Canada sees overall prices fall

Is your high street bank ripping you off

Canada has seen a 1.7% overall fall in prices for residential properties according to the latest information just released by the Canadian Real Estate Association.

The large urban conurbations of Greater Vancouver and Greater Toronto have seen a significant reduction in the number of transactions and this has led to the surprising revelations, as the picture in the rest of the country actually shows a year on year increase of 3.2%.

While figures averaged out over the entire nation saw prices and transactions drop, sales activity picked up in roughly two of every five local markets in November, including Vancouver Island, Victoria, Chilliwack, Kitchener-Waterloo and Guelph.

Indeed, the major urban area around Calgary reported an increase of activity representing an increase of 10.6% from a year ago.

CREA President Wayne Moen explained that the figures revealed “some real differences in trends among local housing markets” and that the mortgage rules changes that were introduced earlier in the year are beginning to have a real effect.

CREA’s chief economist Gregory Klump was quoted as explaining: “Interest rates have remained low and the economic backdrop has remained supportive for housing activity, so that should leave little doubt that recent changes to mortgage regulations are responsible for having cooled activity.”

The figures show that home sales across Canada is 8% below levels in the first half of the year since the new lending rules came into force in August and that one-storey single family home prices showed the strongest growth. Prices were up by 4.9% in this area, whereas townhouses and apartments also had gains, although more negligible at 1.8% and 1.3% rises.

Transferring Money to Canada

If you are looking to invest in Canada, think carefully about how you will be transferring money to Canada. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So, if you are looking to send money online to Canada – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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