New projections for Canada’s property market suggest that the national average property price in the country is expected to grow by 2.5 per cent in 2016.
However, according to the latest ReMax predictions, as with this year much of next year’s growth is set to be focussed around the cities of Toronto and Vancouver.
During 2015, the average residential sale price increased by 17 per cent in Greater Vancouver and 10 per cent in theGreater Toronto Area, to approximately CDN$947,350 and $622,150 respectively. As demand shows no signs of waning, these markets are expected to continue to see price appreciation in 2016, of 7 per cent in Greater Vancouver and 5 per cent in the Greater Toronto Area.
Regions outside of Canada’s highest-priced cities have reported a spill-over effect from the price increases in Greater Vancouver and the Greater Toronto Area continuing a trend that RE/MAX reported this spring. There were significant year-over-year price increases in Victoria (13 per cent), Fraser Valley (10 per cent), Hamilton-Burlington (12 per cent) and Barrie (8 per cent).
It has been recently reported that the federal Department of Finance is considering increasing the minimum down payment for homes above $500,000 on a graduated scale. If implemented, RE/MAX expects the effect on first-time buyers in most of Canada’s housing markets to be minimal. However, in Vancouver and Toronto, where entry-level homes are often above the $500,000 threshold, these restrictions may be discouraging to some potential buyers.
With all this in mind, it is arguably more important than ever before for newcomers to Canada – especially one looking to settle in one of the aforementioned cities – to get their finances in order before emigrating to Canada. One sure fire way to do this is to get the best possible deal from your currency exchange.
Exchange rates change every day, and only small fluctuations in the rare can have a big impact on the amount of money you’ll have to start your new life with.
For example, if you had £150,000 ready to exchange for Canadian Dollars then back on 13th October, then £1 was worth CDN$1.983. Had you waited, though, then yesterday the exchange rate was £1=CDN$2.034. On an exchange of £150,000 this equates to receiving more than an extra CDN$7,500 in just under two months. Over a longer time period, such as then length of an emigration process, the differences are even more pronounced.
Time your currency exchange well, and you could be seeing more of these when you arrive in Canada
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