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%. Yes, a drop of 35% in just over one month.
Since then, global stock markets have rebounded, and are now near their all-time highs, notwithstanding the disruption caused by the emergence of Omicron. In other words, in the history of the world, stock markets have never ever been this high. That does not mean they are about to drop. 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.
With the emergence of increased inflation, transitory or not, it is clear current Fixed Income returns from GICs, bank accounts and Bonds, will result in negative real returns, (a real return is the nominal return you get from say a 2% GIC, less inflation of say 4.5%, equals a real return of negative 2.5%). Thus, for a long-term investor, it is clear that not investing in equities, is not an option.