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.

As President Trump begins his second term, policy shifts and geopolitical friction once again dominate headlines. But underneath the noise lies a more nuanced story-one of market resilience, strategic positioning, and long-term realignment. This report breaks down the first 100 days of Trump II and their broader implications across North America, focusing on trade, labor, diplomacy, Canada’s political recalibration, and the resurgence of commodities.

On March 17, Mark Carney took the helm as Canada’s 24th Prime Minister. His reputation as a net-zero crusader-from overseeing contentious climate stress tests at the Bank of England to pressing banks for rigorous disclosures-didn’t win him many fans among investors. In the UK, his mandates were blamed for higher compliance costs and dented bank returns. In Canada, similar headwinds may emerge.