Canada's recession not predicted to last as long as previous ones.
Canada's central bank chief, Mark Carney, predicted that the recession of 2009 will not last as long as previous recessions. The Bank of Canada Governor forcasted a decline of 1.2 per cent in Canada's economy in 2009, followed by an increase of 3.8 per cent in 2010. Canada's recovery is expected to be quicker than other nations because of the relative health of our economy.
It was also noted that the availability of credit in Canadian banks remains healthy which is excellent news for people hoping to secure a mortgage soon.