October 2025 Update
Oct 22, 2025
Market Update
Here is a recap of the most recent stock market performance:
| Year | Canada | US | Europe | Emerging Markets | World |
|---|---|---|---|---|---|
| 2025 YTD | 23.23% | 14.97% | 14.28% | 24.96% | 14.96% |
| 2025 Q3 | 12.08% | 8.12% | 3.93% | 12.49% | 7.59% |
| 2025 Q2 | 8.45% | 11.36% | 3.37% | 8.13% | 9.67% |
| 2025 Q1 | 1.38% | -4.51% | 6.38% | 2.73% | -2.57% |
| 2024 | 22.97% | 25.08% | 8.43% | 13.70% | 21.57% |
| 2023 | 13.31% | 27.10% | 15.04% | 10.29% | 23.75% |
| 2022 | -5.78% | -19.46% | -7.97% | -15.16% | -15.62% |
| 2021 | 25.79% | 26.97% | 23.32% | 0.14% | 24.71% |
| 2020 | 4.35% | 21.37% | -1.71% | 19.50% | 14.06% |
| 2019 | 22.00% | 31.64% | 24.57% | 18.51% | 28.07% |
| 2018 | -9.04% | -4.50% | -10.02% | -9.72% | -6.86% |
| 2017 | 9.22% | 21.90% | 13.72% | 31.00% | 19.13% |
| 2016 | 21.15% | 11.61% | 7.90% | 10.11% | 9.65% |
| 2015 | -8.36% | 1.32% | 5.45% | -5.40% | 2.65% |
| 2014 | 11.43% | 13.36% | 5.22% | 5.57% | 10.40% |
| 2013 | 13.58% | 32.61% | 22.26% | 3.79% | 29.57% |
Source: MSCI gross returns including dividends, all returns in local currency, to September 30, 2025
The third quarter of 2025 brought new record highs for markets in Canada and the U.S. (in local currency), with investors looking past mixed economic data and policy uncertainty. Of note, Emerging Markets and Canada have outperformed other areas of the world year-to-date.
On September 17th, The Bank of Canada lowered its benchmark interest rate by 0.25% and signaled that additional rate cuts could be on the way in the coming months. This could provide a spark to the Canadian real estate market, which has seen activity slow, and prices weaken.
The U.S. Federal Reserve also reduced its overnight interest rate by 0.25%. It is widely expected to lower rates again later this year.
With interest rates coming down in both Canada and the United States, the loonie gained slightly relative to the U.S. dollar and currently sits at approximately 71 cents.
On another note, we recently held a webinar featuring Alyssa Mitha, the Assistant Vice President, Tax and Estate Planning at Mackenzie Investments. The webinar provides valuable insights into estate administration and executor responsibilities in British Columbia.
- The legal duties of an executor, including asset management and estate settlement.
- How to handle digital assets, social media accounts, and online subscriptions after a death.
- Probate fee calculations in BC and how they apply to different estate values.
- Guidelines for executor compensation and reimbursement.
- A practical checklist to guide executors through each step of estate administration.
If you missed it, you can see the replay here: https://web.rgfwealth.com/cn/aceqk/RoleExecutorAttend
As always, thank you for the trust you put in our firm. If you have any questions or concerns, please feel free to contact us.
Sincerely,
Anne Hammond
BA CIM CFP CEA
Financial Advisor & Portfolio Manager
T 604 732 6551
Planning Team
| Carly O’Connell, BA Financial Planning Associate Direct: 604-737-6752 [email protected] | Lorraine Watson Executive Assistant Direct: 604-737-6787 [email protected] |
Anne Hammond is a Financial Advisor with RGF Integrated Wealth Management. The views expressed are those of the author and not necessarily those of RGF Integrated Wealth Management, which makes no representations as to their completeness or accuracy.
© 2025 RGF Integrated Wealth Management. Ltd., RGF Wealth Management. Ltd., Member – Canadian Investor Protection Fund
Tax Planning
Tax planning can be also complex and hard to understand, because everyone's situation is unique. Below, we look at different financial situations and how we'd suggest each person proceed to get the most favorable result.
Learn More
