Due to the onset of COVID, between February 20, 2020, and March 23, 2020, the TSX, (and most global stock markets), dropped by approximately 35%.
Since then, global stock markets have rebounded. The Toronto Stock Exchange, buoyed by very strong oil & gas, as well as other commodities markets, is now near its all-time high. The USA and European markets are only slightly off their respective all-time highs, despite the Russian invasion of Ukraine, lingering Covid and supply chain disruptions, as well as rising inflation and interest rates. From a historical perspective, stock markets tend to rise "farther than they should", and also fall "further than they should", reflecting human greed and fear, respectively.
I have no idea if the stock market will be higher or lower in the short term, and quite frankly no one else does either. However, it is likely that in the long term, i.e., 10 years or longer, global stock markets will be higher than they are today.