March 31, 2009
Canadians are starting to take advantage of Las Vegas’ depressed real estate market, for a second home.
Local real estate professionals say more people from Canada are buying Vegas homes because of falling prices. According to “Home Builders Research,” the median home price has dropped by roughly $90,000 in the past-year. The company further states that the lower prices for new and existing homes gives Las Vegas a better chance to compete with Phoenix, Canadians’ favourite winter city.
Home Builders Research says Arizona will likely remain Canada’s top winter destination, but Las Vegas can compete for a “strong second place” with California.
Further reading: “Canadians thinking of Vegas as good place to buy” (Las Vegas Sun, March 30 2009).