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5 Things Every Canadian Should Know About Money Today

Canadian Money Brief — May 8, 2026 Your two-minute money briefing. Every weekday, MoneySavings.ca cuts through the noise to bring you the five financial stories shaping Canadians' wallets right now. Bookmark us, share us, and come back tomorrow. 1. The Bank of Canada Is Holding — And the Forecast Isn't Budging The Bank of Canada kept its overnight policy rate at 2.25% at its April 29 meeting, and the message from Governor Tiff Macklem to the House of Commons Standing Committee on Finance this week was clear: don't expect a move anytime soon. The Bank projects the Canadian economy will expand at a modest 1.2% in 2026 , picking up gradually to 1.6% in 2027 and 1.7% in 2028 as export growth and business investment slowly return. The near-term drag? Ongoing U.S. tariff uncertainty and a sharp jump in energy prices tied to the conflict in the Middle East. Inflation, which sat at 1.8% in February, had already climbed to 2.4% by March and is forecast to peak around 3% i...
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Condo market slump: GTA projects cancelled amid low demand


According to a report released today, The Greater Toronto Area (GTA) is experiencing a slowdown in condominium sales, with builders shelving dozens of new condo projects due to low sales. The number of new condominiums started construction in the GTA has hit a 10-year low of 1,798 units, down 72% from the second quarter of 2022.


The report also suggests that rising interest rates and market uncertainty have contributed to the decline in sales. Urbanation’s Q3-2023 Condominium Market Survey reveals that the number of condos sold in the Toronto region failed to reach the 3,000 mark, with only 2,664 new condo units sold throughout the GTA during the third quarter of this year .


The report attributed the surge in cancellations to a combination of factors, including rising construction costs, supply chain disruptions, labour shortages, financing challenges, and changing consumer preferences. Urbanation's president, Shaun Hildebrand, said that the GTA condo market is undergoing a "major correction" and that developers are facing "unprecedented headwinds" in bringing their projects to completion.




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