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5 Things to Know Today: G7 Oil Release, Pipeline Fast-Track and Ontario's N1 Deadline (Oct. 3)

  Canadian Money Brief • Saturday, October 3, 2026 Markets are closed for the weekend, so here is what moved on Friday and what it means for your wallet as the week turns. Five things worth knowing today. 1. The G7 Is Releasing 100 Million Barrels of Oil and Fuel G7 leaders, Canada included, agreed Friday to release 100 million barrels of crude and refined products from emergency reserves over the next four months, with a front-loaded diesel release in the first 20 days. Washington had been pressing allies to act as fuel prices climbed. Oil barely budged on the news: Brent settled at US$102.25 a barrel and WTI at US$91.11, down US$1.76. Analysts noted it is not yet clear whether the 100 million barrels is new supply or the tail end of the release pledged in March. What it means for you: Diesel comes first, which matters more for freight and grocery costs than for your gas tank. With Brent still around US$100, do not count on a quick drop at the pump. 2. A Weak U.S. Jobs Report Shi...
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Toronto Housing Market Cools Down as Interest Rates Heat Up

 


The Toronto housing market has experienced a sharp slowdown in October 2023, as the high interest rates that have been pressuring the market show little sign of easing. According to the Toronto Regional Real Estate Board The benchmark price of a home in Canada’s largest city fell to C$1.13 million ($815,000) in October, down 1.7% from September, the Toronto Regional Real Estate Board said Thursday. That’s the third straight monthly drop and the fastest pace of decline in 15 months.

The number of sales also dropped 5% from the previous month, to 4,867 transactions, comparable to the deep market freeze of December and January. The TRREB predicts that activity will not rebound over the remainder of the year, as the Bank of Canada repeatedly says that it is prepared to raise interest rates above the current 5% if inflation remains high.

The high interest rates have made borrowing more expensive and reduced the affordability of homeownership for many potential buyers. The TRREB says that the average monthly mortgage payment for a typical home in Toronto has increased by 25% since January 2023, while the average household income has only increased by 2%.

The cooling of the Toronto housing market is in contrast to the national trend, which saw home sales and prices increase slightly in October, according to the Canadian Real Estate Association. However, some analysts warn that the national figures may not reflect the true state of the market, as they are skewed by the strong performance of some smaller markets, such as Halifax and Montreal.

The TRREB says that it expects the Toronto housing market to remain subdued in the near term, as buyers and sellers adjust to the new reality of higher interest rates. However, it also says that there are still some positive factors that support the long-term outlook for the market, such as strong population growth, low unemployment, and high demand for housing.


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