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Budget Day 2026: What a $63B+ Deficit Means for Your Wallet

  Canadian Money Brief • Thursday, November 5, 2026 Ottawa tables its second Carney-era budget today. Almost everyone expects big spending. Hardly anyone expects it to help their own bank account. Here is what the numbers say, and what to do about it. Finance Minister François-Philippe Champagne says today’s budget is about “changing Canada’s growth model”: less reliance on the U.S., more building at home. That is a big-picture pitch. Your household budget is a small-picture problem, and a new Abacus Data poll shows the gap between the two is wide. The poll in one line: only 10% of Canadians expect Budget 2026 to make their household better off. 30% expect to be worse off, and 48% expect little difference. (Abacus Data, 1,809 adults, Oct. 30 to Nov. 3.) The deficit, in plain numbers The Parliamentary Budget Officer (PBO) is the government’s independent fiscal referee. Its latest outlook, which predates the budget and only counts measures already announced, sets the stage: PBO proj...
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Toronto Greenlights Bigger Apartment Buildings Near Transit to Tackle Housing Crunch

 

Toronto is set to see a major shift in its skyline and housing supply, as the Ontario government has approved changes to the city’s official plan that will allow for significantly taller and denser apartment buildings near 120 major transit stations.

The move is designed to help the city accommodate more than 1.5 million additional homes over the next 25 years, while making it easier for residents to live close to reliable public transit. Under the updated rules, high-rise towers will be permitted “as of right” in certain areas, alongside mid-rise and low-rise multiplexes in surrounding neighbourhoods.

Mayor Olivia Chow called the plan a bold step toward addressing Toronto’s housing crisis, noting that building near transit will also help reduce traffic congestion and cut commute times. Housing Minister Rob Flack emphasized that the changes will speed up construction, create thousands of jobs, and align with the province’s multi-billion-dollar transit expansion program.

While some transit station areas remain under review, the approved framework marks one of the most significant housing policy shifts in Toronto’s recent history — aiming to pair rapid transit access with much-needed housing growth.


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