There are many Canadian buyers looking to the United States real estate market, as a way of investing in property at discounted prices. This is especially true in Arizona, specifically the greater Phoenix and Scottsdale Real Estate market. Arizona offers Canadians great weather, low property prices and more importantly, a favorable exchange rate.
With the recent US financial crisis, recession, and collapse of the housing market, the perfect storm was created for Canadian buyers to take advantage of the Arizona housing market. And that they have… 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.
The lower value of the American dollar when compared to the Canadian Loonie means that beyond the nearly 50% drop in prices in Arizona over the past few years, a Canadian can see as much as a 3 1/2% discount on top of that based solely on favorable exchange rates.
So if you are a Canadian and looking capitalize on the low prices here in Arizona, and want to either 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.
Canadians Searching For Homes – Searching for properties in Arizona differs from Canada. Learn how gain access to the MLS and the best way to search for properties if you are Canadian.
Finding an Arizona Home Loan if you are Canadian- I have found that Most Canadians buying in Arizona pay Cash for their homes. But if you need financing, this useful article provides some insight on the best way to get financing as a Foreign National.
What you need to Qualify for a loan in Arizona – Check out this article to see what it takes to for Canadian Citizens to qualify for a loan in Arizona.
Narrowing down your Search Criteria – With currently over 64,000 properties for sale in the Phoenix area, learn how to narrow down your search so that you only are looking at properties that fit your exact criteria.
Making an Offer – Offers are handled different in every State in the US. This article will help educate Canadians buying in Arizona of the process.
Who Pays Real Estate Commissions– When buying a home one of the most frequently asked questions I receive is who pays your commission. See how Real Estate commissions in Arizona are paid here.
Arizona home sales propped up by investors – AZCental.com
Arizona finding hotspot with Canadians in Cooling Market – canadianrealestatemagazine.ca