Experts predict that average property prices in Canada will rise by just over 7 per cent by the end of the year, driven largely by growth in Ontario.
The latest Canadian Real Estate Association forecast report predicts that national average property prices will rise by 7.4 per cent in 2017, with Ontario property prices expected to increase at just over 16 per cent. This would make the average Canada property price CDN$526,000.
Newfoundland and Labrador and Saskatchewan are predicted to be the only two provinces to see price declines this year – at -5.4 per cent at -1.6 per cent respectively.
However, while prices may be rising, overall property transactions are expected to be down by 1.5 per cent this year. British Columbia, Ontario, Saskatchewan, Newfoundland and Prince Edward Island are all predicted to see lower sales activity this year.
Meanwhile, the provinces of Manitoba, New Brunswick, Quebec and Nova Scotia will likely see a small increase in the number of completed transactions. Only Alberta, with a forecast increase of 10.1 per cent, will see a significant rise in activity.
Looking ahead, the CREA data predicts that average house prices in Canada will grow by 1.8 per cent in 2018, to CDN$535,400, while transactions will continue to slow, albeit at a smaller rate of 0.8 per cent.
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 28th March you would have received CDN$1.674 for every £1 exchanged – making a total of CDN251,100. However, if you had waited a month or so, then by 10th May the rate had climbed to CDN$1.777 – more than CDN$15,000 on what the previous exchange would have been worth. By yesterday had slipped back £1=CDN$1.695.
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 23 June 2017