It’s Monday, May 4. Here are the top stories we’re following today.
Toronto condo construction slowdown
Developers are grappling with the reality of carrying land during a condo-housing construction slowdown. The backlog of unsold condos will have to be cleared before there is more demand for land to build even more of them. Some developers are turning to alternative uses like pickleball and self-storage, saying it is 'better than a vacant lot.'
Carney’s sovereign wealth fund could backfire
If not implemented and managed correctly, the structure of Mark Carney’s new sovereign wealth fund could shape not only public finances, but also mark the beginning of a repricing of Canadian assets. In the absence of surplus capital, the fund will almost certainly require additional borrowing, meaning higher public debt recycled into an investment vehicle whose structure, incentives and discipline remain undefined, writes Martin Pelletier.
Oilsands group says progress on MOU too slow
The Oil Sands Alliance Inc. warned that Canada is not moving quickly enough to boost oil production and meet its energy security goals. The group took aim at the 'uncompetitive industrial carbon tax,' saying progress on the Alberta-Ottawa memorandum of understanding has been too slow.
Manufacturing job losses in 2025
Employment in equipment manufacturing in Canada fell in 2025, and U.S. exports also dropped. The upcoming Canada-United-States-Mexico-Agreement review will be crucial going forward. In 2025, the off-highway equipment manufacturing industry supported 147,000 jobs in Canada and contributed $24 billion in 'value added' to the economy.
Imperial Oil cuts 130 jobs
Imperial Oil Ltd., majority owned by ExxonMobil, is selling its Calgary head office, cutting 900 jobs and moving roles around the world. The company is cutting 130 jobs as it continues a painful restructuring.
