Re: Exchange rate
 

Good idea but not viable in our situation, our funds are coming from the equity of the house to buy the property over there. If my wife (I'm not really blaming her;)) didn't fall in love with the house in Ottawa I wouldn't be in the mess I'm in now. Believe me I've been trying every angle on this issue.

Re: Exchange rate
 

The traffic was murder tonight, took me all of 12 mins to get home. :)

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12 minutes lol. You work in the next road?

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It's going up it's going up!!!!!!:)
2 cents this morning already! I'll wait till Monday to exchange.

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But presumably if you are proceeding with the purchase in Canada you will have to borrow the money from somewhere? All I'm saying is borrow it in Canadian funds not Sterling and then you wont have to "exchange" until you want to pay off the loan instead of right now. If that's possile of course.

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Couldn't get the loan in Canada, it's too much money. We remortgaged our house in the end because that was the only source open to us, we couldn't even get a bridging loan, here or there. The other problem is timing, if the guy who wanted to buy our house told us a couple of weeks earlier than he did that he he was having problems raising his money I would have had more time to try and sort it out.

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Good. I get paid next Friday. I've seen my monthy income drop by $1200 since the start of the year. I'd rather not see it drop any more.

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making your income $9,200 per month (or $110,000 per annum) at the beginning of the year! Sorry I couldn't resist doing the calculation :p

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You'll be in trouble with Tangram doing that.:)

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Not quite. I made a rough calculation (£40k at 2.35 and 2.00). It's still a chunk, however you look at it.

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oh yes, sorry, talking about money! But this is a financially oriented thread though

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So's a thread on buying a house but there you go...

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LOL

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I was thinking how long it would be before you spotted that.:D

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More bloody email

Having been knocked back by the US Dollar in the early part of the week the Canadian Dollar recovered its position and opened this week with a value of more than US$1. It did not do quite so well against Sterling, trading within a three cent range and losing about half a cent such that Sterling began this morning just short of $2.0350.

The Canadian Dollar continues to prosper from the US Dollar's misfortune. It ended a second week looking stronger than the Greenback. A speech by Bank of Canada Governor David Dodge did it no harm, even though it sounded at times as though the BoC was preparing itself for a rate cut. There was little among the economic news to take the currency one way or another; the main factor in its favour was higher commodity prices. And, of course the fact that it is not the US Dollar.

In the meantime Sterling was trying to get its act together. It has had a torrid time since Northern Rock went ex. Not only has the Northern Rock debacle damaged confidence in the economy but in the financial system itself. Consumer confidence has suffered because of it and the media are encouraging home-owners to be nervous about the value of their properties. The credit crunch has made mortgages less easy to come by and more expensive to repay. According to the Nationwide, house prices are still on the way up but Hometrack reckons that prices have stalled.

With inflation running below its 2 per cent target the Bank could probably justify a rate cut this week if it wanted to. It will probably hold its fire on Thursday but most commentators see base rates coming down to 5.5 per cent by the end of the year.

If analysts are picking up the correct inference from the Bank of Canada it could be that both the Pound and the Loonie face the prospect of lower interest rates. Because of the uncertainty buyers of the Canadian Dollar should continue to hedge their exposure, buying half of their requirement forward.