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The US–Iran War Is Hitting Your Wallet: What Every Canadian Needs to Know Right Now

  A conflict thousands of kilometres away has quietly become one of the biggest threats to your household budget in 2026. The war between the United States, Israel, and Iran — now stretching into its third month — is reshaping global energy markets, and Canadians are paying the price at the pump, the grocery store, and everywhere in between. $2.03 Gas/litre in parts of Canada +51¢ Average gas rise since Feb. 28 +30% Canada gas price rise Mar–Apr 20% World oil supply disrupted How We Got Here: The Strait of Hormuz Is Closed On February 28, 2026, the United States and Israel launched coordinated airstrikes against Iran in what was dubbed Operation Epic Fury , targeting military facilities, nuclear sites, and key Iranian leadership — resulting in the death of Supreme Leader Ali Khamenei. Iran's response was swift and punishing: missile barrages on Israeli cities, US military bases across the Gulf, and the formal closure of the Strait of Hormuz to international shipping. The Strait of ...
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Population growth outpaces job creation in Canada

 


Canada’s labour market is facing a challenge as the number of people looking for work is growing faster than the number of jobs available. According to Statistics Canada, employment increased by 25,000 in November, but the unemployment rate rose to 5.8 per cent from 5.7 per cent in October. This is because the population aged 15 and over grew by 870,000, or 2.7 per cent, since the beginning of the year, while the net job gain was only 430,000.

The Bank of Canada has been raising interest rates to curb inflation, but this has also slowed down the economy and the demand for labour. Some economists expect the central bank to start cutting rates in the second quarter of next year to stimulate growth and stabilize the labour market.

The job gains in November were concentrated in the private sector, full-time work, manufacturing and construction. However, some industries, such as wholesale and retail trade, finance, insurance and real estate, saw job losses. Younger workers (15 to 24) also faced higher unemployment than other age groups.

Average hourly wages rose 4.8 per cent year over year in November, matching the increase in October. The Bank of Canada is monitoring wage growth for signs of inflationary pressure. Total hours worked across the economy fell 0.7 per cent in November, indicating a weak performance of gross domestic product that month.


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