Average Canadian property prices have risen to an all-time high, new figures show.
The latest Canadian Real Estate Association (CREA) figures show that the average selling price of a Canadian property sold last month was CDN$481,994. This is a 6 per cent increase compared to October last year.
However, price growth has slowed from the double-digit increases that were being recorded earlier this year. Some of this slowdown may be attributed to newly introduced rules for first-time buyers aimed at making sure they are capable of paying a higher interest rate on their mortgage than the one they have been offered.
“More time will need to pass before its effect on housing markets can be gauged,” CREA’s chief economist Gregory Klump said. “The extent to which they will push first-time home buyers to the sidelines may vary among housing markets.”
To counter the rising Canadian property prices, it is essential that those planning to move to, and ultimately buy property in, Canada get the best possible deal on your currency deal. This is no easy task given the uncertainty that has surrounded the Pound since Brexit.
When exchanging large lump sums for emigration purposes, only a small change in the market can have a significant impact on the amount of money you could be potentially starting your new life with. And, as has been well documented, Brexit has caused some larger than normal moves in the market.
Just prior to Brexit £1 would have purchased you CDN$1.880. However, within a few weeks of the Brexit outcome this rate had plummeted to £1=US$1.678. On an exchange of a substantial amount, say from the sale of your UK property prior to emigrating, such a fall has a massive impact on the amount of money you’ll have to start your new life. For example, if exchanging £150,000 the difference in Canadian Dollars received would have been US$30,300. In just a matter of days.
Since the Brexit announcement, the value of the Pound has continued to remain low. It had started to fall further as more details regarding Brexit started to be announced, but regained some strength in the wake of the US Presidential election outcome. Yesterday the rate was £1=US$1.672.
Currency specialists, like 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, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com
Article published 22nd October 2016