Market Update
Here is a recap of the most recent stock market performance:
| Year | Canada | US | Europe | Emerging Markets | World |
| 2025 YTD | 9.95% | 6.33% | 9.96% | 11.09% | 6.86% |
| 2025 Q2 | 8.45% | 11.36% | 3.37% | 8.13% | 6.67% |
| 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 June 30, 2025
The second quarter of 2025 brought not only a reversal of April’s market drops, but also new all-time highs for markets in Canada and the US (in local currency). While tariffs and potential tariffs remain top of mind, and uncertainty still abounds, lately markets mostly take new announcements in stride, waiting for clarity on implementation and economic results.
Of course, markets are not the same as the economy. While we do not yet have final numbers, it appears that the economy contracted in the second quarter. The Canadian unemployment rate is now sitting at 6.9% and core inflation levels are holding steady at around 3% for the moment.
Expectations for interest rates have changed a bit as well since earlier this year. We now expect the Bank of Canada to leave the overnight rate at 2.75% at the next announcement on July 30th. And it seems likely that the US Fed will do the same, keeping the US rate at 4.5%.
What does all this mean for you? It means that if you expect to withdraw funds from your investments over the next year (particularly large lump sums), now is a good time to touch base with us to review your account and look at potentially setting aside the funds you require. It can feel counterintuitive to sell investments when they are doing well, just as it feels strange to buy something that has significantly declined in value. But that’s what it means to practice buying low and selling high.
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
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