While Americans fret over the state of a sagging economy, mostCanadians sit pretty. Longer institutional memories and tighterregulation have encouraged greater discipline in real estatemarkets. Housing development and lending haven't gotten out ofcontrol and the economy cooks along, underpinned by energyproduction (oil, gas, coal) in Western provinces. Hydro power inQuebec provides another energy asset. Calgary, Edmonton andVancouver showcase three of the most vibrant real estate markets inNorth America. Toronto, meanwhile, stands out as a North Americanglobal gateway -- attractive condos mushroom along the lakefrontand across the center city. High-rise living overtakes singlefamily in a metro offering 24-hour dynamics on a par with Chicagoand San Francisco. This trend toward more vertical residences ininfill areas closer to work centers will begin to pick up in manyother cities as congestion forces more people to choose greaterconvenience over suburban lifestyles.
Concern grows about the strength of the Canadian dollar, whichhandicaps manufacturers exporting south of the border, especiallyaround Toronto, North America's third largest industrialmarket. Everyone watches for signals coming out of the States-- recession here ultimately dampens outlooks there.
For now, normally penny-wise Canadian consumers open theirwallets and enjoy prosperity. Retailers expect a strong Christmasseason and US markets should anticipate more Canadian tourists aswell as investors looking to take advantage of the weak dollarwhile they can. South Florida condo markets look especiallyappetizing to warmth-starved Canadians anticipating sinking pricesin an escalating bust. But Canadian hoteliers worry about Americansstaying home in the face of the strong Loonie.
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