Jul 18, 2017

US sees spike in Canadian homebuyers

Canadians reeling from high prices at home helped fuel an increase foreign home purchases in the US, according to a survey of US property agents. "Stricter foreign government regulations and the current uncertainty on policy surrounding US immigration and international trade policy could very well lead to a slowdown in foreign investment," he said. Foreign buyers typically paid about $300,000 - well above than the US median sales price of about $235,800. Buyers living outside the US represented 42% of the foreign purchases. Canadians accounted for about 33,800, or 12%, of the purchases, rising 26%. Mexicans made 28.516 purchases, or 10%, an increase of nearly 60%. Buyers from the UK made about 12,870 purchases, up 40%. Most of the Chinese and Mexican buyers lived in the US, while UK and Canadian buyers were more likely to keep a primary residence abroad, the report said.

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