A convergence of market signals are all pointing to this year’s becoming one of the best years ever for Canadians to buy property in Palm Springs. First and foremost, local real estate prices are presently at their lowest levels in years. Prices for single-family homes as well as condominiums in many Palm Springs area communities are still at prices at seven year lows. Secondly, and equally important is the fact that the exchange rate for Canadian Loonie vs. the US Dollar is strong and is forecast to become stronger.
Barring a meltdown in European sovereign debt markets, the Loonie is expected to continue gaining strength in value relative to the US currency. It is widely expected that the US Fed will hold down US interest rates to near zero in support of economic recovery in the US. This will help to sustain and even boost the Loonie’s value today compared to the US Dollar.
Sooner or later, the US economy will recover and the very favorable relationship between the US and Canadian Dollars will diminish for Canadian Buyers. If ever the time was right for Canadians to buy in Palm Springs, the convergence of current market forces makes this next six months an ideal time to buy.