August 4, 2026
Here's what's moving your money today — a strike that's officially over, mortgage rates holding their line, a small break at the pumps, and a tariff clock that's ticking louder.
1. WestJet and its flight attendants reached a deal — the strike is over
WestJet and CUPE Local 8125 announced a tentative agreement on August 3, ending the operational shutdown that grounded most of WestJet's mainline fleet after roughly 4,400 flight attendants walked out August 2. The airline had cancelled hundreds of flights and stranded thousands of travellers over the long weekend before the deal was reached.
What it means for you: If you had a WestJet booking affected by the disruption, you're still entitled to a refund or rebooking. WestJet's fee-free change/cancel window for bookings made through the disruption period is also still in effect — check your confirmation email for the exact terms before you call in.
2. Mortgage rates are holding steady — for now
As of today, the best available high-ratio 5-year fixed rate in Canada sits at roughly 4.04%, while the best 5-year variable is around 3.4%. Big bank prime remains at 4.45%. Forecasters continue to expect the Bank of Canada to hold its policy rate through the rest of 2026, but note the risk has tilted toward higher rates rather than lower ones given elevated energy-driven inflation.
What it means for you: If you're renewing this year, don't assume rates will drop before your renewal date. Get a rate hold locked in now — most lenders will hold a quoted rate for 90-120 days, protecting you if rates tick up before you sign.
3. Gas prices ticked down a few cents overnight
Pump prices eased slightly today, down roughly 3 cents a litre in several markets, with the national average sitting a little above $1.78/L. The dip follows the sharp oil price swings of the past two weeks tied to the on-again, off-again Middle East tensions.
What it means for you: These dips have been short-lived lately given how quickly oil has been swinging. If your tank's getting low, today's a reasonable day to fill up rather than wait and hope for a bigger drop.
4. The US tariff deadline is 15 days away — and there's still no deal
The US's additional 50% Section 338 tariff on roughly $20 billion of Canadian goods (dairy, alcohol, furniture, building materials, and dozens of other categories) is set to take effect August 19, with no exemption for CUSMA-compliant products. Talks are continuing, but Ottawa hasn't announced retaliatory measures, and some provincial leaders are pushing for a harder response.
What it means for you: If you're planning a big-ticket purchase in a targeted category — furniture, building materials, imported alcohol — buying before August 19 could save you money if no deal materializes. Retailers with US-sourced inventory may start adjusting prices ahead of the deadline, not after it.
5. Wall Street closed at a record high — and it's not just tech driving it
US markets set fresh records today, with the Dow closing above 53,000 for the first time and Amazon's market cap crossing $3 trillion. The rally came after President Trump called off a planned strike on Iran and a stronger-than-expected US manufacturing report calmed recession worries.
What it means for you: If your RRSP or TFSA holds US equities or broad index funds, today's close is a tailwind. It's still a good moment to check that your portfolio's exposure to any single sector or stock hasn't drifted further than you're comfortable with, rather than chasing the rally.
This post is for general information only and isn't financial advice. Rates and prices are current as of publication and can change quickly.
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