I read an interesting article in the Sacramento Bee the other day about the health of Canada’s current banking and housing markets. It was enlightening since most media has casted the recent economic collapse as a global meltdown. To the contrary, Canada avoided the housing depression that the United States is still wading through. While more than 300 banks went belly up in the States in recent years, not a signle Canadian bank failed. WOW!
I encourage you to read the artice (click here). But, if you want the Cliff’s Notes, our neighbor’s economic stability in housing has been a result of their commitment to prudent, traditional underwriting. A Canadian bank CEO was quoted saying “…we are in the business of making loans to people who will pay them back.” How profound, right?
Give it a read, and consider how we should always try to learn from our neighbors. From fixing sprinklers to avoid economic crises, neighbors often face the same dilemmas with very different tactics. When you don’t get it right, take notice and learn from the neighbor who did.