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5 Things to Know Today: BoC Hike Bets, TSX Slide, Oil Near $100 (Oct. 23)

  Canadian Money Brief • Friday, October 23, 2026 The Bank of Canada decision is five days away, the TSX gave back most of Wednesday's gains, and oil is flirting with US$100 again. Here are the five things Canadian wallets need to know today. 1. Markets Lean Toward a Bank of Canada Hike on Oct. 28 A decision that looked like a ninth straight hold is now a genuine coin flip with a hawkish tilt. After Governor Tiff Macklem warned that there is "no resolution in sight" for the Middle East conflict, BMO and Desjardins flipped to a hike call, Scotiabank firmed up its call and Goldman Sachs joined them, all looking for a quarter-point move to 2.50%. Overnight swaps priced about an 87% chance of a hike earlier this week, though other economists still argue for a hold, pointing to September's 68,000 job losses and a 6.5% unemployment rate. What it means for you: A quarter-point hike adds roughly $21 a month in interest for every $100,000 of variable-rate borrowing (HELOCs an...
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Eastern Canada Sizzles as West Cools Off: A Tale of Two Forecasts

 

A multi-day heat event is expected to end Tuesday evening for most of southern Ontario, said Environment Canada.


Canada's weather this week is serving up a striking contrast as residents in British Columbia enjoy a brief reprieve from oppressive temperatures, while those in southern Ontario, Quebec, and the Atlantic provinces brace for continued sweltering conditions.

Relief in the West
British Columbia has started to see a shift toward cooler, more tolerable weather. A passing front has brought much-needed cloud cover and light showers to the interior regions, temporarily easing wildfire concerns and offering a welcome break to locals.

Heat Dome Lingers in the East
Meanwhile, a persistent high-pressure system remains parked over the eastern half of the country, locking in hot, humid air across southern Ontario, Quebec, and Atlantic Canada. Temperatures in some cities are expected to surge past 32°C, with humidex values pushing feels-like conditions into the 40s. Health officials are urging caution, reminding residents to stay hydrated, seek air-conditioned spaces, and check in on vulnerable neighbors.

Climate Context
Meteorologists say these extremes are becoming more frequent due to shifting climate patterns. While the West sees an early taste of fall, the East is still gripped by summer’s fiercest heat.


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