The persistent strength of many Canadian housing markets through much of the 2010s has left many with the impression that real estate is inherently a more compelling long-term investment than other asset classes such as equities. Over the past two-plus decades, however, both the stock market and real estate have delivered attractive long-term returns, in our view. As the chart in the link below illustrates, despite a more volatile path, the S&P/TSX Composite has generated annualized total returns since early 1999 that exceed those of major Canadian real estate markets—including Toronto and Vancouver, which have experienced some of the strongest house price appreciation over the past 20 years