New figures show that the average Canadian property prices rose by 9.5 per cent in the year to September.
According to the Canadian Real Estate Association, the average property price in Canada now stands at CDN$474,590. However, if Toronto and Vancouver – the two cities most driving the current rising Canadian property prices – are removed from the equation then the average price falls to just CDN$358,884.
While rising Canadian property prices may be good news for the country’s economy, they’re not so great for Brits hoping to move to the country soon. When emigrating to Canada, and ultimately buying a property there, every spare cent that you have to start your new life will be welcome.
Therefore, to counter the rising property prices it is essential to get the best possible deal on your currency deal – 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, and as more details regarding Brexit start to be announced, has fallen lower. Yesterday the rate was £1=US$1.621.
Currency specialists 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
Article published 18th October 2016