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.

The global economy is in flux. Every day brings new headlines—tariffs on the rise, bond markets flashing warning signs, inflation refusing to cooperate, and central banks trying to work their magic without triggering panic. Markets have become a rollercoaster, and for investors, the ride is far from enjoyable.

Canada’s federal election is hurtling toward us, a pivotal moment that could either right the country’s economic course or send it deeper into uncharted waters. The Liberals, now leaning on Mark Carney’s green ambitions, have spent a decade piling up debt and testing the limits of affordability. Across the aisle, Pierre Poilievre’s Conservatives counter with a business-first vision, promising tax relief and a resource-driven revival.