Arizona has long attracted citizens from all over the world due to its mild climate, affordable home prices and high Quality of living. Best known for its views of the Grand Canyon, its "painted" desert landscape and colorful sunsets, Arizona is one of the Four Corner states in the U.S. southwest, bordering New Mexico, Utah, Nevada and Southern California.
Phoenix, the Capital of Arizona, recently became thefifth-largest city in the us. Historically, the main point of departure for people moving into Arizona was California, and the emigrants were either job seekers, retirees or folks cashing out of their expensive residences in places like Los Angeles, San Diego and Orange County and moving to Phoenix, Scottsdale and Mesa where homes were half the price of where they left.
As the bubble burst in the US, Arizona has gotten a new No. 1 source of home buyers: Canadians. Canadians have supplanted Californians as the biggest buyers of Arizona residential real estate. According to Jed Smith, the managing director of quantitative research for the National Association of Realtors, Canadians accounted for 11 percent of foreign buyers of U.S. homes in 2007, but over the last three years the numbers jumped -- and that's an understatement! From 2007 to 2010, that number has increased to well over 20 percent.
Americans who knew little of Canadians are quickly learning they're very savvy about real estate. And they're flocking to Arizona, where the buyin' is cheap and the weather is warm.
If you are a Canadian and looking to relocate, buy a second home or invest, then you have come to the right place. Below you will find a compilation of articles and information on what you need to know before you begin your Real Estate Search here in Arizona. And as always, if I can be of any assistance please don't hesitate to contact me.
How Canadians buy Arizona Real Estate -
In these articles I will cover the basics for Canadians looking for Real Estate in Arizona. Learn how to begin your search, apply for a home loan if needed, and the overall buying process from an offer to inspections to ultimately Closing Escrow!
Frequently Asked Questions
All Canadians MUST READ Before you begin your search
GET A TAX ID OR SSN- Before you even begin your home search it is important to know what exactly you are getting yourself into. If you are Canadian buying in Arizona and DON'T have a TAX ID# or Social Security Number, and have to sell, you are subject to a surrender penalty of 10% of your SALE PRICE (regardless if there is a gain)! I strongly urge you to talk to a Tax Professional before you get to far into your search. Don't get discouraged, there are many ways to obtain a Tax ID# (Open a LLC), and it's actually fairly easy, but I always advise my foreign clients to Consult with a Tax Attorney before moving forward. You can get some more information on this law here: http://www.irs.gov/pub/irs-pdf/fw9.pdf.
- Canadians made more than 452,600 visits to Arizona, spending $441 million
- Arizona residents made 161,800 visits to Canada, spending $110 million
- Number of city-pair scheduled 2010 direct flights (Phoenix - Calgary, Edmonton, Vancouver, Winnipeg, Toronto) are up to 80 flights per week for the winter season
In the news:
Fire Sale: Arizona Real Estate Market - BNN Video
Arizona home sales propped up by investors - AZCental.com
Arizona finding hotspot with Canadians in Cooling Market - canadianrealestatemagazine.ca
I hope you found this page helpful and that you were able to gather some useful information to help in your search. I would love the opportunity to work with you in finding a home. Please contact me if I can be of any assistance at all.