Canadians Buying US Real Estate in Record Numbers
Between April 2016 and March 2017, Canadians doubled the amount spent on U.S. real estate properties, a total of $19 billion up from $8.9 billion the previous year. This is the highest amount Canadians have ever spent in one year.
Canadians purchase over 33,000 properties across the US which is the most in the last 3 years but down significantly from the record 69,000 purchases in 2010 when values were low, and the Canadian dollar was strong. Yet the over all value purchase was a new record as Canadians purchased significantly more expensive properties in the United States over the past year with an average purchase price of $560,844, as they focused on high-end vacation spots like Florida, Arizona and California.
Canada’s hot housing market and elevated prices, particularly in Toronto and Vancouver, has fueled purchases in the U.S., as baby boomers cash out on their long-time family homes in Canada and use the equity to purchase second homes in the U.S.
Most Canadian buyers purchased residential property in Florida, Arizona, California, Texas, Georgia, Minnesota, and Nevada. Canadian buyers typically purchase properties for use as vacation homes, so they tend to locate in states with warm climates and resort areas. The increase in resident Canadian buyers may have helped put Minnesota on the list of major destinations in 2017.
Canada to USA is focused on helping Canadians buying US real estate so contact our team today if you need help or advice on where and when to buy, US mortgages, cross border taxes, immigration, and anything else you need to make buying a vacation home in the US a dream come true!