our financial sector dividend exposure after a sharp reversion in the premium between value creation and current yield. In addition, Chinese officials introduced a wave of stimulus to revitalize growth, bringing life back to the metals and luxury goods sectors. Accordingly, Canadian and European equities have benefitted recently.

Market Update

Rates & Credit: In Q3, interest rates in both Canada and the U.S. decreased significantly, with front-end interest rates declining faster than long-end interest rates amid cooling inflation and a weakening labour market. As a result, the FTSE Canada Universe Index posted a positive return of 4.7%. Coincidentally, Canadian corporate bonds and government bonds each also generated returns of 4.7%, totally in-line with the Universe index. On the other hand, despite short-term interest rates falling much more than long-term interest rates, the higher price sensitivity of long-dated bonds had them outperform shorter-dated bonds, with the Long-Term bond index up 5.8% while the Short-Term bond index gained 3.4%. Similarly, within corporate bonds, industries that have longer-dated debt (e.g. energy and infrastructure) outperformed those that tend to have shorter-dated debt (e.g. real estate and financials).

Equity Overview: Underpinned by decelerating inflation data and easing monetary policy – including the outsize 50-basis cut from the Federal Reserve – prospects for an economic soft landing increased over the quarter. That favourable outlook spurred global equity markets to all-time highs, with previously lagging areas of the market narrowing the performance gap compared to the U.S. mega-cap technology names that had led returns in the first half of the year. Canadian equities outperformed their U.S. counterpart last quarter, rising 10.5% as strength in the banking and materials sectors pushed the index higher. Major developed markets from Europe, Australasia, and the Far East (EAFE) were more subdued, gaining 0.9% (in local currency terms) last quarter. That said, grand expectations for further interest rate cuts in the U.S. pushed the greenback to its lowest level in over a year, boosting EAFE returns to over 7% in U.S. dollar terms. Within the U.S., sources of market returns broadened as well, with investors rotating out of concentrated AI companies and into more economically sensitive businesses.

U.S. Fundamentals: Outside of the Magnificent 7, investors are interpreting downside earnings surprises as a normalization of financial performance rather than a deterioration. For example, McDonald’s share price rallied over 17% into quarter-end following its earnings release despite announcing declining sales and contracting earnings per share. Within the AI-ecosystem, investors are beginning to look for opportunities beyond chip manufacturers, such as nuclear energy providers. At an index level, our work shows that members of the Russell 1000 index, excluding the Mag-7, posted a median earnings growth of nearly 9% year-over-year, expanding from the ~6% witnessed in Q2. Furthermore, the number of companies from this group reporting positive earnings growth grew to approximately 67%, up from 60% in the prior quarter. In our view, the ongoing broadening of earnings strength outside of the Mag-7 can provide tailwinds to current market rotations into previously left-behind companies. Within the mega-cap tech space, investors have become more discriminant than in prior quarters, rewarding businesses with greater success monetizing their AI-investments. This trend was evident through the divergence of returns from IBM and Alphabet (Google’s parent company) following their quarterly earnings.

U.S. Quant Factors: Decelerating U.S. inflation data prompted a rotation out of highly concentrated areas of the market (growth) and into more economically-sensitive companies (value). Then, concerns of a slowing U.S. labour market and the unwind of the yen carry trade increased market volatility, leading investors to shelter their positions by reallocating to low volatility. As the quarter progressed, expectations of easing monetary policy and stabilizing employment data helped calm return to the market and the rotation from mega-cap tech sector resumed, albeit at a lesser pace. Notably, this “catch-up” trade also benefitted dividend-paying companies, particularly those with a lengthy and established history of increasing dividends, as investors favoured those more mature operations.

Canadian Fundamentals: Investors returned to the Canadian market after Canadian companies showed signs of recovery last quarter with earnings expanding by more than expected. With inflation showing clearer signs of deceleration and the outlook regarding the path of monetary policy increasingly implying lower interest rates going forward, investors are allocating toward high-quality, dividend-paying companies. From a sector level, surging gold prices provided a tailwind for Canadian miners, helping the materials sector outperform over the quarter. More recently, the materials sector has benefitted from elevated base metal prices following the arrival of Chinese stimulus. In contrast, oil prices declined over 16% last quarter as fears of an oversupplied market swelled following speculation that OPEC+ would look to dial back production cuts. As a result, investors looked past lingering geopolitical risks and the energy sector underperformed.

Canadian Quant Factors: Amid an improving Canadian macroeconomic backdrop and clearer outlook on the trajectory of monetary policy, dividend-yielding businesses became sought after. More specifically, investors continued to emphasize dividend sustainability last quarter, rewarding dividend-paying businesses that demonstrated strong financial performance and the ability to support future payouts. For example, the major Canadian banks sharply outperformed in Q3 after reporting earnings growth that mostly exceeded expectations. In essence, investors have become more constructive on this high-yielding group as their ability to create value relative to financing costs improves.

Downloadable Copy

Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
Tyler Farrow, CFA Senior Analyst, Equity	Andrew Vermeer Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit	Francie Chen Analyst, Rates

ADVISOR USE ONLY

Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

Summer is here and so is our new dividend scale
Equitable’s Board of Directors has approved a new dividend scale for the period of July 1, 2024, to June 30, 2025.
● The interest rate* we use for the dividend scale will change. It will go from 6.25% to 6.40% on July 1, 2024.
● Other factors used to decide the dividend scale will remain the same.
● The interest rate for policies with dividends on deposit will change. It will go from 2.25% to 3.50% on July 1, 2024.
● The interest rate for most policy loans will remain at 6.50%. This applies to both new and existing policy loans, and automatic premium loans. It specifically applies to Equimax^®policies with a 9-digit policy number that starts with either "3" or "8". Older policies may have different loan rates as they are based on the prime interest rate.

Learn more:
● 2024 Advisor Dividend Scale Notice
● 2024 Client Dividend Scale Notice
● Dividend Information Page

Did you miss our Spring update & 2024 Dividend Scale announcement? Watch it now:

(*The French and Chinese events will be partially in English, with sub-titles on screen).

*The dividend scale interest rate (DSIR) is different from the participating account (PAR) rate of return. The PAR rate of return is the return on the investments in the participating account over the calendar year. The DSIR smooths out the ups and downs of the participating account experience.
[pdf] Collateral Loan Suitable Candidate Profile
Equitable Life added the Mackenzie Global Strategic Income Fund to Pivotal Select
On June 7, 2021, Equitable Life® launched five additional funds to the Pivotal Select™ segregated funds lineup. Included in the launch is the Mackenzie Global Strategic Income Fund. Designed to deliver growth and income to investors, the underlying fund objective seeks income with the potential for long-term capital growth by investing primarily in fixed-income and/or income-oriented equity securities of issuers anywhere in the world.

At Equitable Life, we pride ourselves on offering quality products. This means always reviewing our investment fund lineup. This fund, along with the other new funds are available on all Pivotal Select load types and guarantee classes, providing you and your clients with even more choice and flexibility.

To learn more about Mackenzie Global Strategic Income Fund, join us on Tuesday, June 22 at 2:00 p.m. ET/11:00 a.m. PT to hear Eric Glover, AVP Investment Director and Hadiza Djataou, VP Investment Director, from Mackenzie Investments, highlight the balanced solution that this fund can bring to your client’s investment portfolio.

Click here to register!

Want to learn more about our new funds? Contact your Regional Investment Sales Manager today.

® and ™ denotes a registered trademark of The Equitable Life Insurance Company of Canada.