Low Canadian dollar helps some Nova Scotia businesses
For some businesses, the low dollar is increasing both American and Canadian traffic
For a number of Nova Scotia businesspeople, the low Canadian dollar has its benefits.
On Wednesday, the dollar dipped below 70 cents US and finished the day there, closing at 69.71, a new 13-year low.
Here's what the low dollar means to a few Nova Scotians:
Susan Wilson, president of Oceanstone Seaside Resort
Inquiries from the U.S. are already up 25 per cent at the resort in Indian Harbour.
Wilson said the low dollar is helping to keep the resort open during the winter.
"We're looking forward to the upcoming months in the spring and summer. We're getting a lot more inquiries and bookings already," she said.
Tim Hoare, real estate agent with Tradewinds Realty
Americans buying coastal property in Nova Scotia were a staple of the Nova Scotia real estate market, but given the U.S.'s struggling economy in recent years, this became rare.
However, low interest rates, the low dollar and more inquiries in recent weeks are making Hoare bullish.
"I think this year could be a banner year for us," he said.
Diane Buckle, co-operator of the Rhubarb restaurant
Buckle said that last year, she noticed more Americans and Canadians eating at the restaurant.
For Americans, the exchange rate works in their favour, while for Canadians, they may look at taking more staycations.
Buckle is especially looking forward to seeing American tourists.
"It definitely is going to be nice to see the Americans back and enjoying what we have here," she said.