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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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Ontario’s 2024 Budget: A Balancing Act Amid Challenges

 

The Ontario government has unveiled its 2024-25 budget, navigating a complex landscape of economic shifts, inflation, and rising deficits. Here are the key highlights:

  1. Deficits Rising, Yet a Path to Balance:

    • The projected deficit for the coming year is nearly double the previous estimate, reaching $9.8 billion from the initial prediction of $5.3 billion.
    • Despite this, the budget outlines a gradual reduction, with a deficit of $4.6 billion in 2025-26 and a surplus of $500 million by 2026-27, coinciding with the next provincial election.
    • Factors driving the deficit include slower growth, infrastructure investment needs, and an extended cut to the province’s gasoline tax.
    • The government also had to allocate billions for backpay to public-sector workers after a legal battle over wage caps.

  2. Municipalities and Infrastructure:

    • The 2024 budget prioritizes funding for Ontario’s 444 municipalities.
    • A $1-billion program aims to facilitate housing construction, addressing resource shortages for roads and pipes.
    • An additional $625 million fund targets water systems, supporting housing development.

  3. Health Care Investments:

    • Ontario commits to spending billions more on health care:
      • $2 billion over three years to expand home care access and enhance compensation for personal support workers and nurses.
      • Nearly $1 billion additional funding for hospitals in 2024-25.
      • $546 million over three years to link 600,000 people with primary care teams.
      • $152 million for stable housing for individuals with mental health conditions and addictions.
    • The government also announces a new medical school in Vaughan, affiliated with York University, focusing on training family doctors.

  4. Auto Insurance Reforms:

    • Drivers gain more flexibility:
      • While mandatory coverage remains for medical, rehabilitation, and attendant care benefits, other benefits become optional.
      • Auto insurance companies will cover medical and rehabilitation costs before extended health care plans.
      • The goal is to reduce paperwork and provide affordable options for Ontarians.

  5. Balancing Priorities:

    • Despite rising deficits, the government remains committed to building infrastructure, enhancing services, and avoiding tax or fee increases.
    • Ontario’s journey toward fiscal balance continues, with challenges and opportunities on the horizon.

In summary, Ontario’s 2024 budget reflects a delicate balancing act, addressing critical needs while navigating economic complexities. The province aims to build a better future, even as deficits loom large. 

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