The National Association of REALTORS® released their annual report for international transactions of US residential real estate. The report presents information regarding transactions with Canadian clients who purchased and sold U.S. residential property during the 12-month period of April 2017 to March 2018.
How much US real estate are Canadians buying?
Canadians purchased approximately 27,400 residential real estate properties in the US valued at $10.5 billion dollars during this time period. The average purchase price was $383,900 and the median price was $292,000. Canadians were responsible for about 10% of all foreign real estate sales in the US.
Where are Canadians buying US real estate?
Canadians continue to purchase real estate in warm climate states as snowbirds flock to the south during the winter months. Over 60% of all sales were in the 3 popular states of Florida, Arizona and California. The next 5 states included New York, Nevada, Washington, Michigan and Texas.
Thats approximately $4.1 Billion in Florida and $1.5 Billion in Arizona!
Why are Canadians buying US real estate?
Over 40% of Canadian buyers purchase US real estate for their own personal use as a vacation property or second home. Approximately 23% of purchases were intended as a primary residence as many are making America their resident home. 15% of buyers purchased as a pure investment for rental purposes while 16% intended to use their property part-time and rent the property part-time.
What types of properties are Canadians buying?
Canadians are looking for larger properties than they have in the past. Approximately 68% of Canadian buyers purchased single family homes, 22% purchased condominium properties, 8% purchased townhomes and 2% purchased residential land.
How are Canadians buying US real estate?
Canadian buyers are more likely to purchase in cash with approximately 78% of all sales coming from an all cash purchase. Only 14% of purchases used a US mortgage to finance the purchase. Many Canadians do not know about the great US mortgage options available to them to help them purchase US property.