July 14, 2010
Back in March we reported on armies of Loonie toting Canadians Buying up America. It appears the trend continues with the latest U.S. study saying Canadians bought 23 per cent of all the houses in the United States sold to foreigners.
According to the report by the National Association of Realtors, Canadians continue to hold the number one spot for most foreign bought real estate. Second place goes to Mexico, at 10 per cent, followed by Britain, 9 percent, and China, 8 per cent.
With a strong dollar and soaring home values here in Canada, the battered U.S housing market is a bargain shop for many Canadians. The only issue, however, is that purchasing U.S. real estate from a foreign country is not always an easy process.
“Thirty-four per cent of potential purchasers were unable to complete a transaction due to financing problems,” the report stated.
There are certainly great deals to be had by Canadians in the U.S but if you’re thinking of buying don’t expect easy financing – in other words, you better have lots of Loonies!