Canadians Investing In Phoenix Real Estate
I hear that people from Canada are reluctant to invest in homes in the USA. They seem to think that the economy is bad here. Surprise! Of course it’s bad. However, that’s what makes it so appealing for people to buy here. 46% of homes are now being bought by investors. They can’t all be wrong! Canadians are the largest group of buyers in the Greater Phoenix area, & for good reason. Last year, Canadians made up about 12% of the buyers here in PHoenix. This year, so far, Canadians are buying about 23% of the houses sold here. Chances are you’ll have a Canadian neighbor on one side of you or another.The Canadian dollar is hovering around 96 cents up to over one dollar US & prices here are low (all because of the US economy) If the US economy improves, guess what happens? The Cdn dollar will lose its premium against the US$, & home prices will rise. So the very things that make the Phoenix house market attractive are what some people fear. You can’t have it both ways, people. We are already seeing more stable pricing, low interest rates & mortgage money available for Canadians..
And even though the economy is bad here, gas, food, clothing, entertainment prices here are still much cheaper than in Canada.
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Mary Maxie, Associate Broker, Prudential Arizona Properties
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS