New figures released by the Real Estate Board of Metro Vancouver reveal that the average selling price of a single-detached home in Metro Vancouver (excluding Surrey) rose by 40 per cent in the year to January 2016. The average price of a single detached home in the city is now said to be worth a staggering CDN$1.83 million the figures show. The average price of a condominium increased by 19 per cent during the same period.
In spite of the sharp rise, however, Darcy McLeod, the President of the Vancouver Real Estate Board, does not believe that there is a property bubble in the city. “Real estate is a supply and demand marketplace and it does ebb and flow,” she said. “If we look at the long term trend, if it’s a bubble it’s been growing for more than 20 years… Vancouver’s always been out of sync with the rest of Canada. That’s not likely to change anytime soon.”
For those of you who are planning on moving to Vancouver in the near future, and ultimately buying a property there, it is essential you save every dollar you can towards to help ease what will be an expensive house purchase. One way you can do this is to make the most of your currency exchange – even small changes in currency exchange markets can have huge impacts on the amount of money you receive when exchanging larger sums.
For example, looking at only the last three months, back on 4th December, when the rate was at its lowest point in this period, you would have received a total of CDN$298,200 on an exchange of £150,000. However, on 19th January – when the rate was at its highest three-month point – an exchange of the same amount of pounds would have netted you CDN$312,150. Nearly a CDN14,000 in just over a month – over a longer period of time the differences will be more pronounced still.
Fortunately, you don’t need to spend days studying the foreign exchange markets to make sure you get the best exchange rate possible. That’s what specialist currency exchange companies like Halo Financial are for.
Foreign exchange companies understand why the exchange rates are moving and just what impact this has on your currency transaction so can give you at least some indication of when the market could move favourably. What’s more, they can also provide you with a range of options on when you should consider exchanging, and how much you should exchange at a time.
To find out how you can make sure you can take advantage of positive fluctuations in the market and exchange your currency at the right time to get the best possible deal on the purchase your overseas property, visit www.halofinancial.com