May 25, 2010
Is the strong Canadian dollar making US real-estate more appealing for Canadians? Are you looking for leisure property, or an investment property?
According to Ottawa Broker Robert Pugh, “The interest in retirement homes isn’t likely to wane any time soon. Canada’s demographics are shifting due to the aging ‘baby boomer’ population. Watch for a heightened interested in American property from Canadian buyers in the months ahead, especially in those sunshine destinations most favoured by retiring Canadian ‘snowbirds’, such as Arizona and Florida.”
“Our offices are full of Canadians purchasing real estate because they are a conservative bunch,” said Barbara Watt-Biggs of Century 21 Sunbelt Realty Inc. in Cape Coral, Fla. “They watch, they wait, they study, they watch, they ask, they wait some more and then when all the stars line up they jump into real estate with a vengeance. They are a very educated real estate consumer. Now that their due diligence is done, they know they would have to be ‘loonies’ not to take advantage of these incredible real estate deals.”
What are Canadian looking for?
According to HousingWatch.com, “Canadians seeking American properties are most interested in bungalows, split-levels and high-rise apartments… Basically, smaller family homes that have an opportunity as a future retirement environment are popular. Depending on the state and the buyer, golf communities and retirement communities can also appeal to Canadians…”
According to Arizona Premier Realty agent Laurie Lavine, in the HousingWatch article, “Canadians in the Greater Phoenix Area are buying 1,500- to 2,500 SF single-level homes with a pool in quieter suburban locations, not necessarily in golf course communities but close to them.”
What to do if looking for an investment or leisure property in the US? Make sure that you use an agent who represents both local US properties and Canadian investors! Of course, do you own due-diligence as well!