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5 Things to Know Today: The Tariff Deadline Hits Tonight

  August 21, 2026 Here's what's moving markets and your money today, in five minutes or less. 1. The Tariff Deadline Hits Tonight The three-day pause President Trump granted on Tuesday runs out at the end of today. If the paperwork isn't finalized, the fallback deadline is 12:01 a.m. ET Saturday. Reported terms would cut steel and aluminum tariffs to 25% from 50% and autos to 15% from 25%, with Canada opening dairy market access and dropping retaliatory tariffs in return -- but as of last night, nothing was signed. What it means for you: Steel, aluminum, auto, and dairy stocks (and anyone in those supply chains) are the ones to watch today. A signed deal likely steadies the loonie and the TSX; a collapse likely does the opposite. 2. The TSX Slipped to a Two-Week Low The TSX closed Thursday at 36,365.42, down 0.10% and its lowest close in two weeks. Bank stocks fell as bond yields climbed, while gold miners and energy names rallied. What it means for you: This is rotation,...
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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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