18 July 2019

“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.