Lucrative Canadian Real Estate Market Spilling over into the US
Before Corona Virus plague hit US shores, foreign buyers were a big factor in the US housing market. Foreigners were buying up US properties and the biggest increase is coming from Canadians. Even NAR’s Chief Lawrence Yun was surprised by the growing demand from Canadians given the low Canadian dollar.
Canadians are now the biggest buyers of US real estate at $20 Billion per year next to the Chinese at $31 Billion. There’s no reason to believe it won’t continue right through 2021.
Canadians are buying in Arizona, Florida, and Nevada and many are investing as vacation homes or as rental income properties. Interested in income properties? Check out the best cities for investment and the best US Cities to Live.
One Toronto real estate agent was quoted as saying buyers are cashing out in Canada and then buying second houses to vacation in the United States, usually in Florida. “The Canadians love your weather. We have more money because of our real estate market here — that’s really the answer.”
Canadian Investment in US Property up 50%
Purchases from foreign buyers in the US has grown 50% in the last year. This is a big trend which US real estate agents should be aware of. The lack of housing supply in the US is putting upward pressure on prices, which perhaps Canadian buyers are hoping to gain from.
Many Canadian and Chinese buyers go online to find suitable investment properties. Is your website visible online? Is it truly engaging for buyers and sellers? Take a good look at these real estate marketing packages to gauge where you should aim your strategy. There’s never been a better time to plan your real estate sales future.
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