canadian investors american mortgages: Toronto Investors Buying Florida Real Estate - 04/26/08 03:11 PM
Canadians are buying American real estate in droves.The rapid descent of the dollar against the loonie (Canadian dollar), combined with the drop in American real estate prices is bringing more and more Canadian investors across our northern border in search of investment riches.
From the Globe and Mail:
You may want to make that U.S. vacation a regular thing. While Canadian housing prices are inexhaustibly buoyant, the U.S. market is falling hard. The average resale price tumbled 10 per cent across the country in September, and in balmy Phoenix, third-quarter sales of single-family homes were off 23 per cent. A recent … (2 comments)

canadian investors american mortgages: When Will US Banks Stop The Bias Against Canadian Investors ? - 04/26/08 03:06 PM
Canadian investors have been enjoying the parity between the loonie and the dollar.  I've written about how savvy Canadian investors are snapping up prime California real estate at a 30% discount from last year.  Essentially, the 20% drop in real estate prices, combined with the strong loonie, allows a Canadian investor to buy a million dollar condo in La Jolla for $700,000.
Automobiles are a different story.  The "Mad Ape" voiced his understandable rage at the "new policies" from American automakers:
The North American Free Trade Agreement (NAFTA)….remember that? It seems the North American Auto Industry has not. Or if … (0 comments)

canadian investors american mortgages: Can Canadian Investors Get a Mortgage in the U.S. A. ? - 04/26/08 03:02 PM
Can a Canadian investor actually get a mortgage in America?  The answer is yes.  There are higher downpayment requirements and the documentation can be onerous.  For Canadians who wish to buy an investment property, the downpayment requirement is usually 35%.  Canadians who want a vacation home may need as little as 25% downpayment.  Why so much higher than their American counterparts?  Americans can buy property with no money down.  The answer lies in the risk.  Canadians share a common language, common holidays, and a very similar culture ( we both like hockey, basketball, football, and baseball).  Canadians have the ability to … (0 comments)

canadian investors american mortgages: Documentation Needed From Canadian Citizens Seeking a Mortgage in the U.S. A. - 04/26/08 03:00 PM
Canadians are looking to buy American real estate.  The loonie is at parity with the dollar and American housing prices are down some 20% from 2005. That presents quite a bargain if a Canadian is looking for a vacation home in America.  We've talked to over ten Canadians in the past week; most are interested in the Sun Belt (Arizona, California, Florida).
How does a Canadian get a mortgage for American properties? 
Documentation American lenders look for when lending to Canadian citizens: click here for the documentation list
A compendium of articles about how Canadian investors need mortgages from U.S. Banks: 
Black … (0 comments)

canadian investors american mortgages: How Calgary Residents Get a Mortgage in the U.S.A. - 04/26/08 02:55 PM
Canadian investors have been flocking to the California coastline and Arizona desert to buy prime American real estate at a bargain.  The strong Canadian dollar, while inopportune for Canadian manufacturing firms, is giving Calgary investors built in downside protection when they buy American real estate.  I explain that here: 
In January of 2007, a Canadian investor, buying a $300,000 (US)  property in Long Beach, CA, , would have to pay $352,600 (Canadian).  That was based on an exchange rate of $1.17553 Canadian to $1.00000 (US).  Today, the exchange rate has dropped to $.98188 Canadian for one US dollar.  That means that … (0 comments)

canadian investors american mortgages: How Vancouver Residents Get a Mortgage in the U.S.A. - 04/26/08 02:52 PM
Canadian investors, seeking American mortgages, may be in for a shock when "shopping".  The American mortgage banking and brokerage system is different than the Canadian banking system.  In Canada, there are 5-7 major banks or lenders and a variety of mortgage brokers.  Both lenders and mortgage brokers, in Canada, are heavily regulated.  Loan programs, in Canada, are fewer than the loan programs offered in the States.  The American mortgage industry relies heavily on the seciritization of mortgage loans.  As such, there are big banks and small mortgage brokers who may very well offer identical loan programs. 
Should Canadian investors then deal … (0 comments)

canadian investors american mortgages: Arizona Properties For Calgary Investors (Financing Available) - 04/26/08 02:48 PM
Western Canadians are buying real estate in Arizona.  There are four reasons for this modern day land grab: 
Crude oil and minerals have led the commodities price surge, world wide.  Western Canada is rich with both minerals and crude oil.   While the Western United States is experiencing a housing-led recession,  the opposite is happening to our Northern neighbors. The Canadian dollar (sometimes called the “loonie”) has reached parity with the American dollar.  What used to cost a Canadian $1.15 , now costs about a buck. Housing prices in both Arizona and Southern California are over 20% off of their high prices. Mortgage rates, for … (0 comments)

canadian investors american mortgages: Arizona Properties For Vancouver Investors - 04/26/08 02:43 PM
Canadian investors are buying Phoenix, Arizona homes faster than the mercury rises in direct Arizona sunlight.  We have helped over a dozen Canadians secure mortage financing for Arizona properties. 
Arizona real estate broker, Greg Swann, reports that his listed properties are being viewed by Canadian investors because of his strong internet presence.  He listed a golf property near my old Arizona home and I cant help noting the opportunity it might be for my Canadian clients.  Heres what Greg Swann says about this property on
Too much of Arizona gets lost in the crush of events. Work, school, errands, … (1 comments)

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