While the financial system in the States was busy pumping out mortgages to whomever it could, Canadian regulators kept reasonably firmly to their rules and criteria for loaning money. They did not join the party. At that time banks in US made fortune (since substantially unravelled), but it was a matter of time until the inevitable happened. Clearly, Canada’s economy is still heavily linked to the US economy, and when they get into trouble, Canada suffers as well. However, by keeping the local financial system out of writing troubled mortgages, there was much less need to throw mountains of money at the economy to keep it stable. From there the way to recovery was faster and straighter.
The Canadian story demonstrates in its own way how long planning, proper regulations and keeping focused on basics (in this case, debt levels) is a foundation element of a sound long term strategy.