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enjamin Tal, deputy chief economist at CIBC Capital Markets, believes Canada is experiencing a "per capita-recession" due to immigration, but not a traditional recession marked by falling GDP. He expects the US economy to achieve a soft landing. Both countries will benefit from interest rate cuts resulting from declining inflation and increasing labor market slack.

    Tal foresees a dichotomy in the Canadian real estate market, with potential challenges on the global trade front if Trump wins the election. Regardless of the outcome, he predicts rising U.S. deficits. In terms of markets, Tal expects gold to gain as the US dollar weakens due to Fed rate cuts. He also anticipates investors shifting into equities as GIC/term deposit rates fall in Canada, favoring dividend-paying stocks across the board.