US homes snapped up by Canadians
New research from the National Association of Realtors shows that Canadians are the most prolific buyers of USA real estate when it comes to foreign investors.
Property buyers from around the globe have seized the opportunity to buy property in North America at discounted prices, in fact most States across the country report increasing numbers of overseas property buyers interested in purchasing residential real estate.
According to official figures in the twelve months ending in March USA real estate worth more than $82 billion was purchased and almost a quarter was bought by Canadians, property investors from China bought more than ten per cent, followed by investors from Mexico who account for 8 per cent of all real estate sales.
Foreign demand has increased heavily in recent years, last year alone international transactions grew by 24 per cent on the previous year.
Records show that while prices for property in Canada have steadily increased in many regions, US house prices have continued to slide making the trip across the border very attractive for Canadian investors.