Canada's banks are performing pretty well.

The World Economic Forum says Canada’s banks are the soundest because they speculated less on mortgage assets that have proved toxic. Canada’s banks, which account for about 6.7 percent of the industry’s worldwide market value, suffered only 1.5 percent of the $817 billion in mortgage-related losses reported globally.

As Canada’s banks wrote down $12.5 billion since 2007, its six biggest lenders, including Royal Bank of Canada and Toronto- Dominion Bank, attracted new investment, selling C$9.2 billion in stock and bonds as a group since October.

Unlike their global counterparts, which have accepted almost $500 billion in bailouts, Canada’s banks have done without direct government aid. While Canada is providing guarantees on more than C$200 billion in bank debt and has bought mortgage bonds to boost lending, none have required taxpayer-funded cash injections.

“There is a sense that the Canadian banks are much better regulated and in stronger shape,” said Quincy Krosby, Hartford, Connecticut-based chief investment strategist at Hartford Financial Services Group Inc. The firm has $346 billion in assets. “The Canadian market has come on the radar screen over the last month or so.”

At least so far.  Home prices have only begun to fall in Canada and have some ways to go.