Average Greater Vancouver property price tops CDN$1 million

Average property prices in Greater Vancouver have hit a record high, with a typical detached single family property in the Canadian city now likely to cost over CDN$1 million.

According to new figures released by the Real Estate Board of Greater Vancouver, the benchmark home price index for detached properties reached CDN$1,002,200 last month – an 8.1 per cent price increase since December 2013.

Overall, the average price of all residential properties in the region reached CDN$638,500 last month; a 5.8 per cent increase from the year before.

“Detached homes continue to be the most sought after property type in our market,” said Ray Harris, President of the Real Estate Board of Greater Vancouver.

If you’re looking at settling in Greater Vancouver, and want to buy a detached property in the area, then it would be sensible to start looking into how a well time currency exchange could make an expensive purchase that bit more affordable.

When exchanging large lump sums for emigration purposes, small change in the market can have a significant impact on the amount of money you could be potentially starting your new life with.

For example, in order to have been able to get your hands on CDN$1 million yesterday you would need to have exchanged just over £554,000. Back in August, though, when the exchange rate was more favourable, you would have had to exchange Just over £540,000. However, in late November, when the rate was at its least favourable in the past few months, you would have needed to exchange almost 567,000 to achieve the CDN$1 exchange – almost £30,000 difference in a relatively short period of time.

Foreign exchange companies, such as Halo Financial, understand why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.

To find out how you can make sure you can get the best exchange rate possible, take advantage of positive fluctuations in the markets and make sure you start your new life with the most purchasing power possible, visit www.halofinancial.com

Article published 7th January 2014