The Falling Canadian Dollar Brings International Condo BuyersWritten by Eric Skicki Tuesday, November 3rd, 2015
Exactly 33 months ago the Canadian dollar was at par; even a little higher than the American counterpart. Cross-border shopping was cheap and Canadians took advantage by buying anything from clothing to cars, and even properties down south.
Since then, the Canadian dollar went down by roughly 25%. What does that mean for us here in Canada hoping to buy real estate?
Firstly, buying any property outside of Canada automatically costs 25% more than two and a half years ago. Those earning income in Canadian dollars prefer to keep their money in Canada as the conversion rate is too high if they were to invest in the United States.
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