Canadians Find Bargains They Can Not Say No To
On the day the NHL Hockey season starts, it is interesting to see the affect of the weak US dollar and the stronger Canadian dollar has on purchases by Canadians south of the border. The answer is it has had a big impact.
2 years ago only 11 percent of international purchases were made by Canadians, this past year 23 percent. Considering a weak dollar has increased international purchases overall this has been a huge increase.
But with lower prices in the US in key states like Phoenix and Florida, Canadians will probably never see the deals like this again.
Housing prices continue to sink south of the border and Canadians have been taking advantage of a relatively strong loonie to pick up second properties throughout the U.S. Sunbelt.
The prices are compelling. Beachfront property with about 1,500 square feet, albeit in need of improvement, is selling for as little as US$250,000 in south Florida, according to Kimberly Kirschner, who runs Kirschner Realty International out of Hollywood, Fla.
“The same property would have been about $500,000 just two or three years ago,” says the realtor, who has watched as Canadian buyers have poured into the region.
The Washington-based National Association of Realtors reports that, for the 12 months ending in May, 23.6% of all international purchasers of U.S. residential real estate were Canadian. That is up from 11% a year earlier. via The Financial Post
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Comment by Jean Louis R on 8 October 2008:
As a Canadian visiting my children living in Southern California and a real estate lover, I took the opportunity to look at some houses. And I discovered that some are definitely worth buying, even if I have to buy a plane ticket everytime I want to enjoy it! Don’t get me wrong, I love Canada. But California is home of 3 of my children, so being able to just consider buying a house there is a dream come true for me.
Thanks!
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