5 Things to Know Today: Your Canadian Money Brief — June 2, 2026

 

Tuesday, June 2, 2026  |  MoneySavings.ca

Markets are mixed, a big government cheque is days away, and the Bank of Canada is just over a week from its next rate call. Here's what every Canadian should have on their radar this morning.

1 of 5

TSX Inches Lower as Gold Slips and Financials Feel the Heat

The S&P/TSX Composite closed Monday at 34,735 points, down about 0.10% from Friday's session. It was a tale of two sectors: financials dragged on the index as RBC and TD each lost close to 1%, with CIBC shedding nearly 2%, while gold miners also pulled back — Agnico Eagle fell 3.5% and Barrick dropped close to 3%. On the bright side, energy stocks surged as oil prices rallied, with Canadian Natural Resources up nearly 3% and Suncor gaining over 3%. Shopify also climbed roughly 2% on enthusiasm around AI chip advances.

Year-to-date, the TSX is up about 9.5% — trailing Japan's Nikkei (+31.8%) but ahead of the S&P 500 (+11.0%) for the period through June 1.

💡 Money Tip: Energy names are riding Middle East tensions higher. If you hold oil-sector ETFs or stocks, it's a good time to revisit your target weight and whether recent gains have thrown your asset allocation off balance.

2 of 5

Your Grocery Benefit Top-Up Lands This Friday

Mark June 5 on your calendar. The Canada Revenue Agency is sending a one-time GST/HST credit top-up this Friday as part of the transition to the new Canada Groceries and Essentials Benefit (CGEB), which officially replaces the GST/HST credit in July 2026. The top-up is equal to 50% of your annual GST credit for the 2025–26 benefit year — meaning a single person could receive up to $950 in combined support this year, while a family of four could get up to $1,890.

No application is needed. If you filed your 2024 tax return and received the GST/HST credit in January 2026, the money arrives automatically by direct deposit or cheque. Starting July 3, quarterly CGEB payments will be 25% higher than the old GST credit — and that increase continues for five years.

💡 Money Tip: Haven't filed your 2024 return yet? Do it now. It unlocks not just this transition, but other CRA benefits going forward. Set up direct deposit in your CRA My Account for the fastest delivery.

3 of 5

Gas Prices Are Down — But Nobody's Sure It Will Last

Pump prices have been falling for about ten days, dropping to around $1.76 per litre as of last Friday, according to GasBuddy data. The relief has been driven largely by optimism that the U.S. and Iran will reach a deal to ease Middle East tensions and reopen the Strait of Hormuz. Experts are cautioning, however, that the drop reflects market expectations rather than any real-world change in supply — and that a single shift in geopolitical signals could reverse it quickly.

It's worth remembering that the federal government already suspended its fuel excise tax — saving Canadians 10¢ per litre on gasoline — from April 20 through Labour Day, September 7, 2026. That relief is still in effect, and is entirely separate from the current market-driven dip.

💡 Money Tip: Summer driving season is here. If you're planning a road trip, prices are as low as they've been in months — but the window may be short. Lock in low pump prices where you can, and factor in the September 8 return of the federal excise tax when budgeting fall fuel costs.

4 of 5

Bank of Canada Rate Decision One Week Away — Hold Expected, But Watch the Language

The Bank of Canada makes its next interest rate announcement on Wednesday, June 10 — just eight days away. The policy rate currently sits at 2.25%, unchanged since the April 29 decision when the Bank held steady despite acknowledging that a rate hike could become necessary if Middle East-driven energy inflation persists. The BoC has flagged that inflation moved up to around 2.4% in March and could peak near 3% in April before gradually easing toward the 2% target by early 2027.

Markets and analysts broadly expect another hold on June 10 — but the tone of the accompanying statement will matter enormously for mortgage holders on variable rates.

💡 Money Tip: If your mortgage is up for renewal this summer, pay close attention to June 10. A hawkish statement — even without a hike — could push fixed-rate pricing higher. Talk to your broker before the announcement if you want to lock in current rates.

5 of 5

Housing Market Stabilizing, But Condo Buyers Still Sitting It Out

Canada's national average home price rose to $695,412 in April 2026, up 3.3% from March and 2.2% above April 2025 levels, according to the latest WOWA data. With 5.3 months of inventory nationally, conditions are broadly balanced — neither a buyer's nor a seller's market. More than half of Canada's provinces hit all-time price records in April.

The exception remains the condo market, particularly in Toronto and Vancouver, where the pre-sale and resale condo segments are still struggling. High inventory, weaker buyer confidence, and elevated carrying costs continue to weigh on the segment. Analysts suggest affordability for ground-oriented homes — detached and semi-detached — is improving more meaningfully than for condos.

💡 Money Tip: If you're a first-time buyer eyeing a condo as a starter home, this market gives you leverage. Inventory is elevated, sellers are negotiating, and conditions are improving. Just make sure to stress-test your mortgage at a rate that accounts for a potential BoC hike later this year.