According to the recent report, 2017 Profile of International Activity in U.S. Residential Real Estate from the National Association of REALTORS® (NAR), a considerable rise in sales dollar volume from Canadian home buyers has caused foreign investment in U.S. real estate to soar to a new high.
China topped the sales volumes for the fourth year in a row, but the rise in foreign investment came from a significant hike in Canadian buyer activity.
“After dipping in the 2016 survey to $8.9 billion in sales ($11.2 billion in 2015), transactions from Canadians this year totaled $19.0 billion – a new high for Canada,” an NAR news release explained.
Dr. Lawrence Yun, NAR chief economist, says the rise is because Canadians are buying property in the U.S. that, while still expensive, is more affordable than in their own country. In many cities in Canada, especially in Vancouver and Toronto, home price increases have been steeper than the U.S.
According to NAR’s report, from April 2016 to March 2017, “foreign buyers and recent immigrants purchased $153.0 billion in residential property, a 49 percent jump from 2016 ($102.6 billion) and surpasses 2015 ($103.9 billion) as the new survey high.
“Overall, 284,455 U.S. properties were bought by foreign buyers (up 32 percent from 2016), and purchases were 10 percent of the dollar volume of existing-home sales (8 percent in 2016).”
According to NAR’s news release about the report, Dr. Yun believes “the gradually expanding U.S. and global economies should keep foreign buyer demand at a robust level.”
With the Canadian border just hours away from our area, I welcome inquiries from our Canadian friends.
Over more than two decades, I have helped hundreds of clients, including investors from Canada, find just the right home. Through the lows and highs of the housing market and the ups and downs of home prices and inventory, the skill of a trusted adviser is essential.
Just give me call at: (360) 701-4223 or email at Cyndi.Nelson2@gmail.com.