NEW YORK (TheStreet) -- In celebration of Canada Day, I thought it appropriate to take a look at our neighbors to the north, paying close attention to the underlying Canadian economic climate and relevant ETFs: iShares MSCI Canada (EWC), IQ Canada Small Cap (CNDA), Claymore/SWM Canadian Energy Income (ENY), and CurrencyShares Canadian Dollar Trust (FXC).Over the past decade or so, the Canadian economy has performed admirably. The country's economy expanded at an average rate of 3.3 percent from 1997 to 2007, the highest average growth among G-7 countries. Furthermore, Canada's first quarter 2010 GDP growth was an impressive 6.1 percent and Canada has been among the first of the developed nations to raise interest rates, pushing them up a quarter of a point on June 1. Canadian job-creation statistics were equally impressive. From 1997 to 2007, Canada's average employment growth was 2.1% -- nearly double that of the United States. During this same period, Canada outperformed the G-7 average almost every year on business investment. Canada outperformed the United States on this measure in every year but three over the same period. Buffered by Canada's phenomenal banking reputation (which survived without government cash infusions during the most severe financial upheaval in 75 years) the northern nation has secured itself a relatively stable reputation within an otherwise burdened global economy. Apparent security aside, some economists are cautious of what they perceive as a bubble in the Canadian housing market. In regions such as Vancouver, inflation-adjusted prices of an average home have doubled in the past 35 years, with much of the gains coming in the past 10 years. Although it is assuredly good that they have quickly recovered from the financial crisis, this leaves the sector at risk. But not everyone agrees with these ominous predictions. Recent financial data may suggest that the markets are finally cooling -- the number of homes sold in May fell by 9.5%, while year-over-year price gains moderated to 8.4%, off from the peak gain of 16% in March, as stated by the Canadian Real Estate Association. So all in all, the existence of this feared housing bubble is still largely contested. In terms of fund coverage, the cluster of Canadian ETFs is admittedly small, but offers a surprisingly diverse set of investment opportunities:
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