While there is much talk about the effect of European, especially Russian, Asian, and Latin on U.S. real estate, guess which nation is buying up the most? The Wall Street Journal reports:
The largest proportion of foreign buyers of U.S. homes from May 2007 to May 2008 – 24% – were Canadian, double the percentage a year earlier, according to a recent report by the National Association of Realtors. Most Canadian buyers head for the Sunbelt, with Florida accounting for a third of all of their purchases, the report said. The Realtor group estimates there were 7,200 Canadian buyers of Florida homes in the period covered by the report, more than double the 3,500 a year earlier. In some Florida resort communities, so many Quebec residents have bought second homes that French is now commonly spoken.
September 6th, 2008 at 3:33 pm
In Vancouver I’m regularly hearing radio ads from Washington-State based realtors offering free seminars on how to buy US property as a Canadian (getting mortgages etc. can be a little tricky).
September 8th, 2008 at 6:34 am
Perhaps the title of your article should be “Northern Neighbours”, then?
Cheers,
– Richard
September 8th, 2008 at 4:45 pm
Richard – I’m getting the hang of it, slowly but surely:–)