We all might feel a certain irony (or irritation, perhaps, depending on your political affiliation) about the $1B Canada spent on security and estimated further $1B to host the G8 and G20 summits recently since the meetings were all about wasteful government spending. But Canada has also been in the international eye-both on CNN and in The Guardian Weekly-for its staunch stability in face of world economic decline and financial turbulence over the past two years.
Good news for us since there's now concern of a second worldwide dip into recession Canada might again be able to duck. According to The Guardian Weekly, too few nations have chosen the conservative borrowing rules-especially regarding buying a new home-that has been the backbone of the Canadian banking system. Be that as it may, the facts also show that Canadians are still carrying a lot of debt-about $41,000 for every person in this country-more than any other developed nation. Good news, though, is that we have re-leveraged less of our mortgages into cash to upgrade our lifestyles than in other countries. What does this mean for the average Canadian?
One thing that might spring to mind is that, although there were a number of layoffs two years ago, particularly in the world of the big three car manufacturers, the unemployment rate in Canada has remained fairly stable at just a hair over 8%--whereas the Americans are flirting dangerously with double digit rates. Employment rates have actually climbed in many provinces in recent months, which means your job may be more stable, and your dollar can buy a lot of goods because of its international currency rating. That means things from abroad-say your favorite olives-won't cost more, and may even cost less than they did last year. Better yet, if you're planning a vacation in the USA this summer, your Canadian dollars will go a lot further than they may have in the past. (Just be sure you buy your dollars at your bank, and don't try and spend Canadian currency in the USA where it's not often accepted at local outlets.)
The strong economic outlook for Canada in terms of climbing employment, a strong dollar, and still-low mortgage rates means that you can expect your money to work harder for you this year and buy you more. That means you can lower your debts faster, save more, and buy more than you have in the past. It may also mean it's a great time to re-finance or consolidate outstanding loans you may have. Just don't forget-debts always have to be repaid, no matter how good the terms of the loan may be.
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