USA Today reported today that Canadians have now surpassed Californians as top out-of-state buyers of Phoenix-area real estate. The Canadian dollar is gaining, up from an average of 80 cents on the U.S. dollar in 2005 to 97 cents last week. At the same time, home prices in the Phoenix area - as we know - have dropped significantly from their peak in early 2007.
Those two influential points have made for an enticing real estate market for Canadians looking to get out of the cold weather and enjoy everything Phoenix has to offer: sunshine, golf courses, and a ton of tourist options to fill their days. Florida, California and Texas remain the top destinations for international homebuyers but, USA Today reports, Arizona is gaining.
Canadian homebuyers in Maricopa County made up a larger share than California buyers for eight of the past nine months, according to the Information Market, a Phoenix real-estate data firm. In fact, a Canadian flag regularly flies outside Shea Homes' new Encanterra development in San Tan Valley and, anecdotally, the northern influence is simply being felt. I often hear people mention how many of their neighbors are Canadians.
Property-management companies and real-estate firms have been targeting Canadian investors and services. USA Today profiled Canadian Arnold Porter and his wife, Maureen, a dual U.S. and Canadian citizen, who have launched Arizona for Canadians, a real-estate-services company that helps Canadians find homes and line up financing.
Read more about "Phoenix real estate a big draw for . . . Canadians, eh?," at MyPhoenixmls.com
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