A
s you are probably aware, the Canadian dollar has dropped a few cents in the past week. This has caused concern among Canadian buyers. The Canadians I have spoken with this week fall into 2 categories:
(1) We need to find a home to buy IMMEDIATELY before the dollar drops further, or
(2) We have decided to wait a month until the dollar comes back up.
Who is right? Unless you have a crystal ball, no one can say for sure. I have in the past seen many Canadians assume that by waiting the dollar will increase, only to have it drop further. These people are shooting themselves in the foot. History shows that the dollar goes both directions, up and down. It will not necessarily improve in a month. If they wait even longer, say 3-4 months, they will miss the whole winter season. What use is buying a vacation home in Phoenix in the summer. You will have to wait until winter 2010 to use it to escape the snow.
If you are concerned about currency fluctuations you should exchange your money with a professional currency exchange firm prior to finding a home. That way you lock in the best exchange rate possible. Email me for details of the company we use in Edmonton, Alberta.
Carmen Brodeur BA, LLB
Arizona Realtor / Former Alberta Lawyer
1-800-300-0263
Carmen@ThePhoenixExperts.com
