Canada’s Economic Stability
An article in the Globe and Mail today by Michael Babad touts Canada’s economy as uncommonly stable and sound. The reasoning behind this favourable comparison to other industrialized countries falls partially on the fact that Canadian banks having weathered the global economic fallout virtually unscathed. Without any Canadian banks locking its doors or even cutting dividends, not to mention the fact that the Bank of Canada has raised interest rates while the US is still floundering, Babad definitely has a point. Another strong indicator of Canada’s economic stability can be found in our real estate market. While we experience dips and upswings in our housing market, it is obvious that the average price Canadian homes have remained relatively stable. Also considered is the fact that housing in Canada’s major cities, such as Toronto, Vancouver, and Montreal are a lot less expensive than in other major cities outside of Canada, which is a major contributor to a stable economy.
If you read just a few of the 50 plus and multiplying responses to Babad’s article, it is obvious that not every Globe and Mail reader agrees with Babad’s perspective or arguments, which include a few more points than mentioned here. What is difficult to argue with, however, is that competitive housing costs, relative ease of applying for a mortgage, an abundance of natural resources, and the strong weathering and quick bounce back of the global economic recession does lend for a natural confidence to our country and also indicates a strong quality of life, especially when looking at the subject on the scale of a global comparison.
