The national average Canadian house prices rose slightly last month, having declined in the previous two months, yet many major cities are still experiencing declining house values, new figures show.
According to the recently released Teranet House Price Index, property prices nationwide rose 0.2 per cent in January (4.7 over the year), with the cities of Toronto, Calgary, Hamilton, Edmonton and Vancouver leading the way in terms of annual house price growth.
However, on a month-by-month basis home prices have started to trend downwards in several major Canadian cities, including Montreal, Winnipeg, Calgary and Hamilton. This trend is particularly surprising in the cities of Calgary and Hamilton, as on an annual basis these two cities are behind only Toronto in terms of price growth.
The Teranet report showed prices rose in January from December by 1.2 per cent in Vancouver, 0.9 per cent in Victoria, 0.6 per cent in Toronto, 0.5 per cent in Halifax and 0.3 per cent in Edmonton.
No matter where in Canada you plan on moving to and, ultimately look to buy a property, you will find your purchase will be directly affected by the exchange rate you receive when changing your Pounds for Canadian Dollars. Choose the right time to exchange and you could potentially have thousands of more dollars available to put towards your property purchase.
For example, imagine you sold your UK property three months ago and decided to exchange, say, £150,000 for Canadian Dollars straight away. If you had carried out this exchange on 25th November then you would have received just CDN$263,700. However, had you decided to wait a little longer and exchanged last Friday then you would have received a far more wallet friendly CDN$289,350 – a potential gain of over CDN$25,000 towards a new property in just a few months.
While some would-be immigrants view the exchange market as little more than a lottery, and are happy to exchange their money when they have it regardless of the rate they receive, wiser emigrants plan the exchange well in advance by engaging the services of a specialist foreign exchange firm like Halo Financial.
Foreign exchange companies 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, take advantage of positive fluctuations in the markets and make sure you start your new life with the most purchasing power possible, visit www.halofinancial.com