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Canadian Building Permits Dive, GBP/CAD Shifts: Buy Now or Not at All?
Published: 8 Oct at 6 PM Tags: Pound Sterling, Dollar Exchange Rate, Currency Exchange, Canadian Dollar Exchange Rate, Exchange Rates,
Planning on moving to the Great White North? Get yourself in gear because a rapid decline in building permits could initiate a house price boom; not the kind of hike you will likely enjoy in the Canadian mountains.
The appeal of Canada is undeniable. Can’t decide whether to move to somewhere with sun or snow? Beaver country has you covered for both outcomes.
With modern cities situated between stunning scenery; Canada is the perfect place for the post-modern outdoorsman.
Who could deny the appeal of the Northern Lights or whale watching? Or maybe some of the world-class ski resorts take your fancy.
When you put the cost of living in London alongside the cost of living in Ottawa there really is no comparison.
London’s consumer prices are around 31.11% higher than the Canadian capital, with rent prices a massive 148.91% higher in the British capital.
However, a recent decline in Canadian building permits could initiate a rise in house prices and reduce the gap between the two cities. In August building permits were forecast to contract a little (around -6.5%) but the actual data showed a massive declination of -28.3%.
As a result of this surprising contraction the Canadian Dollar exchange rate has slumped against many of its most traded currency peers. With a low exchange rate it could be said that now is the time to holiday in Canada, not move there.
Perhaps a telling domestic data publication, in terms of the probability of a house price boom, comes in the form of Canadian housing starts.
Housing starts reflects the rate of growth in housing construction, acting as an indicator which measures the strength of Canada's construction sector and housing market.
A very slight increase in the housing starts data (below the forecast growth) indicates that housing construction and the demand for new housing has cooled. This would suggest that less new houses mean more expensive existing ones.
Manufacturing activity has cooled in the past month which could suggest the reasoning for the drop in demand for new housing.
So as not to deter you completely, the Pound is generally strong against commodity-driven currencies such as the Canadian Dollar. This means that you will likely get more for your Pound in Canada.
Whatever your decision, be sure to check economic data to get a head start on house price booms or busts, and time your move wisely.
The appeal of Canada is undeniable. Can’t decide whether to move to somewhere with sun or snow? Beaver country has you covered for both outcomes.
With modern cities situated between stunning scenery; Canada is the perfect place for the post-modern outdoorsman.
Who could deny the appeal of the Northern Lights or whale watching? Or maybe some of the world-class ski resorts take your fancy.
When you put the cost of living in London alongside the cost of living in Ottawa there really is no comparison.
London’s consumer prices are around 31.11% higher than the Canadian capital, with rent prices a massive 148.91% higher in the British capital.
However, a recent decline in Canadian building permits could initiate a rise in house prices and reduce the gap between the two cities. In August building permits were forecast to contract a little (around -6.5%) but the actual data showed a massive declination of -28.3%.
As a result of this surprising contraction the Canadian Dollar exchange rate has slumped against many of its most traded currency peers. With a low exchange rate it could be said that now is the time to holiday in Canada, not move there.
Perhaps a telling domestic data publication, in terms of the probability of a house price boom, comes in the form of Canadian housing starts.
Housing starts reflects the rate of growth in housing construction, acting as an indicator which measures the strength of Canada's construction sector and housing market.
A very slight increase in the housing starts data (below the forecast growth) indicates that housing construction and the demand for new housing has cooled. This would suggest that less new houses mean more expensive existing ones.
Manufacturing activity has cooled in the past month which could suggest the reasoning for the drop in demand for new housing.
So as not to deter you completely, the Pound is generally strong against commodity-driven currencies such as the Canadian Dollar. This means that you will likely get more for your Pound in Canada.
Whatever your decision, be sure to check economic data to get a head start on house price booms or busts, and time your move wisely.
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Source: moneytransfer.co.uk