(Source: The Financial Post)
There is something about a bargain that few of us can resist. Is there any better sale going on
right now than U. S. homes?
The subprime meltdown has devastated the United States, leaving behind a sea of foreclosures and empty homes, all ready to be snapped up by frost-bitten Canadians with a red-hot currency. The Washington D. C.-based National Association of Realtors says 23.6% of all international homebuyers in the United States last year were Canadian, up from 11% in 2007. It’s no wonder. During the same period, the median price of U. S. vacation homes fell to US$150,000, for a 23.1% drop in price.
Tannis Dawson, a Winnipeg-based tax and financial planning expert with Investors Group, says Canadians are accustomed to looking to the United States for deals, so why should real estate be any different? But she cautions the ramifications of a property acquisition have to be carefully considered. “Every day I get one or two emails [about buying U. S. property]. I get way more calls than I ever used to,” Ms. Dawson says.
Read the full article by Gary Marr “Loonie can buy a lot of U.S. house” in the Financial Post (August 1, 2009).