Sept. 25, 2010
Back in March we reported on the Canadian Invasion: Loonie toting Canadians buying up US real estate.
USA Today now says Canadians have become the top out-of-state home buyers in Arizona. The collapse in US housing prices and a strong Canadian dollar are luring Canadians to places like Arizona where “the weather is warm and housing cheap.”
A Vancouver couple, the Harveys, paid $130,000 cash for a 1,400-square-foot home in Anthem, an area north of Phoenix. They plan on vacationing there at least twice a year and let friends and family use the home.
“What attracted us to Arizona was sports,”said Julie Harvey, 38, “Year-round baseball, hockey and football. All those things together with the weather. … There are no risks of natural disasters.”
Its not easy though for Canadians to obtain financing for U.S. home purchases. “Most lenders won’t give financing because Canadians have not established U.S. credit and you can’t borrow from Canadian lenders on U.S. property,” says Arnold Porter, founder of real estate services company Arizona for Canadians.
Nevertheless, for Canadians with cash on hand looking to invest in real estate or for just a condo on the ocean to chill out at when its gets a little chilly in Canada, Arizona is a trending place to check out.