Canadians Lead United States International Home Sales

by David Rizzuto

A recent report from the National Association of Realtors found that Canadians lead international home sales in the United States between April 2023 to March 2024. Canadians accounted for 13% of all home sales in the United States during this period, outpacing all other foreign buyers including those from China and Mexico.

As housing affordability in Canada continues to be a massive issue, many Canadians are shopping for homes south of the border where prices are much more attractive. Most of these Canadian buyers are looking for warmer weather. 41% of these buyers are purchasing in Florida, 23% in Arizona, 9% in Hawaii, and 6% in California. New York and Texas are also gaining popularity, with each state getting a 4% share of the Canadian buyers. Lower home prices and an overall lower cost of living are the main driving factors for Canadians buying real estate in the US. Most buyers are looking to retire in a warmer and cheaper environment. Many are also buying recreational properties, however, many more couples, families, and professionals are purchasing real estate in the States. 37% of the homes purchased by Canadians in the US were in resort areas, close to beaches, golf courses, and lifestyle amenities.

Despite international buyer sales decreasing in the United States recently, Canadians are helping keep the numbers up. Canadians spent $5.9B USD in US real estate from April 2023 to March 2024. Chinese buyers in the United States tend to buy fewer properties, but at higher price points, while Canadians tend to stick to more modest properties. Similarly to Canada, a slow economy, high interest rates, and limited inventory has resulted in the lowest year for overall sales since 1995 in the United States. However, unlike Canada, real estate prices have risen in many US markets this past year. Stll, homes south of the border remain cheaper than in Canada.

For first time buyers looking for a less expensive entry into the market, investors looking for cash flow positive properties, retired individuals looking for a warm place to settle, or families looking for an affordable vacation home, the United States offers many attractive options from coast to coast. As an Engel & Völkers Advisor part of a global network, I can connect you with the best properties and individuals to help with your US real estate goals! If Canadian real estate doesn't seem to be the answer, reach out to me to explore your options.

Canadians Lead United States International Home Sales

by David Rizzuto

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