More Canadian Homes Being Purchased by U.S. Buyers
Posted on Tuesday, April 5, 2016, 10:19 AM, by Cassandra Rose, under
Real Estate
A weakening loonie means
less Canadians are buying U.S. homes. It also means that more of our neighbours in the South are buying homes in Canada.
U.S. citizens buying Canadian real estate
While the loonie has strengthened slightly in recent weeks, it's still around 24 percent below where it was in 2013, when the USD and CAD were more comparable.
For those in the United States, this means more affordable property in the Canadian vacation home market, a statistic which has been backed up by Canadian realtors who have reported a surge in visits to Canada and an uptick in vacation home purchases.
"All of a sudden the phone has started ringing. It’s been almost a decade since we’ve seen any significant interest from the U.S. market," reported Christopher Vincent, who works for Sotheby’s International Realty Canada.
Added Jennifer McKeown, the owner of Mont Tremblant Real Estate, "The last time our dollar was as low as this, we used to have a joke: Buy three and you get one free. And seriously, people were seriously buying three."