Europe and the United States continue to flounder through the global financial crisis, Canada only has a mild recession to recover from. It is now one of the top performing industrialized countries,thanks to long-term economic reforms and a cautious approach to lending. The financial sector remains stable, due to the country’s strong banking systems and effective risk management.
House prices have held steady, and stricter borrowing limits have meant that owners can't over-mortgage their property. This has prevented a housing boom -- and the bust that would have followed it.
Subprime loans are also very limited. With fewer risks being taken in the housing market, Canada's six largest financial institutions made it through the crisis without disaster.