TOP STORY
Oil Drops on Hormuz Hopes, but Contractors Still Face the Bill
Brent crude fell 6.7% to US$105.87 on Monday after Iran said it had a two-day plan to reopen the Strait of Hormuz, according to Spectrum News. Call it relief, not resolution. Brent has swung between US$72 and US$126 since the war began in late February, and Goldman Sachs just lifted its December forecast to US$105. The Bank of Canada hiked to 2.50% on October 28 to keep energy costs from spreading, and ATB Economics expects more increases before year-end or early 2027. For Alberta producers, $100 oil is a windfall. For BC and Alberta contractors, diesel, asphalt and borrowing costs are all rising at once, in an economy that lost 68,000 jobs in September. A cheaper barrel helps only if it sticks.
THE NUMBERS — STATISTICS CANADA
New Condominium Apartment Price Index, Q3 2026 — Released today. The nine-city composite slipped 0.6% to 120.8 and sits 2.5% below a year ago. Vancouver fell to 109.6 from 110.7 (down 4.3% on the year), Victoria to 134.7 from 137.2, Calgary to 105.8 and Edmonton to 108.3. Developers are cutting prices to move units while their own costs climb. That squeeze is how projects get shelved. Statistics Canada
Machinery and Equipment Price Index, August 2026 — Released Monday. The composite dropped 1.9% to 126.6, with the logging, construction, mining and oil and gas machinery category down about 16% from July. That category swings hard from month to month, so treat it as a dip, not a trend. Statistics Canada
WORTH WATCHING
October Jobs Report, Friday — The Labour Force Survey lands November 6 after September's 68,000 job loss. A second weak print would raise doubts about the Bank's hiking path. Statistics Canada release schedule
Building Permits, November 12 — September permits show whether higher rates and soft condo prices are choking off new starts in BC and Alberta. Statistics Canada release schedule
U.S. Midterms and Steel — Voters go to the polls today, and cost of living, driven sky-high by Trump's tariffs, is a massive issue.
COFFEE & CONSTRUCTION
Every Monday, Wednesday and Friday, ICBA's Jordan Bateman serves up a 10-minute rundown of the news facing BC and Alberta construction on the Coffee & Construction podcast. Catch the latest episode: Am I Dreaming? New Massey + Roberts Bank | C&C #47. Subscribe free on YouTube (@ICBATV), ICBA's socials, or wherever you download podcasts.