Canadians Still Major Buyers of US Property: NAR

Joannah Connolly
July 9, 2014

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.

To read the full report, click here.

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.