Although Canadians are being told to ride out a bumpy economic wave, the turmoil caused by the United States' sub-prime housing crisis is creating anxiety among investors and consumers in this country.
"I try not to look at how down it's going, so I don't know what the impact is. I feel that's the best way to approach it because it might be frightening," investor Nicholas Hann, who's approaching retirement, told CTV Ottawa on Tuesday.
"We're selling manufactured goods, but if somebody's not buying and it's directly impacted our U.S. business, hopefully it doesn't spread to Canada," added businessman Tom Dewar of Dewar Audio and Video.
Others, however, told CTV Ottawa the bleak U.S. economy is yet to stop them from opening their pocketbooks.
"I'm not too concerned, maybe I should be, but there's enough going on in life right now that hopefully the markets will correct themselves," said investor Paul Dresch.
Mortgage brokers also said the belief Canada's economy will avoid the fate of the United States has people buying houses and refinancing their loans. Still, brokers warn buyers they have to assess what they want versus what they need when purchasing a home.
"We've seen larger mortgages than ever before, first-time buyers think nothing of buying a $350,000 starter home," said Grant King of Ottawa Carleton Mortgage Inc.
The optimism in Canada's economic outlook is echoed by the country's politicians, including Finance Minister Jim Flaherty who told CTV's Question Period on Sunday the banking crisis in the U.S. is a concern for the global economy, but Canada has taken steps to make sure its financial sector will not end up in a similarly precarious situation.
"We have a solid banking system in Canada. Our banks are well capitalized. Our households are well capitalized... and our fiscal fundamentals are solid," he said.
With a report from CTV Ottawa's Joanne Schnurr
