This is particularly welcome news for Canada given two main threats to its economic stability. First, its reliance on raw materials – especially oil exports – means that low petroleum prices damage their fortunes more than more diverse economies.
Second, Canadian households are very leveraged, largely due to housing asset prices that never dropped after to the financial crisis of their Yankee counterparts.
This kind of organic growth shows a bulwark that defends against a crisis that may occur if households suddenly default on loans.
Good news in the Great White North.