Property prices in Canada rose by 2.6 per cent between May and June, new data shows.
The latest Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, shows that prices rose in 10 out of the 11 markets covered by the index.
The largest price growth was recorded in the Ontario cities of Toronto and Hamilton, where prices rose by 3.7 per cent and 4.1 per cent respectively.
Winnipeg, Manitoba, was the only city to see a decrease in property prices during this period, with prices falling by 0.28 per cent.
Year-on-Year, Edmonton was the only city in the index to see a decline in property prices, with house values falling by 0.13 per cent. Seven of the 11 markets are now back at, or above, their peak value.
The average house price in Canada for June 2017 is CDN$601,445.
To counter the rising Canadian property prices, especially in Ontario, it is essential that those planning to move to, and ultimately buy property in, Canada get the best possible deal on their currency deal.
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.
For example, imagine you managed to sell your property in the UK three months ago, and had £150,000 to spend. If you had exchanged immediately, then on 20th April you would have received CDN$1.720 for every £1 exchanged – making a total of CDN258,000. However, if you had waited a month or so, then by 12th May the rate had climbed to CDN$1.777 – more than CDN$8,500 on what the previous exchange would have been worth. By 14th July, however, the rate had slipped back £1=CDN$1.649 – its lowest level for three months.
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 19th July 2017