#59 — Benjamin Tal: The State of Canada’s Economy and Housing Market in 2026
6/2/202627 min
Our guest this episode is Benjamin Tal — Managing Director and Deputy Chief Economist at CIBC Capital Markets. Benjamin has spent over two decades publishing CIBC's influential "In Focus" research, has been recognized by the International Monetary Fund as a leading expert on Canada's real estate market and has testified before Parliamentary committees on the country's most pressing economic issues.
In this episode, Dave and Benjamin dive into the state of Canada's economy heading into 2026. They break down what's gone wrong with Canada's real estate market, evaluate recent central bank decisions and unpack the impact of HST/GST relief and development charges on housing supply. Benjamin also explains the structural shift toward a rental culture in Canada and why rent control has been so disastrous for affordability.
The conversation also explores the widening productivity gap between Canada and the U.S. in the AI era and the possibility of universal income guarantees on the horizon. Along the way, Benjamin shares his perspective on monopolies and limited competition in Canadian industry, the overwhelming red tape facing small businesses, the real effects of immigration on the market and why CPI calculations may be understating the true cost of living.
Whether you're a homeowner, an investor or simply trying to make sense of where Canada's economy is heading, this episode is packed with sharp, data-driven insights from one of the country's most trusted economists.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Benjamin Tal
(02:32) Why It's Important to Connect Macroeconomics to Personal Finance
(03:15) Understanding Canada's Broken Real Estate Market
(07:23) Evaluating Central Bank Decisions and Interest Rates
(08:05) Impact of HST/GST Relief and Development Charges
(09:48) A Shift Toward a Rental Culture in Canada
(11:38) The Disastrous Impact of Rent Control
(13:22) How the Condo Market and Developer Landscape Is Changing
(16:18) Canada Versus U.S.A. Productivity & The AI Revolution
(20:56) Are We Headed Towards Universal Income Guarantees?
(21:45) Monopolies and Limited Competition in Canadian Industry
(22:23) Overwhelming Regulations and Red Tape for Small Businesses
(24:25) The Current Immigration Situation and its Market Effects
(25:52) Inaccuracies in CPI Calculations and the Real Cost of Living
(26:29) Conclusion
Clips
Transcript preview
First 90 secondsDave Chilton· Host0:00
[upbeat music] Hey, it's Dave Chilton, The Wealthy Barber and former dragon on Dragon's Den. Welcome to The Wealthy Barber Podcast, where we'll be hosting some of the top minds in the world of personal finance. Yes, that's to balance me out. The podcast is about making the subject not just easy to understand, but dare I say, even fun. Honest. Whether you're trying to fund your retirement, figure out how to build a down payment, save for your kids' education, manage debts, whatever, we'll be here to help you do it. Before we jump in, a quick but important note, nothing we discuss here should be taken as investment advice. We don't know you and your personal financial situation, so we're not here to tell you where specifically to put your investment dollars. We're here to educate, get you thinking, and we hope entertain. But please do your own research and/or consult with your financial advisor before taking any action. Hey, it's Dave Chilton, The Wealthy Barber with The Wealthy Barber Podcast. I'm not gonna go on and on this time because I wanna get directly to our guest. He's got some time restrictions, and to say I'm excited about today's podcast would be a gross understatement. We have Benjamin Tal on. He is the deputy chief economist at CIBC Capital Markets. I've known him for years. Unbelievably sharp guy. Very generous and kind person, too. Involved in the community in a number of ways, through the board of trade, the chamber of commerce. He and I got to work together twice on Junior Achievement initiatives. He's very giving on all of those fronts,