Things We’re Thankful For

It’s Thanksgiving and while we sit around stuffing ourselves with turkey and well, stuffing, let’s look at some of the main things that we as Canadians have to be thankful for this year.
Stable Banks
Canada has one of the strongest and most stable banking systems in the entire world. That’s right, the world. Not only are the banks in the United States collapsing and even being sued, but Iceland also saw the collapse of three major banks. So much so in fact, that it’s known as the Icelandic Financial Crisis. And while it started in 2008, when the entire world saw a collapse of some sort, it’s still going on today and Icelanders are still very much feeling the devastation from it. Bank shares in Europe have also dropped drastically, and many financial experts across the pond see them heading for another recession.
Canadian Dollar Rises Above American Dollar
This was the year for shopping across the border! Yes, right now our dollar sits at about par with its American counterpart, but for much of the year we were sitting nice and pretty. And, the economic news in the States isn’t looking all that great either, so they may be headed for another recession too – which would send that dollar soaring once again.
Low interest rates
This is a big, big one that we all should be thankful for. Whether you currently have a mortgage, or are just looking to take one on, the fact that The Bank of Canada lowered their interest rates this year to historic lows – and the fact that they are keeping them so low for 2 years – is big news indeed! And, worth mentioning again even – this is something we all need to be thankful for this year!
No Housing Bubble
Jim Flaherty has said it himself – Canada is not in a housing bubble, not even Vancouver, the city with the highest home prices in the country. What does this mean for Canadians? We’re likely not taking on mortgages we can’t afford, even with the low interest rate, and we’re likely not facing years of foreclosures.
Nice Weather
Canadians are more accustomed to be preparing for shoveling their driveways and sidewalks this time of year than they are mowing their lawn. But for the first time in several, several years, this Thanksgiving brought summer-like temperatures that had a lot of us outside and enjoying it. Instead of lighting the fireplace and battening the hatches, we’re taking to our decks and patios. And that’s always something that we should be thankful for!