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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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Turmoil in B.C. Conservatives as Rustad Steps Down

 

John Rustad has resigned as leader of the B.C. Conservative Party following a dramatic caucus revolt that saw a majority of MLAs withdraw their confidence in his leadership. The decision came just one day after Rustad publicly declared he would not quit, insisting he was “not going anywhere.” That message has since been deleted.

The revolt reached its peak when 20 Conservative MLAs, representing a caucus majority, signed a letter demanding Rustad’s removal. The party’s board echoed this sentiment, stating Rustad had become “professionally incapacitated.” In response, the caucus installed Trevor Halford as interim leader, marking a swift transition in the party’s leadership.

Rustad, who had led the Conservatives to within one seat of forming government in the October 2024 provincial election, acknowledged the turmoil but rejected suggestions that the revolt was a “hostile takeover” by former BC Liberals who had joined the party. He emphasized that the Conservatives remain committed to their principles, despite the leadership shake-up.

In his resignation statement, Rustad urged members and supporters to rally behind the new leadership, stressing that the party’s progress belongs to “every MLA, every volunteer, every donor, and every British Columbian who believed we could do better.” He confirmed he will continue serving as an MLA, even as the party prepares for a leadership race to determine its future direction.

The resignation underscores the fragile unity within the B.C. Conservatives, who surged in popularity after absorbing defectors from the BC Liberals but now face internal divisions. With Halford stepping in as interim leader, the party must navigate both the fallout of Rustad’s departure and the challenge of maintaining momentum ahead of the next election.

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