March 20, 2008 9:05AM
Canadians Scoop Up U.S. Real Estate
By Alexis Glick
Did you know that Canadians account for more than half of all new home purchases in California, Texas and Florida? Yes, that’s right, it’s true! The strong Canadian dollar, (the looney) a declining U.S. dollar and weak housing prices due to the subprime mortgage mess have increased the appetite for Canadians to cross the border and buy real estate. What is adding to their appetite? An explosive local housing market in Canada where Canadians are seeing double-digit appreciation in their own home values. They have cash and they’re spending it! Local real estate brokers in California, Arizona, Florida and other sun belt states are seeing a ton of Canadian buyers. One broker interviewed in Sarasota said in the past six months 20% of his calls are from Canadians.
To shed light on this positive real estate investment story, I interviewed Dennis Yeskey, national director of real estate capital markets and Connie De Goot, a real estate expert with Coldwell Banker.
Take a look.
Comment by chuck harrison
Mar 20th, 2008 at 11:10 am
I saw your segment this morning. I find it real interesting that Canadians and Europeans are taking advantage of the cheap dollar to by homes in the west.
Now I haven’t heard anything of that nature taking place here in the Vicksburg Ms Real Estate market. One thing that has been emerging and several of my sources have told me this for over a year, is the fact that the local mayor has been aquiring downtown real estate for high end residental areas. Especially in the downtown area. One story I have verified as as fact that one of the Mayor’s California investors pulled out of Vicksburg. U see he constructed an apartment complex near the Marcus Bottom area of downtown. What emerged from this is the fact that the rent was to high. And none of the poor blacks couldn’t afford the rent. So the complex from what I heard sits vacant.
Also the Mayor and the county are trying to use the Housing authority to try grow the community especially in the city. U see already the city has been blasted by commuters who they’re attract to live here for lack of enemeties such as cinemas,retail and restraunts. I can tell yout the town’s only cinema closed here two years ago and the local leaders have been hit with reality that they can’t get in high end cinema due to lack of population. I can tell you if you do Google search on the town’s real estate market u will find prices ranging as high as 699,000 to the lowest to 100,000. And the houses aren’t really that big. WIth the decline in the national market I figure the prices are now half that. Locals havne’t even gotten a break on property taxes and they’re mad over this issue.
NOw here’s another fact that emerge. I learned that local housing auctions have made public either. Not in the local paper or any other sources. Also if you want to learn about the foreclosed homes in Vicksburg u have to subsribe to a realty site online to get to the information. Now should this sort of information be made public without subscription to a realty site? Ponder that.
Comment by chuck harrison
Mar 21st, 2008 at 4:07 pm
http://www.wivb.com/Global/story.asp?S=8051891
I stumbled upon this story by accident. It invovles a real estate agent in Buffolo,New York. U might want to check it out.
Comment by Victoria Blintser realty.com
Mar 22nd, 2008 at 11:34 pm
Dear Alexis, You are right on the money. We are one of the largest real estate companies in South Florida specializing in Pre-foreclosures and foreclosures. The majority of our clients are either Canadians or Europeans. There are bargains to be had in all price ranges especially in the $1m range and up. Florida is a perfect storm for Canadians right now to purchase their long awaited home in the sun.
Victoria Blintser
http://www.erapidrealty.com
Comment by Canadian Mortgage
Mar 23rd, 2008 at 4:48 pm
Alexis, We’re seeing this trend from our side of the border as well. Despite specializing in Canadian mortgages, as many as 20% of our incoming emails lately have been from Canadians wanting U.S. financing. Cheers, Robert