New research suggests that Canadians are becoming increasingly pessimistic about the future of their national economy as fears grow that any recent gains in living standards will subside rapidly.

It is also feared that there will be a distortion in terms of the rate at which different provinces grow in the next decade, with the resource-rich Western provinces set to make significant gains, according to an analysis by TD Bank.

Derek Burleton, Deputy Chief Economist and co-author of the report, stated that; “In Canada, we have seen evidence of economic convergence, but in recent years it has stalled and we may even see some of the progress reversed in the next decade.”

This downbeat view comes in the wake of a recent poll suggesting that Canadian consumer confidence rose from a two-year low during the fourth quarter of 2011.

Approximately 19% of those surveyed in the Nanos Economic Mood Index felt that the nation’s economy will be stronger in the next 6 months.

Nik Nanos, President of the Ottawa-based polling company, suggested that “the pessimism Canadians have in terms of the future of the economy has lessened.” Nanos feels this is largely due to progress with “turmoil in Europe and the political gridlock in the U.S.”

The news follows reports that the country is leading the way of a new breed of perceived ‘safe haven’ investments for UK property investors.

Investors are increasingly turning their backs on popular destinations such as Spain and France in favour of regions which are in a more stable position to handle investments.

Transferring money to Canada

If you are looking to invest in Canada, think carefully about how you will be transferring money to Canada. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money overseas, to Canada for example – which you will inevitably have to do if you are looking to make a property investment – be sure to compare the market before you buy your overseas currency.