By Izzy Shakfa, Director, Capital Markets, Clifton Blake
At Clifton Blake’s Lunch & Learn event on October 31, Benjamin Tal, Deputy Chief Economist at CIBC delivered an engaging and insightful presentation on current market dynamics and economic trends. His analysis covered both macroeconomic and microeconomic factors influencing the Canadian economy today. He examined the Bank of Canada’s commitment to managing inflation, explaining how the initial view of “transitory inflation” has evolved into a targeted 2% goal with a 3.5% real target rate. He emphasized that current interest rates, once elevated, are stabilizing near desired levels, creating a stimulating rather than restrictive environment.
Tal highlighted how stringent monetary policy is aiding the BoC’s inflation objectives, albeit with pressure on the labor market and consumer spending as monetary tightening curbs liquidity. He noted a significant shift among investors from long-term fixed-income instruments to shorter-term alternatives, reflecting a cautious outlook on government fiscal stability. This trend, he suggested, is indicative of a reallocation from traditional fixed income (GICs) to private equity and dividend-yielding stocks as investors seek better returns.
The presentation then transitioned into the topic of real estate, where Tal noted that both commercial properties and the condo resale market face post-pandemic challenges. Rising inventories and cooling demand are expected to weigh on valuations, particularly in these segments. However, he argued that purpose-built rentals present a sustainable path forward, especially as homeownership becomes less attainable for young families facing stretched personal savings and heightened household expenses.
In closing, Tal underscored the urgency of addressing Canada’s housing crisis, emphasizing that without more assertive immigration and housing policies, other areas of the economy risk stagnation. His presentation provided a thoughtful, data-driven look at how economic forces are shifting day-to-day.
This Lunch & Learn was another successful addition to Clifton Blake’s ongoing series, providing team members with valuable insights into the evolving economic and real estate landscapes. Stay tuned for our next session as we continue to engage with industry experts to deepen our understanding of the market forces shaping Canada’s future.
For those interested in learning more about our upcoming Lunch & Learn sessions or attending in person, please visit our Insights page on for details. We look forward to connecting with you at future gatherings.
Highlights from the Evening
