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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Toronto Housing Market Slips Below $1M as Prices Cool

                                      Toronto's average housing price dropped below $1M last month

The Toronto-area housing market has crossed a symbolic threshold, with the average home price falling below $1 million for the first time since 2021. The shift reflects a broader cooling trend driven by high borrowing costs, increased listings, and more cautious buyer behaviour.

Real estate analysts note that elevated interest rates have pushed many prospective buyers to the sidelines, waiting for improved affordability or potential rate cuts. At the same time, more homeowners are listing their properties, easing the supply pressure that helped fuel rapid price growth during the pandemic boom.

While the dip offers a measure of relief for buyers who have struggled with affordability, experts emphasize that the long-term outlook remains uncertain. Economic conditions, population growth, and future rate decisions will continue to shape the trajectory of one of Canada’s most closely watched housing markets.


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