New predictions reveal that property prices in Canada are expected to rise by 5.5 per cent between now and the end of the year.
The latest Reuters poll of 19 analysts, conducted between 18th May and 7th-June, reveals that prices are expected to continue to grow as the country property market is buoyed by low borrowing costs as well as steady foreign investment.
Just three months ago, analysts had predicted a 3.3 per cent rise in house prices during 2016, and the latest 5.5 per cent forecast is the fastest predicted growth since polling for 2016 began two years ago.
Once again, Canada’s two biggest cities, Toronto and Vancouver, are expected to drive much of the forecast price growth, with average values there expected to rise 9 per cent and 16 per cent this year respectively.
If you’re planning on moving to Canada in the near future and, more importantly, looking to buy a home there, then given the rising prices in many areas of the country it is arguably more important than ever to make every penny you have (or cent) go as far as possible. And this is where making sure you get the best possible exchange rate when changing your Pounds to Canadian Dollars is crucial.
While some soon-to-be immigrants view the exchange market as little more than a lottery, and are happy to exchange their money as soon as they get it, regardless of the exchange rate, wiser emigrants plan the process well in advance by engaging the services of a specialist foreign currency firm like Halo Financial.
When exchanging large lump sums for emigration purposes, only a small fluctuation in the market can have a significant impact on the amount of money you could be potentially starting your new life with.
Say you sold your UK property at the start of March. The timing of your exchange over the proceeding past three-month period will have had a dramatic impact on the amount of money you will have received with which to start your new life. At its highest point in the past three months, on 26th May 2016, £1 was worth CDN$1.923, so if you had, say £150,000 to exchange, then on this date you would have received CDN$288,450. However, at its lowest point, 22nd April, £1 was worth just CDN$1.813, working out at US$271,950. That’s a potential loss of CDN$16,500, just from a poorly timed exchange in only a short time period. It’s also worth noting that in January the £/CDN$ exchange rate had been as high as £1=CDN$2.081.
Halo Financial understands 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, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com