Enjoy Canada's low dollar while you can: Don Pittis

Even though we know it's supposed to help the economy, sometimes it's hard to love the low loonie.

It's certainly hurtingJohn Stiles at Calgary-based Planet Foods. But it's Stiles who offers one of the best reasons to appreciate the weak dollar it won't last.

Planet Foods distributes natural foods and healthy snacks across Canada.ItsU.S. import costs are going up, but the companycan't even raise prices. The large well-known chains it sells to, such asMountain Equipment Co-op and SportChek, only allow price changes every four or six months.

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"Like with the dollar right now, we typically can't do a price increasetill January," says Stiles, who is in charge of operations.

Waiting it out

According to Stiles, the only real answer is to wait it out. In the roughly 15 years Planet Foods has been operating he has seen three wild swings in the Canadian dollar.

"It's going to take six months to a year to get that back to 90 cents," he says.

Of course there are no guarantees thatthe loonie will bounce back so quickly. But Stiles offers us a useful reminder. The lower the looniegets, the more likely it will climb back out of those lows.

The classic example of whythe lower looniehelps the Canadian economy is that it is an advantage for Canadian exporters.But while we're waiting, I thought it might be a good idea to imagine some other advantages, if just to make us feel better.

Unfortunately, there are signs a promisedindustrial rebound may be slow in coming.New export industries don't grow overnight. There are some estimates that, like the effectof interest rate cuts, the wait for a currency-ledchange in the industrial economy must be measured in years.

Not so the tourism industry, where the rebound has been almost immediate.

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Not only are more U.S. visitors coming, but more Canadians are staying home. Canadian resorts and ski areas that in previous years faced closurewillhave a chance to regain strength,especially if the U.S. economy really is bouncing back.

Ivy League quality

More than ever, Americans will be able to send their children forIvy League-quality education at loonie prices, all while subsidizingthe Canadian university system.

And there's another advantage. You will get to meet lots more nice Americans and you won't even have to travel. They will come to you. Perhaps they will show you pictures of the Grand Canyon.

If you do decide to travel, maybe the low loonie will encourage you to be a bit more adventurous with your winter getaway. Europe could well be cheaper than Florida or Arizona. And a CBC News investigation showed that trips to Brazil and Turkey are abargain.

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But if you want to see the streets of New York as portrayed by Hollywood, you can stay right at home and visit Toronto or Vancouver, which take turnsposing as a much cheaperBig Apple.

The longer the loonie stays low, the more likely a local suburb or downtown street will be transformed into a U.S. movie location. That also means you won't have to buy beer for yourcool friends in the film industry. They will have jobs of their own.

• "Hollywood North" heating up due to low Canadian dollar

On the social front, you may noticebusiness at local bars and restaurants feeling more vibrant. Compared to buying expensive foreign goods, food preparation and service are cheap because, unlike imported ingredients,they are still priced in Canadian dollars.

California's competition

The weaklooniewill be another boost to the already bustling farmers' market circuit.

While U.S. produce prices risewith the greenback, Canadian-growngoods are a relative bargain. Even as winter creeps in, indoor growers will be more able to compete with California producers despite the higher overheads of greenhouses and heating. At least we have water.

A low loonie means Canadian real estate is a better bargain than ever for foreign buyers. That will help dampen the effects of decline in house and cottage prices once U.S. interest rates begin to rise.

For investors, buying shares in Canadian companies while they are on the outs may turn out tobe a great opportunity once they are back in fashion.

A cheaploonie is green. While crudeoil prices sound low, they are pricedin U.S. dollars.That's one of the reasons gasoline isn't ascheap as you mightexpect. But thatallows Canadians to feel smug about our contribution to stopping climate change. Yes we drive a lot, but not as much as those profligate Americans. We can't afford to.

There are many opportunities ahead. A great piece by Conference Board chief economistGlen Hodgson in the Globe and Mail yesterdaypredicts Canada will become a "services superpower," basing our next boom on things likeeducation and health careinstead of wood and oil.

In a recent conversationPeter Hall,the chief economist at the Export Development Corporation,said he expected a boom in processed agricultural exports.

Energy and resources aren't gone. They're only resting.

Recent figures, fromexports to inflation, show thereis still plenty oflife in the Canadian economy. The loonie won't stay low forever. We should enjoy it while it lasts.

Follow Don on Twitter @don_pittis

More analysisby DonPittis