(Source: Toronto Star)
Canadians jaded by high prices at home are increasingly looking beyond our borders as a much more muscular loonie – and a sense that prices are bottoming out south of the border – has us flexing new-found financial brawn.
Not since the Japanese started snapping up real estate in Manhattan have a group of foreign buyers been as prevalent in U.S. markets.
“There is certainly a greater confidence out there with Canadians. It’s not just economic. There is a sense that we are players on the world stage, whether it’s our banking institutions or more recently at the Olympics,” said Philip McKernan, author of South of 49: The Canadian Guide to Buying Residential Real Estate in the United States.
Developers will be hard at work courting Canadian dollars this week as families descend on Florida, Arizona and other sun destinations for the March break.
Read Tony Wong’s full article “Half-price homes? Canadians pounce on the Sunbelt” in yourhome.ca (March 14, 2010).