Experts are growing increasingly optimistic about the state of Canada's economy. It is expected to grow at a decent level, in spite of recent restrictions tightening up credit for home purchases. Economic growth is predicted to be between 2.4 and 2.7% this year with Canada turning towards the US for growth and away from emerging economies such as Brazil and China.
These newly emerging economies enjoyed strong growth while North America and Europe were in recession, and helped to support their markets. Now some of these countries are struggling to contain inflation which will affect their economic growth. In contrast the news from US is finally improving as the country shows signs of growth. A strong recovery in the US is good news for Canadian exports; especially as the Canadian dollar is currently at near parity with the US dollar.
The economic growth in Canada may not seem as strong as other countries such as the UK and US but this is partly due to the fact that the economy did not suffer so much as other Western countries, and economic growth here immediately after the recession was strong. Canada's real strength was the solid condition of its banks which boast sound balance sheets.
Recent figures showed that four times as many people found work in January than had been expected and these figures moved the country ahead of other developed nations in recovering all the jobs lost during the recession. The Canada property market is expected to show slow, steady growth in 2011 offering decent prospects to investors, especially with the US recovery underway.