Despite the low loonie, Canadians bought the highest number of US homes sold to foreigners in the year to March 2014, accounting for 19 per cent of overseas buyer transactions in the States, according to a July 8 report by the US's National Association of REALTORS®.
However, that is a decline of 23 per cent compared with a year earlier as US home prices increased following the country's 2012 market low and the Canadian dollar softened.
International buyers purchased a total US$92.2 billion worth of homes in the States, with the highest share of spending coming from Chinese buyers.
Spending by Chinese buyers increased a massive 72 per cent from a year earlier to US$22 billion, with their 16 per cent share of total purchases accounting for 24 per cent of spending by international buyers, the association reported.
Chinese transactions were largely focused on pricier markets such as California, Washington and New York, whereas Canadians tended to buy in lower-priced vacation destinations such as Florida and Arizona.
Chinese buyers spent an average of US$523,148 on a home, compared with US$212,500 for Canadians, said the NAR.
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