RBC Global Insight: November 2025
I am pleased to share the latest investment strategy report from RBC Wealth Management—Global Insight, which provides our current thoughts on asset classes, the economy, and timely issues that impact investment strategy.
Five disruptors to the U.S. economic cycle:
A series of medium- to long-term disruptions are distorting the U.S. economy’s typical response mechanisms, muting the standard “economic cycle.” We’re increasingly of the view that these are masking a very real cyclical slowdown underneath the surface.
Global equity - Pragmatic optimism:
Stock markets’ long pull higher should have legs in the months ahead. But with tariff impacts and policy uncertainty still clouding the view into 2026, we remain where we’ve been: invested but not overly committed—and ready for occasional challenges.
Global fixed income - Rate cuts to boost growth:
As central banks aim to right-size monetary policy, we look at the likely rate cut paths and what that holds for the bond yield backdrop.
2025 Federal Budget
On November 4, 2025, Finance Minister François-Philippe Champagne released the highly anticipated 2025 Federal Budget in the House of Commons.
What are the key takeaways from a tax and planning perspective, and how might they impact you? The articles below outline some of the proposed measures and details that have been announced:
RBC Wealth Management: A summary of key measures that may impact you
RBC Economics: High Stakes, narrow margins – Canada’s federal budget bets on investment-led growth
Canada’s Housing Market Update
Fall doesn't ignite activity across many Canadian markets
A defining theme this fall is homebuyers’ measured approach despite lower interest rates and growing confidence that worst-case economic scenarios are less likely.
Local markets appear generally softer than last fall. Yet, early results from real estate boards reveal monthly increases in home resales in several key centres.
Read Full Special report Here >
International Trade 101 - The Canadian Edition ( Audio)
Amid the constant churn of U.S. tariff headlines, fundamental questions about Canada’s trade often go unanswered.
What exactly does Canada export, and where does it all go?
Has Canada always been this dependent on the U.S.?
Which provinces are most at risk from trade disruptions?
In this episode on the 10-Minute Take, RBC Economics digs into these questions and more.
Financial Planning – Why credit belongs in the tax strategy conversation
Discover how high-net-worth families can leverage credit for tax efficiency
For Canada’s high-net-worth families, preserving wealth is about more than just asset growth. It’s also about prudent tax planning, and credit can play a significant role.
RBC Private Banking can provide custom credit solutions that allow individuals to leverage their existing assets without triggering a taxable event. Other strategies involve borrowing against your illiquid assets (like real estate) to invest in more liquid ones like a diversified portfolio of stocks, bonds and other securities1. Interest costs are generally deductible against taxable income.
Complimentary Second Opinion Service
Helping your family build, manage and protect your wealth
If you’re a successful entrepreneur, part of a large family, or a high net-worth retiree/pre-retiree, you may have to manage financial issues that others don’t; This could include inheritances, assets in trust, complex tax planning, or a family vacation property. Perhaps you’d like to put your finances into greater context with your family’s savings, estate and business planning goals. Whatever your personal situation, we are here to help, with a comprehensive review that can ensure your wealth remains “all in the family.”
Our review process typically looks at both your investment portfolio and your overall wealth planning. This way, we can assess your financial situation in the context of your personal tax situation, savings goals, the time you have to invest and other factors such as your insurance coverage or charitable intentions.
This information is not investment advice and should be used only in conjunction with a discussion with your RBC Dominion Securities Inc. Investment Advisor. This will ensure that your own circumstances have been considered properly and that action is taken on the latest available information. The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This report is not and under no circumstances is to be construed as an offer to sell or the solicitation of an offer to buy any securities. This report is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. The inventories of RBC Dominion Securities Inc. may from time to time include securities mentioned herein. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ®Registered trademarks of Royal Bank of Canada. Used under licence. © 2022 RBC Dominion Securities Inc. All rights reserved.