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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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Southern Ontario Faces Another Winter Wallop as Storm Intensifies

 

Southern Ontario is bracing for yet another round of heavy snow this weekend, piling onto the already significant accumulations from recent squalls. Forecasters warn that a Colorado low sweeping into the province will deliver 10 to 15 centimetres of fresh snow to regions hardest hit by lake-effect bands earlier this week.

Communities along Lake Huron and Georgian Bay—including Goderich, Kincardine, Owen Sound, Collingwood, Barrie, and Parry Sound—are expected to bear the brunt of the storm. These areas, already struggling with whiteout conditions and power outages, could see travel grind to a halt as visibility drops and winds gust between 40 and 60 km/h.

The system will begin in southwestern Ontario near Windsor on Saturday evening, spreading into the Greater Toronto Area overnight and reaching Ottawa by early Sunday. While the GTA may escape the heaviest totals, forecasters caution that localized bursts of snow and blowing winds could still make commuting treacherous.

Environment Canada has issued multiple snow squall warnings and special weather statements, urging residents to prepare for hazardous conditions. Drivers are advised to avoid unnecessary travel, as roads could quickly become impassable. Hydro crews, who have already been working around the clock to restore service from Thursday’s storm, may face renewed challenges as fresh snow and strong winds strain infrastructure.

This latest blast underscores the severity of Ontario’s early winter, with some regions forecast to receive up to 50 cm of snow in total by the end of the weekend. Residents are being urged to stock up on essentials, check on vulnerable neighbours, and ensure winter safety measures—such as snow tires and emergency kits—are in place.


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