News of the day: Collapsing rental market, Shell buys ARC, sovereign wealth fund, Bank of Canada preview, government spending and more

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A house for sale in Toronto, Ont.A house for sale in Toronto, Ont. Photo by Peter J. Thompson/National Post files

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It’s Monday, April 27. Here are the top stories we’re following today.

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Buyers who entered the market at its peak on the hopes of renting out their property to help pay off their mortgage are now facing a different reality.

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shell Shell PLC has signed a deal to acquire ARC Resources Ltd. in a stock-and-cash deal. Photo by CARL COURT/AFP via Getty Images

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Shell PLC has agreed to buy Canadian oil and gas producer Arc Resources Ltd. for $22 billion. The deal, still subject to regulatory approvals, offers shareholders 0.40 shares in Shell and $8.20 in cash for every ARC share, which the company says amounts to about a 27 per cent premium.

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Mark Carney Prime Minister Mark Carney speaks about the sovereign wealth fund at the Canadian Science and Technology Museum in Ottawa on Monday. Photo by Blair Gable/Postmedia

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The fund will be designed to help propel priority infrastructure projects already identified, but will go beyond that and allow Canadians to contribute and have a stake in the fund, which is expected to grow through future government investments and the proceeds of asset recycling.

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Bank of Canada The Bank of Canada will leave its benchmark interest rate unchanged at 2.25 per cent, as is widely anticipated by economists, marking the fourth consecutive hold. Photo by BRUNSWICK NEWS ARCHIVES

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Early signs of softening discretionary spending amid higher fuel prices, continued tensions in the Middle East and trade uncertainties are likely to keep the Bank of Canada from changing its key overnight interest rate on Wednesday.

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Ottawa Peace Tower Ottawa will release its spring economic update on April 28, 2026. Photo by TONY CALDWELL /Postmedia

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I have one hope for Ottawa’s spring economic update on Tuesday: no new coupons and significant expenditure reductions, writes Kim Moody.

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