While we’ve been distracted by Canada’s Hollywood exports in the form of Ryan Gosling and Ryan Reynolds, investors from the North have been busy snapping up homes in the U.S.
Canadians retained their spot as the No. 2 international investors in U.S. property, with Florida coming in as the most popular state among this investor group, according to the 2017 National Association of Realtors’ International Activity in U.S. Residential Real Estate Report.
Despite the weak Canadian dollar, (one Canadian dollar will get you 79 U.S. cents) Canadians remain key homebuyers. Of the nearly $20 billion in U.S. real estate purchases, $7 billion were in Florida alone. Other popular states include Texas, California, New Jersey and Arizona.
Canadians have more than doubled their spending on U.S. properties. Between April 2016-March 2017, Canadians spent $19 billion on U.S. real estate, up from $8.9 billion the previous year.
In Canada, house prices rose by 10 percent in 2016, compared to 5 percent in the U.S. In particular, Vancouver housing prices rose sharply over the past year by 17 percent. The U.S. housing market saw modest price growth compared to Canada’s housing markets, which may have played a role in increased spending on U.S. properties.
If you are a Canadian investor interested in investing in Florida land or real estate, contact an expert member of the 9 Core Realty Team today!