News of the day: Condo construction slowdown, sovereign wealth fund, Alberta-Ottawa MOU progress, manufacturing job losses, Imperial restructuring and more

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A pedestrian walks across Bloor Street West at Kipling Avenue in front of multiple condominium buildings under construction in Toronto, Monday November 10, 2025.The backlog of unsold condos will have to be cleared before there is more demand for land to build even more of them. Photo by Peter J. Thompson/National Post

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It’s Monday, May 4. Here are the top stories we’re following today.

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Developers are grappling with the reality of carrying land during a condo-housing construction slowdown.

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Prime Minister Mark Carney speaks during an investment announcement at the Canadian Science and Technology Museum in Ottawa April 27, 2026. 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. Photo by Blair Gable/Postmedia

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In the absence of surplus capital, the sovereign wealth 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.

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A tailings pond behind Syncrude's oilsands upgrading facility north of Fort McMurray, Alta. A tailings pond behind Syncrude’s oilsands upgrading facility north of Fort McMurray, Alta. Photo by Ryan Jackson/Edmonton Journal files

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The Oil Sands Alliance Inc. warned that Canada is not moving quickly enough to boost oil production and meet its energy security goals.

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A worker welds a dump body cargo bed at a manufacturing facility in Vars, Ontario May 4, 2026. In 2025, the off-highway equipment manufacturing industry supported 147,000 jobs in Canada, and contributed $24 billion in ‘value added’ to the economy. Photo by Blair Gable/Postmedia

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Canadian equipment manufacturers saw jobs and U.S. exports drop in 2025. The upcoming Canada-United-States-Mexico-Agreement review will be crucial going forward.

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A tank at Imperial's oil refinery in Sarnia, Ont. A tank at Imperial Oil Ltd.’s refinery in Sarnia, Ont. Photo by Postmedia

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Imperial Oil Ltd., majority owned by ExxonMobil, is selling its Calgary head office, cutting 900 jobs and moving roles around the world.

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