2024: A Year in Review – The Old is New Again!

Happy New Year and welcome to 2025! Looking back, 2024 was a year of steadier markets, a much-talked-about political climate, and plenty of uncertainty. Yet, amidst it all, the financial world continued to move forward. Here’s a quick breakdown of what shaped the year.

Globally, economies experienced a mix of recovery and challenges. In the U.S., the Fed kept interest rates high for most of the year to curb inflation. By the final quarter, signs of progress led to three consecutive rate cuts, offering relief to businesses and households. In Canada, the Bank of Canada went further, cutting rates five times and more significantly. This provided much-needed breathing room for borrowers and spurred growth in housing and consumer spending, though it raised concerns about potential risks, especially in real estate.

Canada’s economy also felt the weight of political challenges under Prime Minister Trudeau. Controversies, energy debates, and federal-provincial tensions created a tough environment. Key infrastructure projects stalled, and inconsistent fiscal policies left investors cautious. The increase in the capital gains tax was a major talking point.

China struggled with weak domestic spending and ongoing property sector issues, dragging down global trade and commodity prices. While Beijing’s stimulus measures helped somewhat, the ripple effects were felt worldwide.

Despite the geopolitical instability, financial markets had a solid year. U.S. stocks, led by tech, posted their second consecutive year of gains. AI and automation drove productivity and profits for tech companies, keeping investors engaged. Strong corporate earnings and easing inflation added momentum, especially in the second half of the year.

Bonds made a comeback, offering better returns as higher rates attracted cautious investors. Commodities like oil and gold spiked during geopolitical tensions but settled by year-end. Even cryptocurrencies saw renewed interest, though regulatory hurdles in the U.S. and Europe kept the gains in check.

2024’s political scene was anything but quiet. The U.S. presidential election brought record turnout and a shift in policy direction. Trump’s return sparked questions about trade policies and foreign relations. For Canada, this could mean tighter scrutiny of trade deals and challenges for industries like autos and agriculture. Globally, Trump’s “America First” stance pointed to a potential rise in protectionism, raising concerns about international trade stability.

In Europe, the war in Ukraine and internal EU tensions over energy and migration policy tested the bloc’s unity. Asia saw rising tensions in the South China Sea, while India’s growing economic confidence reshaped its role on the world stage. Back home, Canada worked to balance climate goals with economic stability, navigating a year of political and economic tests.

2024 proved that challenges and opportunities often go hand in hand. Inflation, geopolitical tensions, and policy shifts kept everyone on their toes. But with resilience, innovation, and a forward-looking mindset, there’s plenty to look forward to in 2025. Here’s to embracing what lies ahead!

In 2024, we continued our mission to “Do well and Do good” in our community. The 21st Annual “Let’s Take a Swing at Cancer” Golf Tournament made an impact by raising a record $50,000 for the Ottawa Cancer Foundation (OCF). The generosity of our community never ceases to amaze, and we look forward to hosting again next year. It was our largest fundraising year ever, and we’re not stopping there! Get ready for the 22nd Anniversary on June 3rd, 2025 – mark your calendars! My colleague, Adam Prittie, and I continued our tradition of being major sponsors at the Christmas Cheer Breakfast, where 28 charities in the community felt the impact of over $150,000 raised that morning. It’s always heartwarming to see the difference we can make together.

In the office, our team continues to grow, and we are excited to welcome Tammie Trellert and Kindah Agha as new faces. Kindah will be the friendly voice you’ll hear and the welcoming face you’ll see if you visit our office, while Tammie joins us to help enhance your client experience. These two individuals will complement our talented group, which includes Feda, Leric, and Suchali—all of whom are dedicated to exceeding your expectations.

We will continue our seminar series in the boardroom at 1545 Carling Avenue. We’re always open to your suggestions for topics that interest you, and feel free to invite your friends and colleagues to join us—they’ll likely find the presentations valuable, and the more, the merrier!

In closing, I want to express my heartfelt gratitude for your continued trust in our team. We’re excited about the opportunities that 2025 holds and are here to support you every step of the way.

Let’s make it a fantastic year!

Warm regards,

Duane