Canadians are selling their US homes, thanks to the improvement in exchange rates.
Arizona Focus Realty says that 70 per cent of its sales used to be to Canadian buyers, who were keen to escape cold weather in the winter. House hunters were on the lookout for golf courses, heated swimming pools and shopping malls.
Now, though, the broker says the trend has reversed. Where Canadian homebuyers once made up 6 per cent of purchases in Maricopa County in April 2011, in May 2014 they made up just 1.5 per cent.
Instead, rising property prices and a higher exchange rate are encouraging homeowners to cash in.
The Canadian dollar currently fetches around 1.09 against the US greenback, Reveille Schaeffer explains to OPP Connect: “We have seen a shift as prices increase a little and the exchange rate is not as favourable, people at the bottom end on the market â under US$100,000 â are going back to renting. Above that we still see some interest, including those in the Dakotas at well.”
“For a few years, Canadian buyers made up 70% of sales. We were marketing heavily in Alberta and targeting that market. Now, most of our business with Canadians is with those who are selling and are taking advantage of the exchange rate going back into Canadian dollars.”
Photo: Sharon Drummond
