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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





18 July 2019

Canadian and Chinese consumers are among the most popular foreign home buyers in the U.S.

Canadians are still among main buyers of residential homes in the United States.

Moreover, Canadians bought as many properties there as the Chinese, although they tend to focus on the less expensive real estate. While Chinese buyers bought U$13.4 billion of U.S. properties, in case of Canadians the number is only $8 billion.

According to the National Association of Realtors, overall foreign investment in U.S. real estate reached $77.9 billion during the period from April 2018 to March 2019, which is 36% lower than during the previous year.

“There were many reasons for such a decline, including weaker economic growth abroad, stricter capital controls in China, a stronger U.S. dollar and a low home supply”, – noted Lawrence Yun, NAR chief economist. “Nevertheless, it’s the level of decrease that worries us, pointing to weaker confidence in owning a home in the U.S.”

Canadians tend to be cash buyers (76%). Florida was still the most popular destination for Canadian buyers who spend more time south of the border.

“Many Canadians and other foreign buyers choose Florida due to its flexible tax laws,” - said Yun. “Moreover, many Florida areas have a large supply of relatively affordable houses, which makes this region highly attractive”.

California and Texas are also among popular destinations with 12% and 10% of international purchases made here, respectively. Then goes Arizona with a 5% share of international sales.

 

 

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