It might be time to turn your attention to Canadian equities.

Gluskin Sheff chief economist and strategist David Rosenberg says that while Canada faces huge economic obstacles – including trade uncertainty, heavy debt and an “uncompetitive tax regime” – the Toronto Stock Exchange is now host to some of the most attractively priced stocks in the world.

“The discount that the Canadian stock market trades at is epic and must be mouth-watering for any global value fund manager,” Rosenberg wrote in a note to clients Friday.

“The forward P/E multiple on the TSX is 14.7x versus 16.5x for the S&P 500 and one of the most attractively priced stock markets in the industrialized world.”

The S&P/TSX Composite ended the first quarter of 2018 as the 77th best performer among its 93 global peers, lagging Australia’s benchmark ASX 200 but ahead of Hungary’s Budapest exchange.

Rosenberg noted Canadian stocks in the energy, real estate, financial and consumer sectors are trading below normal multiples. In comparison, he pointed out only telecom and health care stocks are trading below historic price-to-earnings norms in the United States.