The Canadian’s have increased their investment in the United States from 11 percent in 2007 to 23.5 percent in 2008, making Canada the largest foreign real estate investor in the U.S. according to the National Association of Realtors®
The strong attraction for the Canadians is that the Canadian “loonie” is at par with the U.S. dollar for the first time since 1976, making this the best exchange rate in more than thirty years. So with property values having fallen so plummeted in the U.S. it is a perfect time to buy.
According to the The Sierra Vista Herald
“The double whammy of falling U.S. real estate prices and a rising Canadian loonie has created a once-in-a-lifetime bargain for Canadians looking for property in the U.S. Sunbelt,” said Bank of Montreal Chief Economist Sherry Cooper. “I love the Canadian dollar at parity. We are truly richer, as the money we earn and the money we invest is worth more.”
“When (the Canadian dollar) hit a dollar ten, it really created a real buzz for Canadians, not only those looking to buy second homes, but we’re also seeing it from buying purely from an investment standpoint,” he said.
The National Association of Realtors reports that 64.4 percent of Canadian buyers plan to use their U.S. homes for vacation purposes.
On average, foreign purchasers plan to stay in their U.S. property 2.6 months of the year. A third intends to use their U.S. home a total of three to six months.
LaVoie, sums it up, “Foreign investment has an undeniable presence in the U.S. real estate market, especially here in Arizona. Opportunities are abundant. Now is the time to buy and our Canadian friends clearly recognize this. For them, this is the most opportune time to invest.”
I think if you have the money, it’s a buying opportunity of a lifetime. Do you think it’s a good time to buy real estate?