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5 Things to Know Today: Your Canadian Money Brief — June 2, 2026

  Tuesday, June 2, 2026  |  MoneySavings.ca Markets are mixed, a big government cheque is days away, and the Bank of Canada is just over a week from its next rate call. Here's what every Canadian should have on their radar this morning. 1 of 5 TSX Inches Lower as Gold Slips and Financials Feel the Heat The S&P/TSX Composite closed Monday at 34,735 points, down about 0.10% from Friday's session. It was a tale of two sectors: financials dragged on the index as RBC and TD each lost close to 1%, with CIBC shedding nearly 2%, while gold miners also pulled back — Agnico Eagle fell 3.5% and Barrick dropped close to 3%. On the bright side, energy stocks surged as oil prices rallied, with Canadian Natural Resources up nearly 3% and Suncor gaining over 3%. Shopify also climbed roughly 2% on enthusiasm around AI chip advances. Year-to-date, the TSX is up about 9.5% — trailing Japan's Nikkei (+31.8%) but ahead of the S&P 500 (+11.0%) for the period through June 1. 💡 Money Ti...
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New home buyers in trouble as mortgage rates soar

Some buyers who purchased preconstruction homes are finding themselves unable to close on their properties due to rising mortgage rates and stricter lending rules. As a result, they are resorting to selling their contracts to other buyers at a discount, or even giving up their deposits and facing legal risks.

According to Robert McLister, an interest rate analyst and mortgage strategist, this trend is creating opportunities for bargain hunters who are looking for assignment deals. These are transactions where the original buyer transfers their rights and obligations to a new buyer before the home is completed.

However, assignment deals are not without challenges and costs. Both assignors and assignees need to get approval from the builder, pay fees and taxes, and secure financing. Moreover, they need to be aware of the market conditions and the potential risks of flipping or renting out the property.

McLister advises buyers to start evaluating their options early and seek professional help from a tax-savvy accountant, a mortgage broker, and a real estate lawyer. He also suggests that buyers should monitor the bond yields and the Bank of Canada’s rate decisions, as they may affect the future demand and prices of new homes.

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