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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Toronto’s Housing Market Plummets to a 13-Year Low Amidst Higher Mortgage Rates

 


Toronto’s housing market experienced a significant decline in 2023, with home sales dropping to a 13-year low. According to a report by the Toronto Regional Real Estate Board, the number of home sales in the Greater Toronto Area (GTA) fell by 11% compared to the previous year . This decline can be attributed to the rise in mortgage rates, which made it difficult for potential buyers to afford homes.

The average home sold price in the GTA for November 2023 was $1,051,180, which is a 7% drop compared to the previous month . The report also states that the GTA housing market has been in a deep buyer’s market for the past few months, with the sales-to-new-listings ratio (SNLR) being 40% in November 2023. This means that there are comparatively more properties available for purchase than buyers in the market, giving buyers more leverage in negotiating prices and terms. However, the GTA is now once again in a balanced market, with buyers losing favour as sellers regain some control in the market .


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