The Canadian economy managed to weather the Great Recession in rather good form compared to the U.S. economy. In 2009, Canada’s real GDP dropped 2.5%, compared to a 2.6% decline in the U.S. GDP. However, total employment only fell by 1.6% in Canada compared to a 4.2% drop in the U.S.
As the recovery took hold in late 2009 and early 2010, Canada managed to add back almost two-thirds of the jobs lost during the recession. As a result, the Canadian housing market was able to remain fairly solid.