Weak US Dollar makes property in Arizona less expensive to Canadians! 

Canadian buyers should consider securing their currency now to take advantage.

With the strength of the Canadian Dollar vs. the US Dollar over the last year, now is a better time than ever to buy property in Arizona.  In early-November exchange rates reached a 30 year high for Canadians who are buying US dollar-priced property.  Exchange rate movements can have a drastic impact on the costs of purchasing in another country, though, and buyers should stay educated.

For example, if you had been looking to buy a property in Arizona priced at $250,000 USD on January 28, 2008 (when the USD/CAD exchange rate was 1.0377) it would have cost you $259,425 CAD.  However, if you purchased the same property 8 days later, on January 30th, it would have cost you only $246,750 CAD (based on a rate of .9870).  In other words, the same property would be over $12,675 CAD cheaper than it was barely 8 days before!

If you are a Canadian looking to buy property in Arizona, you will inevitably need to transfer currency to buy the property in US Dollars.  In the case above, you may have been very pleased.  But swings like these happen all the time – and in both directions!!  For instance, a recent low was seen of .9770 at the end of December, 2008.  Barely 3 weeks later, on January 22nd, the rate hit a peak of 1.0377, meaning that USD strengthened against CAD by more than 6.2% (potentially meaning a $10,175 CAD increase in your property cost, given the example above)!!

It is very important to pay attention to the exchange rate for your payments, or it could end up costing you a lot of money!

Without even accounting for the risk described above, many people still lose out when transferring funds simply because of the actual exchange rate offered.  That is why more and more people are turning to currency ‘specialists’ in order to get the best exchange rates possible.

Working with a 'specialist currency broker' like HiFX can not only save you time and hassle, it can also save you money. Their focus is to educate clients on the currency market, secure a better exchange rate than other providers, and transfer funds free of charge. Because the exchange rate that HiFX can offer is that much more advantageous, you can save substantially (on average 1%-4% of the amount) on larger transfers – often well into the $1,000’s.

HiFX can help you take advantage of recent currency movements and protect against future fluctuations by locking in a rate of exchange, which can be useful if you have future property payments.

Their services are free of any fees and there is no obligation to use their services, even as a registered client.

For more information and to speak with our dedicated account representative at HiFX, please contact Nathan Barcic at (415) 321-6389  nathan.barcic@hifx.com or visit www.hifx.com.