Weakened loonie will pique interest of foreign buyers

The Canadian dollar is set to fall lower in December if the Fed decides to go ahead with a December increase in interest rates, according to a research note from TB Bank economists.

It predicts that a US rate cut will push the loonie down to 71.4 cents US during the first quarter of 2016 and it could stay lower through 2017.

TD believes that the improvement will only come when the Bank of Canada increases its interest rates and the lender doesn’t expect that to happen until 2017.

The lower value of the Canadian dollar is set to add further fuel to foreign buyers’ interest in real estate here while Canadians may also be more likely to invest in recreational property at home rather than pay higher prices in the US and elsewhere.

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