Moneta’s own Mary Hemmingsen, CPA will be joining Andy Calitz for the upcoming Canada Energy Supply Transition Tour on September 17th, 2025.

In a previous newsletter, we explored how agentic AI – a class of autonomous, decision-making systems – is establishing itself as a transformational force across many economic sectors. But as investors seek to position themselves on this tech wave, the question of the physical infrastructure needed to support these agents also comes into focus, as well as the energy and resource implications of scaling this autonomy across economies globally.

Canada is entering a critical period of structural and geopolitical transformation. The July 2025 U.S.–EU trade pact reshaped global trade flows, placing pressure on non-aligned countries like Canada to recalibrate their policy and trade architecture. Simultaneously, the emergence of a global capital rotation into hard assets. Led by gold, and now increasingly visible in silver, copper, and lithium, positions Canada as a potentially key beneficiary, if domestic constraints can be lifted.

As capital rotates out of previous intangible-dominated growth sectors and into hard assets like metals, energy, defense, and industrial infrastructure, tech investors are questioning where their next wave of returns will come from. Simultaneously, geopolitics is reshaping global trade, labor markets, and supply chains—further complicating traditional investment theses.

Markets shift. Sentiment evolves. Capital moves, not always rationally, but always with purpose. We are now witnessing one of the most significant rebalancing periods in recent financial history: a broad rotation away from intangible, speculative assets toward tangible, supply-constrained ones. Let’s walk through the data, historical precedents, and what this means for investors in the months and years ahead.

Contrary to the dominant narrative of a housing shortage, mounting evidence suggests that the real issue facing North American real estate markets is an affordability crisis driven by elevated interest rates, economic distortions, and a growing divergence between home prices and household incomes. With recent escalations in U.S. tariffs, evolving demographic patterns, and global financial shifts, the stage is set for a pronounced correction in residential housing prices.