Daily Real Estate News June 29, 2009
Canadians Seek U.S. Property Bargains.
Canadians are snapping up property in the United States.
The Canadian “Loonie” is at par with the U.S. dollar for the first time since 1976—an exchange rate that makes homes and condos in the U.S. look like a real deal.Canadian investment in U.S.
real estate more than doubled in one year, from 11 percent in 2007 to 23.5 percent in 2008, making Canada the largest foreign real estate investor in the U.S., according to the National Association of REALTORS®.
Mark Dziedzic, a former financial planner from Toronto, currently living in Arizona, says, “When the Loonie hit a $1.10, it created a real buzz for Canadians, not only those looking to buy second homes, but we’re also seeing them buying purely from an investment standpoint.”
Source: The Sierra Vista Herald (06/24/2009)
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