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Democrats Win U.S. Congress: What It Means for Canadian Tariffs and Your Wallet

  Canadian Money Brief • Wednesday, November 4, 2026 Democrats have won control of both the U.S. House and Senate, including seats in states Donald Trump carried by double digits two years ago. For Canadians, the big question is simple: does this end the tariffs? The short answer is not yet. What happened The Associated Press and major U.S. networks called the Senate for Democrats late Tuesday night and the House early Wednesday. Democrats flipped seven Republican-held Senate seats, according to Forbes’ tally of AP calls, including Maine, North Carolina, Iowa, Ohio and Texas. In the House, roughly 75 races were still undecided at last report, and the new Congress does not take over until 2027. Democratic leaders framed the result as a call for change, while news outlets widely described it as a rebuke of President Trump. Trump told the New York Times he was “absolutely willing” to accept the results and said Republicans would work with Democrats. Why it matters in Canada Democrati...
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New Ontario real estate rules give sellers more options

 

Ontario has introduced new rules for real estate transactions that aim to provide more clarity and choice for buyers and sellers. The rules, which took effect on Friday, include the following changes:

  • Open bidding option: Sellers can now choose to disclose the prices of submitted bids to potential buyers, instead of keeping them secret. This is supposed to make the bidding process more transparent and fair, but it is not mandatory. Some experts say open bidding could reduce overbidding and lower prices, while others say it could have the opposite effect or harm sellers’ interests.
  • Designated representation: Buyers and sellers can now choose a designated representative from the same brokerage, instead of being subject to multiple representation. This means that the agent can advocate more actively for their client, instead of acting as a facilitator with limited advice. This is supposed to avoid conflicts of interest and improve the quality of service.
  • Improved disclosures: Brokers and brokerages have to provide more information to their clients, such as their role, duties, and fees. They also have to give them an information guide from the Real Estate Council of Ontario (RECO), the regulatory body that oversees the industry. RECO also has new enforcement tools to ensure compliance and protect consumers.
  • Amended code of ethics: Agents have to follow an updated code of ethics that reflects the new rules and promotes professionalism and ethical conduct.

The new rules are part of Phase 2 of the changes under the Trust in Real Estate Services Act, which was passed in 2019. The federal government has also promised to end blind bidding as part of its home buyers’ bill of rights, but it is still consulting with stakeholders.

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