Canadian Banks Are the Safest in the World

As Canadians we're known for our polite disposition and passion for hockey, but now we have more bragging rights: our banks are the world's safest.

According to Moody's, the New York-based ratings agency, all of Canada's major banks have been given a double-A2 rating, making them the safe bets for global investors and rating higher than banks in the United States, Europe or Asia.

With the strength of our currency and the profits made by the Canadian banks in the first quarter of 2012, Canada's looking like a superpower.

So what's making us so attractive in the financial world?The Canadian government was awarded a tripe A debt rating, which isn't going to change in the foreseeable future according to Moody's, which adds another layer for global investors looking to place their funds in a safe place.

As well, a recent report by the Canadian Housing and Mortgage Corporation reveals the housing industry is ticking along steadily, with a five per cent increase in housing starts in March 2012 since the previous month.

And the largest city in the country, Toronto, is leading the way, with condominium starts over 50 per cent, the highest in the country. In a recent article in the Journal of Commerce, a construction industry trade publication, construction employment jumped up 1.1 per cent, dropping the national unemployment average to 7.2 per cent.

As a result, Canada is looking like an attractive place for the world's investors, especially with our current low debt levels and facing less pressure from pensions says Moody's.