Canadian property market reflects economic problems

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New research suggests that the Canadian property market poses a threat to the country’s wider economic state as prices are rapidly falling. International buyers might be keen to take advantage of the lower real estate prices.

The world’s 10th largest economy has been called into question and may require a shake-up of the economy at large. According to the Organisation for Economic Cooperation and Development (OECD), Canada’s economy could be in trouble.

The Paris-based group released a report finding signs of ‘imbalances’ in the Vancouver and Toronto property markets.

The report stated that a level of instability was ‘making households vulnerable to a possible decline in real-estate prices.’

Further measures may be needed, possibly targeted on certain market segments, if imbalances persist.

So far, Canada has escaped a property market crash, unlike their American neighbours. In contrast, Canada has experienced generally positive economic performance and the OECD believes the country will see a growth of 2.2 % this year.

Not only could international buyers enjoy a confidence crisis in the Canadian property market, but they can also enjoy a good quality of living and foreign exchange.

A recent poll found that over 80% of Brits named Canada as the number one country for the best quality of life for the third year running.

Transferring money to Canada

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

If you plan to send money overseas ensure that you compare the market to get the best deals on overseas currency. Getting a wider overview could be the difference between securing a good deal or a poor one in the long run.

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Canadian property market reflects economic problems

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