The Canadian Invasion: Armed with fat bags of loonies, Canadians invade the United States real estate market…
March 19 2010
While America lays wounded and vulnerable, loonie toting Canadians are buying up its real estate.
According to a report by the National Association of Realtors, last year Canadians were the top foreign purchasers of U.S. real estate, claiming 17.6 percent of all international purchases, with the United Kingdom, Mexico, India and China not far behind.
While Canadians bought up the most U.S. property in 2009, their numbers were actually down from 2008, when they accounted for nearly a quarter of foreign real estate purchases, according to the survey, the 2009 NAR Profile of International Home Buying Activity.
The influx of Canadian buyers is primarily a result of the battered U.S. housing market, high real estate prices in Canada and the strengthening Canadian dollar.